Public Sector Pension Investment Board Sells 15,599 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• The Public Sector Pension Investment Board reduced its holdings in Targa Resources, Inc. by 12.9%, now owning 104,962 shares valued at $21,042,000 after selling 15,599 shares in Q1.
• Targa Resources recently announced a quarterly dividend of $1.00 per share, marking a significant increase from its previous quarterly dividend of $0.12, translating to an annualized dividend yield of 2.4%.
• Wall Street analysts maintain a consensus rating of "Buy" for Targa Resources stock, with the average target price set at $208.79.

Public Sector Pension Investment Board decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 12.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,962 shares of the pipeline company's stock after selling 15,599 shares during the quarter. Public Sector Pension Investment Board's holdings in Targa Resources were worth $21,042,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 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. Nuveen LLC purchased a new stake in Targa Resources in the first quarter worth $196,351,000. GAMMA Investing LLC lifted its stake in Targa Resources by 22,699.0% in the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after acquiring an additional 924,305 shares during the period. Goldman Sachs Group Inc. lifted its stake in Targa Resources by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after acquiring an additional 834,666 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after acquiring an additional 423,667 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Down 0.7%

Shares of NYSE TRGP traded down $1.15 during midday trading on Thursday, hitting $165.59. The stock had a trading volume of 1,435,541 shares, compared to its average volume of 1,882,059. The business's 50 day moving average is $168.64 and its 200-day moving average is $177.23. The company has a market cap of $35.63 billion, a P/E ratio of 23.42, a PEG ratio of 1.05 and a beta of 1.12. Targa Resources, Inc. has a 52 week low of $140.74 and a 52 week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. Barclays lifted their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $208.00 price objective (up from $205.00) on shares of Targa Resources in a research report on Tuesday. The Goldman Sachs Group dropped their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.21.

Targa Resources Company 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.