Public Employees Retirement System of Ohio Sells 21,771 Shares of Targa Resources Corp. (NYSE:TRGP)

Public Employees Retirement System of Ohio trimmed its stake 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 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,325 shares of the pipeline company's stock after selling 21,771 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Targa Resources were worth $13,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new stake in Targa Resources in the 4th quarter worth approximately $505,132,000. GQG Partners LLC purchased a new stake in Targa Resources in the 4th quarter worth approximately $393,335,000. Canada Pension Plan Investment Board lifted its holdings in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after buying an additional 1,038,350 shares during the period. Raymond James Financial Inc. purchased a new stake in Targa Resources in the 4th quarter worth approximately $150,372,000. Finally, TD Asset Management Inc. lifted its holdings in Targa Resources by 568.7% in the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after buying an additional 825,267 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 1.2%

TRGP stock traded down $1.95 on Friday, reaching $156.54. 851,095 shares of the company traded hands, compared to its average volume of 1,799,184. Targa Resources Corp. has a one year low of $114.51 and a one year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market cap of $33.96 billion, a P/E ratio of 27.22, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The firm has a fifty day simple moving average of $171.18 and a 200-day simple moving average of $186.92.

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

Targa Resources Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Wall Street Analyst Weigh In

Several research firms have weighed in 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 report on Friday, February 21st. 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 report on Monday, May 5th. Royal Bank of Canada lowered their target price on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. UBS Group lowered their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Finally, Mizuho set a $212.00 target price on Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $198.79.

Targa Resources Profile

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.