Employees Retirement System of Texas Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

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

A number of other institutional investors have also added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of Targa Resources by 19.5% during the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after buying an additional 168,602 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of Targa Resources in the fourth quarter worth $216,000. Atomi Financial Group Inc. bought a new stake in Targa Resources in the 4th quarter worth about $271,000. Janney Montgomery Scott LLC lifted its stake in Targa Resources by 7.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 48,289 shares of the pipeline company's stock valued at $8,620,000 after acquiring an additional 3,327 shares during the period. Finally, Mutual Advisors LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $269,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 0.5%

Shares of Targa Resources stock traded down $0.78 during trading on Friday, reaching $157.71. The company's stock had a trading volume of 4,020,354 shares, compared to its average volume of 1,811,649. Targa Resources Corp. has a 1-year low of $114.51 and a 1-year high of $218.51. The company has a 50-day simple moving average of $171.18 and a two-hundred day simple moving average of $186.92. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $34.21 billion, a price-to-earnings ratio of 27.48, a P/E/G ratio of 0.61 and a beta of 1.22.

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

Targa Resources Dividend Announcement

The business also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of research analyst reports. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research report on Tuesday, May 20th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. The Goldman Sachs Group cut their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Mizuho set a $212.00 price objective on Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $198.79.

Targa Resources Company 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.