California Public Employees Retirement System grew its stake in Targa Resources Corp (NYSE:TRGP) by 46.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 466,180 shares of the pipeline company’s stock after acquiring an additional 148,141 shares during the period. California Public Employees Retirement System owned 0.20% of Targa Resources worth $18,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 21,984,956 shares of the pipeline company’s stock valued at $863,130,000 after acquiring an additional 646,776 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in shares of Targa Resources by 7.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 14,168,008 shares of the pipeline company’s stock valued at $556,236,000 after buying an additional 1,014,330 shares in the last quarter. Invesco Ltd. raised its position in shares of Targa Resources by 3,746.3% during the 2nd quarter. Invesco Ltd. now owns 9,579,054 shares of the pipeline company’s stock valued at $376,074,000 after buying an additional 9,330,008 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Targa Resources by 4,739.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,653,440 shares of the pipeline company’s stock valued at $300,474,000 after buying an additional 7,495,281 shares in the last quarter. Finally, Chickasaw Capital Management LLC raised its position in shares of Targa Resources by 10.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 6,798,908 shares of the pipeline company’s stock valued at $273,112,000 after buying an additional 669,310 shares in the last quarter. Institutional investors own 96.18% of the company’s stock.

NYSE:TRGP opened at $39.90 on Friday. Targa Resources Corp has a one year low of $32.00 and a one year high of $51.87. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.61. The company’s 50-day simple moving average is $39.97 and its 200 day simple moving average is $38.98. The firm has a market capitalization of $9.45 billion, a P/E ratio of 199.50 and a beta of 1.78.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 8th. The pipeline company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.15. Targa Resources had a negative net margin of 1.81% and a negative return on equity of 0.17%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.36 billion. On average, equities research analysts expect that Targa Resources Corp will post -0.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 9.12%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 1,820.00%.

Several analysts have recently weighed in on TRGP shares. Robert W. Baird lowered their price objective on shares of Targa Resources from $67.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 8th. Piper Jaffray Companies started coverage on shares of Targa Resources in a research report on Monday, November 4th. They issued a “neutral” rating and a $43.00 target price on the stock. Mizuho set a $45.00 target price on shares of Targa Resources and gave the stock a “hold” rating in a research report on Friday, July 12th. Credit Suisse Group decreased their target price on shares of Targa Resources from $49.00 to $44.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. Finally, Royal Bank of Canada decreased their target price on shares of Targa Resources to $51.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Targa Resources currently has a consensus rating of “Buy” and an average target price of $47.63.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

See Also: Put Option

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp (NYSE:TRGP).

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.