Public Sector Pension Investment Board Lowers Stock Position in Targa Resources, Inc. $TRGP

Public Sector Pension Investment Board trimmed its stake in Targa Resources, Inc. (NYSE:TRGP) by 12.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 80,035 shares of the pipeline company’s stock after selling 11,336 shares during the period. Public Sector Pension Investment Board’s holdings in Targa Resources were worth $13,409,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Peoples Financial Services CORP. acquired a new stake in Targa Resources in the 3rd quarter valued at approximately $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources during the third quarter worth $39,000. Avion Wealth grew its stake in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Targa Resources in the 3rd quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of Targa Resources in the 2nd quarter valued at $53,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $223.73 on Monday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $225.35. 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 company has a 50-day simple moving average of $190.15 and a 200-day simple moving average of $173.48. The stock has a market capitalization of $48.03 billion, a price-to-earnings ratio of 29.75, a PEG ratio of 0.96 and a beta of 0.88.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 53.19%.

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Morgan Stanley reissued an “overweight” rating and issued a $266.00 price objective on shares of Targa Resources in a research note on Wednesday, January 28th. Scotiabank reiterated an “outperform” rating and set a $224.00 target price on shares of Targa Resources in a report on Friday, January 16th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Finally, Stifel Nicolaus set a $213.00 target price 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 issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $213.50.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the transaction, the insider directly owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.34% of the stock is currently owned by corporate insiders.

About Targa Resources

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.