Kentucky Retirement Systems Insurance Trust Fund Takes $1.26 Million Position in Targa Resources, Inc. (NYSE:TRGP)

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,290 shares of the pipeline company's stock, valued at approximately $1,261,000.

Several other institutional investors have also bought and sold shares of the company. Brendel Financial Advisors LLC purchased a new stake in shares of Targa Resources during the first quarter worth $1,999,000. Intact Investment Management Inc. bought a new position in Targa Resources in the first quarter valued at $80,000. Advisor Resource Council bought a new position in Targa Resources in the first quarter valued at $2,360,000. Segment Wealth Management LLC grew its stake in shares of Targa Resources by 6.5% during the first quarter. Segment Wealth Management LLC now owns 58,931 shares of the pipeline company's stock valued at $11,814,000 after buying an additional 3,603 shares during the last quarter. Finally, Avior Wealth Management LLC grew its stake in shares of Targa Resources by 43.5% during the first quarter. Avior Wealth Management LLC now owns 3,397 shares of the pipeline company's stock valued at $681,000 after buying an additional 1,030 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of recent research reports. Barclays reduced their price objective on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 20th. Royal Bank Of Canada lowered their target price on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. The Goldman Sachs Group lowered their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Scotiabank boosted their price objective on shares of Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a report on Thursday, June 5th. Finally, Citigroup decreased their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Thirteen 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.com, the stock has an average rating of "Buy" and an average target price of $199.07.

Targa Resources Stock Performance

Shares of TRGP stock traded up $2.86 during mid-day trading on Wednesday, reaching $170.59. 1,980,173 shares of the company's stock traded hands, compared to its average volume of 1,838,460. The firm has a market capitalization of $37.01 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The firm has a 50 day moving average price of $166.26 and a two-hundred day moving average price of $182.68. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. On average, research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

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

About Targa Resources

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.