Louisiana State Employees Retirement System Takes $2.73 Million Position in Targa Resources, Inc. $TRGP

Louisiana State Employees Retirement System purchased a new position in Targa Resources, Inc. (NYSE:TRGP) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 10,900 shares of the pipeline company’s stock, valued at approximately $2,733,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter valued at $27,000. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the 4th quarter worth $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources during the 4th quarter worth approximately $30,000. Leonteq Securities AG purchased a new stake in Targa Resources during the 4th quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Targa Resources in the 4th quarter valued at $37,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of TRGP opened at $272.83 on Monday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00. The stock has a market cap of $58.56 billion, a P/E ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72. The company has a 50-day moving average of $259.59 and a two-hundred day moving average of $229.50. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, research analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, April 30th. Targa Resources’s payout ratio is presently 50.56%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 target price on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a report on Tuesday, May 12th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Morgan Stanley increased their price target on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $272.73.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.37% of the company’s stock.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.