Public Employees Retirement System of Ohio Sells 6,409 Shares of Targa Resources, Inc. $TRGP

Key Points

• Public Employees Retirement System of Ohio trimmed its Targa Resources stake by 6.6% in the first quarter, selling 6,409 shares and leaving it with 90,508 shares valued at about $22.7 million.
• Targa Resources reported weaker-than-expected first-quarter results, with EPS of $2.21 versus the $2.48 consensus and revenue of $4.09 billion versus expectations of $4.68 billion.
• The company declared a quarterly dividend of $1.25 per share payable August 14, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $288.

Public Employees Retirement System of Ohio reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 90,508 shares of the pipeline company's stock after selling 6,409 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Targa Resources were worth $22,693,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TRGP. Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter valued at about $735,758,000. Goldman Sachs Group Inc. increased its position in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after buying an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Targa Resources in the third quarter worth about $121,426,000. Tortoise Capital Advisors L.L.C. raised its stake in Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after buying an additional 572,562 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its holdings in Targa Resources by 1,811.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company's stock worth $81,980,000 after buying an additional 421,084 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 1.6%

Shares of NYSE TRGP opened at $281.04 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a 50-day moving average of $269.86 and a 200 day moving average of $241.99. The stock has a market cap of $60.32 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share 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 business had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared 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. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources's payout ratio is currently 50.56%.

Insider Buying and Selling at Targa Resources

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

Analysts Set New Price Targets

TRGP has been the topic of several research reports. Erste Group Bank initiated coverage on Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating on the stock. Citigroup reissued a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research note on Friday, May 8th. The Goldman Sachs Group lifted their price target on Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Finally, Mizuho upped their price target on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.00.

Targa Resources Company 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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