Targa Resources Corp. (NYSE:TRGP) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio decreased its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,325 shares of the pipeline company's stock after selling 21,771 shares during the period. Public Employees Retirement System of Ohio's holdings in Targa Resources were worth $13,267,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Colonial Trust Co SC increased its holdings in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc acquired a new position in Targa Resources in the 4th quarter valued at $31,000. Cary Street Partners Financial LLC purchased a new position in Targa Resources during the 4th quarter worth $31,000. Rakuten Securities Inc. raised its position in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after buying an additional 146 shares during the last quarter. Finally, Mizuho Bank Ltd. purchased a new stake in shares of Targa Resources in the fourth quarter valued at about $36,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Down 0.7%

Targa Resources stock traded down $1.06 during midday trading on Thursday, reaching $158.28. The stock had a trading volume of 1,663,633 shares, compared to its average volume of 1,799,577. The stock's 50-day simple moving average is $172.11 and its 200 day simple moving average is $187.17. Targa Resources Corp. has a twelve month low of $114.36 and a twelve month high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market capitalization of $34.34 billion, a PE ratio of 27.57, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's dividend payout ratio is currently 73.66%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TRGP. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada lowered their price target on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. The Goldman Sachs Group dropped their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Truist Financial raised their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Finally, Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Tuesday, May 20th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $198.79.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.