90,427 Shares in Targa Resources, Inc. $TRGP Acquired by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio acquired 90,427 Targa Resources shares worth approximately $24.25 million in the second quarter. Institutional investors collectively own 92.13% of TRGP.
• Targa Resources reported quarterly earnings of $3.54 per share, exceeding the $2.83 analyst consensus, while revenue of $4.44 billion fell short of the $4.90 billion estimate.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $298.71 price target. The company also pays a quarterly dividend of $1.25, equivalent to a 1.7% annual yield.

Public Employees Retirement System of Ohio acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 90,427 shares of the pipeline company's stock, valued at approximately $24,247,000.

Several other large investors also recently added to or reduced their stakes in TRGP. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the 4th quarter valued at $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources during the fourth quarter valued at about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. Jones Financial Companies Lllp acquired a new stake in Targa Resources in the 2nd quarter worth approximately $32,000. Finally, Compass Financial Management LLC bought a new stake in Targa Resources during the second quarter worth approximately $33,000. 92.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Waters S. Iv Davis sold 2,400 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares of the company's stock, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the sale, the director owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company's stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $288.38 on Friday. The firm's 50-day moving average is $275.05 and its 200-day moving average is $257.11. The company has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 1.37 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is presently 47.80%.

Analyst Ratings Changes

TRGP has been the topic of a number of recent analyst reports. US Capital Advisors lowered shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Morgan Stanley upped their price objective on shares of Targa Resources from $333.00 to $343.00 and gave the stock an "overweight" rating in a report on Tuesday, August 18th. Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They issued a "buy" rating on the stock. Barclays raised their target price on Targa Resources from $282.00 to $284.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Finally, Truist Financial upped their price target on Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $298.71.

Targa Resources Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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