Public Employees Retirement Association of Colorado Has $41.19 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Public Employees Retirement Association of Colorado reduced its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 14.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,738 shares of the pipeline company's stock after selling 37,625 shares during the period. Public Employees Retirement Association of Colorado owned about 0.11% of Targa Resources worth $41,187,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Atala Financial Inc purchased a new stake in shares of Targa Resources during the 4th quarter worth about $31,000. Rakuten Securities Inc. grew its holdings in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after purchasing an additional 146 shares during the last quarter. Mizuho Bank Ltd. bought a new stake in Targa Resources during the 4th quarter worth about $36,000. Aspect Partners LLC boosted its stake in shares of Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after purchasing an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRGP. Citigroup increased their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. 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 research report on Tuesday, March 18th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Mizuho reduced their price objective on Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a research note on Monday. Finally, Royal Bank of Canada lifted their target price on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of "Buy" and a consensus target price of $209.29.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $7.36 on Wednesday, reaching $170.75. 3,170,397 shares of the stock were exchanged, compared to its average volume of 1,738,733. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The business has a fifty day moving average price of $184.43 and a two-hundred day moving average price of $188.27. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The firm has a market capitalization of $37.15 billion, a PE ratio of 29.75, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's payout ratio is currently 69.69%.

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.