California Public Employees Retirement System Sells 4,049 Shares of Targa Resources, Inc. $TRGP

Key Points

• CalPERS trimmed its Targa Resources stake by 1.1% in the first quarter, selling 4,049 shares and ending with 376,495 shares valued at about $94.4 million.
• Insider and institutional activity remains active: Director Charles R. Crisp sold 10,602 shares in May, while institutional investors continue to hold a dominant 92.13% of the stock.
• Analysts remain broadly positive on TRGP, with 17 Buy ratings and a consensus Moderate Buy price target of $285.93, even after the company recently missed quarterly EPS and revenue estimates.

California Public Employees Retirement System decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 376,495 shares of the pipeline company's stock after selling 4,049 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Targa Resources worth $94,399,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources in the fourth quarter valued at $27,000. Olistico Wealth LLC bought a new stake in Targa Resources during the fourth quarter worth $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the fourth quarter valued at $30,000. Global Assets Advisory LLC acquired a new stake in Targa Resources in the first quarter valued at $41,000. Finally, Leonteq Securities AG bought a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Institutional investors own 92.13% of the company's stock.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company's stock.

Analysts Set New Price Targets

TRGP has been the topic of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Seaport Research Partners reissued a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. Erste Group Bank started coverage on Targa Resources in a research note on Thursday, June 25th. They issued a "buy" rating on the stock. Finally, US Capital Advisors downgraded Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $285.93.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $283.39 on Monday. The firm has a market cap of $60.83 billion, a PE ratio of 28.65, a PEG ratio of 1.45 and a beta of 0.71. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $285.56. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company's 50 day moving average price is $267.82 and its two-hundred day moving average price is $238.96.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Equities research analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources's payout ratio is presently 50.56%.

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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