California Public Employees Retirement System Cuts Position in Targa Resources Corp. (NYSE:TRGP)

California Public Employees Retirement System decreased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 409,681 shares of the pipeline company's stock after selling 14,377 shares during the quarter. California Public Employees Retirement System owned approximately 0.18% of Targa Resources worth $35,589,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. VisionPoint Advisory Group LLC grew its stake in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company's stock worth $34,000 after purchasing an additional 209 shares during the period. Rational Advisors LLC acquired a new position in Targa Resources in the third quarter worth $43,000. Huntington National Bank raised its stake in shares of Targa Resources by 124.4% during the third quarter. Huntington National Bank now owns 534 shares of the pipeline company's stock valued at $46,000 after purchasing an additional 296 shares in the last quarter. Harvest Fund Management Co. Ltd grew its holdings in Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company's stock worth $48,000 after acquiring an additional 150 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Targa Resources by 77.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 850 shares of the pipeline company's stock worth $73,000 after purchasing an additional 371 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TRGP shares. Barclays boosted their target price on Targa Resources from $116.00 to $122.00 and gave the stock an "overweight" rating in a report on Tuesday, April 9th. Mizuho increased their price objective on Targa Resources from $105.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, April 3rd. The Goldman Sachs Group boosted their price target on Targa Resources from $105.00 to $117.00 and gave the company a "buy" rating in a research note on Thursday, April 4th. Scotiabank boosted their price target on Targa Resources from $112.00 to $128.00 and gave the stock a "sector outperform" rating in a report on Monday, April 15th. Finally, Truist Financial upped their price target on Targa Resources from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Targa Resources has an average rating of "Moderate Buy" and a consensus price target of $119.55.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares of the company's stock, valued at $7,012,769.28. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the company's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now owns 71,808 shares of the company's stock, valued at $7,012,769.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joe Bob Perkins sold 33,405 shares of the business's stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the transaction, the director now owns 38,440 shares in the company, valued at $3,754,434.80. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 in the last quarter. 1.39% of the stock is owned by insiders.

Targa Resources Trading Down 0.7 %

NYSE:TRGP traded down $0.82 on Friday, hitting $116.86. The stock had a trading volume of 1,602,709 shares, compared to its average volume of 1,657,967. The company has a fifty day moving average price of $108.36 and a two-hundred day moving average price of $93.98. The stock has a market cap of $26.01 billion, a price-to-earnings ratio of 31.84 and a beta of 2.21. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.87. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts' consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Equities research analysts expect that Targa Resources Corp. will post 5.71 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.57%. This is an increase from Targa Resources's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources's payout ratio is presently 54.50%.

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.