California Public Employees Retirement System Has $94.40 Million Stock Position in Targa Resources, Inc. $TRGP

California Public Employees Retirement System reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 376,495 shares of the pipeline company’s stock after selling 4,049 shares during the quarter. California Public Employees Retirement System’s holdings in Targa Resources were worth $94,399,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of TRGP. Atlantic Union Bankshares Corp bought a new position in Targa Resources in the fourth quarter valued at about $27,000. Olistico Wealth LLC bought a new position in shares of Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources in the fourth quarter worth about $30,000. Global Assets Advisory LLC acquired a new stake in shares of Targa Resources in the 1st quarter valued at approximately $41,000. Finally, Leonteq Securities AG acquired a new stake in shares of Targa Resources in the 4th quarter valued at approximately $31,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Erste Group Bank began coverage on shares of Targa Resources in a report on Thursday, June 25th. They set a “buy” rating for the company. Finally, Truist Financial boosted their price objective on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $285.93.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction 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 completion of the sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.37% of the stock is owned by insiders.

Targa Resources Stock Up 0.2%

NYSE:TRGP opened at $283.39 on Monday. The firm’s 50 day simple moving average is $267.82 and its 200 day simple moving average is $238.96. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $285.56. The company has a market cap of $60.83 billion, a PE ratio of 28.65, a P/E/G ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s payout ratio is currently 50.56%.

Targa Resources 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.