New York State Teachers Retirement System grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 12.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 148,800 shares of the pipeline company's stock after buying an additional 16,008 shares during the period. New York State Teachers Retirement System owned 0.07% of Targa Resources worth $29,830,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Bessemer Group Inc. increased its stake in Targa Resources by 25.1% during the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after acquiring an additional 495 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources during the 1st quarter worth about $544,000. Oppenheimer & Co. Inc. increased its position in Targa Resources by 48.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock worth $508,000 after purchasing an additional 823 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Targa Resources by 5.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after purchasing an additional 111 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Targa Resources in the fourth quarter valued at approximately $88,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have issued reports on TRGP. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Barclays reduced their target price on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday, May 20th. Scotiabank increased their price target on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a report on Thursday, June 5th. Citigroup cut their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Twelve equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $209.67.
Read Our Latest Stock Analysis on TRGP
Targa Resources Stock Performance
Shares of NYSE TRGP traded down $0.26 during mid-day trading on Thursday, hitting $173.52. The company had a trading volume of 760,692 shares, compared to its average volume of 1,835,929. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The stock has a market cap of $37.64 billion, a price-to-earnings ratio of 31.96, a PEG ratio of 0.62 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The firm's 50 day simple moving average is $166.53 and its two-hundred day simple moving average is $182.28.
Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for 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%. As a group, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.
Targa Resources Announces Dividend
The firm also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid 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 payout ratio is currently 73.66%.
About Targa Resources
(
Free Report)
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.
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