Targa Resources, Inc. (NYSE:TRGP) Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 132,955 shares of the pipeline company's stock after buying an additional 5,690 shares during the period. New York State Common Retirement Fund owned 0.06% of Targa Resources worth $26,653,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its position in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares during the period. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Colonial Trust Co SC raised its position in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $32,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.0%

Shares of NYSE:TRGP traded up $0.06 during trading on Thursday, hitting $166.05. 903,250 shares of the company were exchanged, compared to its average volume of 1,924,663. The stock has a market capitalization of $36.02 billion, a P/E ratio of 30.58, a PEG ratio of 0.60 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. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51. The firm's 50 day moving average price is $167.22 and its 200-day moving average price is $181.83.

Targa Resources (NYSE:TRGP - Get Free Report) last announced 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 business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. On average, research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's payout ratio is currently 73.66%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRGP. TD Cowen began coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. The Goldman Sachs Group decreased their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Barclays upped their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating on the stock. Finally, US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $209.86.

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.