Texas Permanent School Fund Corp Has $3.09 Million Stake in Targa Resources, Inc. $TRGP

Texas Permanent School Fund Corp reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 29.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,744 shares of the pipeline company’s stock after selling 7,368 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Targa Resources were worth $3,089,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in TRGP. Elevation Point Wealth Partners LLC bought a new stake in shares of Targa Resources in the second quarter valued at about $53,000. Hilltop National Bank bought a new stake in Targa Resources in the 2nd quarter valued at approximately $63,000. Kestra Investment Management LLC bought a new stake in Targa Resources in the 2nd quarter valued at approximately $70,000. Private Trust Co. NA boosted its position in Targa Resources by 57.1% during the 2nd 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 last quarter. Finally, Wolff Wiese Magana LLC grew its stake in shares of Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after acquiring an additional 183 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2%

Shares of TRGP stock opened at $178.33 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. The firm’s 50-day moving average is $167.15 and its 200-day moving average is $166.96. The stock has a market cap of $38.28 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 1.03 and a beta of 0.89. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources’s payout ratio is presently 53.19%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Scotiabank boosted their price objective on shares of Targa Resources from $198.00 to $199.00 and gave the stock an “outperform” rating in a research report on Wednesday. Mizuho cut their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. Royal Bank Of Canada raised their price objective on Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a report on Wednesday, December 3rd. The Goldman Sachs Group lowered their target price on Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Finally, Stifel Nicolaus set a $213.00 price target on Targa Resources in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $210.79.

Insiders Place Their Bets

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

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.