Board of the Pension Protection Fund Raises Position in Targa Resources, Inc. (NYSE:TRGP)

Board of the Pension Protection Fund raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 95.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 4,100 shares of the pipeline company’s stock after acquiring an additional 2,000 shares during the period. Board of the Pension Protection Fund’s holdings in Targa Resources were worth $822,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. IFP Advisors Inc grew its position in shares of Targa Resources by 78.8% in the 4th quarter. IFP Advisors Inc now owns 524 shares of the pipeline company’s stock worth $94,000 after buying an additional 231 shares during the period. Checchi Capital Advisers LLC boosted its stake in Targa Resources by 5.9% during the fourth quarter. Checchi Capital Advisers LLC now owns 3,585 shares of the pipeline company’s stock worth $640,000 after acquiring an additional 200 shares in the last quarter. NewEdge Wealth LLC grew its holdings in Targa Resources by 6.5% in the fourth quarter. NewEdge Wealth LLC now owns 9,611 shares of the pipeline company’s stock worth $1,716,000 after purchasing an additional 583 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in Targa Resources by 5.8% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 10,023 shares of the pipeline company’s stock worth $1,789,000 after purchasing an additional 552 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in shares of Targa Resources during the fourth quarter valued at approximately $41,222,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TRGP shares. Mizuho set a $212.00 price target on Targa Resources and gave the stock an “outperform” rating in a research 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 report on Monday, March 17th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays reduced their price target on Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, May 20th. Finally, Citigroup dropped their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $204.69.

Targa Resources Trading Up 3.1%

Shares of NYSE:TRGP opened at $175.84 on Friday. 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 1 year low of $122.56 and a 1 year high of $218.51. The company has a market cap of $38.14 billion, a P/E ratio of 32.38, a PEG ratio of 0.60 and a beta of 1.07. The stock’s fifty day moving average price is $166.29 and its 200-day moving average price is $182.61.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share 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 analysts’ expectations of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued 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%.

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.