Targa Resources, Inc. $TRGP Shares Bought by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 31.5% during the 3rd quarter, Holdings Channel reports. The firm owned 24,621 shares of the pipeline company’s stock after buying an additional 5,899 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Targa Resources were worth $4,125,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Elevation Point Wealth Partners LLC acquired a new position in shares of Targa Resources in the second quarter valued at approximately $53,000. Carolina Wealth Advisors LLC purchased a new position in Targa Resources in the 3rd quarter valued at approximately $58,000. Hilltop National Bank acquired a new position in shares of Targa Resources in the second quarter worth $63,000. Kestra Investment Management LLC acquired a new position in shares of Targa Resources in the second quarter worth $70,000. Finally, Private Trust Co. NA increased its position in shares of Targa Resources by 57.1% during the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after acquiring an additional 173 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent research reports. Wells Fargo & Company lifted their target price on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Stifel Nicolaus set a $213.00 price objective on Targa Resources in a research report on Thursday, November 6th. UBS Group restated a “buy” rating on shares of Targa Resources in a research note on Friday. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $210.79.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.34% of the company’s stock.

Targa Resources Trading Up 0.0%

TRGP opened at $176.83 on Friday. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The company has a market cap of $37.96 billion, a P/E ratio of 23.51, a PEG ratio of 0.85 and a beta of 0.87. The business’s 50-day simple moving average is $176.22 and its 200-day simple moving average is $168.48.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

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.