Employees Retirement System of Texas Takes $2.04 Million Position in Targa Resources Corp. (NYSE:TRGP)

Employees Retirement System of Texas purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,419 shares of the pipeline company's stock, valued at approximately $2,038,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in TRGP. Colonial Trust Co SC boosted its position in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc bought a new position in Targa Resources in the fourth quarter worth about $31,000. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at about $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at about $31,000. Finally, Rakuten Securities Inc. boosted 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 valued at $33,000 after buying an additional 146 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $0.78 during trading on Friday, hitting $157.71. 4,020,354 shares of the company's stock were exchanged, compared to its average volume of 1,813,152. The stock has a market capitalization of $34.21 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 0.61 and a beta of 1.22. The business has a 50-day simple moving average of $170.23 and a 200-day simple moving average of $186.67. Targa Resources Corp. has a 52-week low of $114.51 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's payout ratio is 73.66%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of analyst reports. Citigroup decreased their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Tuesday, May 20th. Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Finally, UBS Group reduced their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $198.79.

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.