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

Louisiana State Employees Retirement System bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 10,900 shares of the pipeline company’s stock, valued at approximately $2,733,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank purchased a new position in Targa Resources in the fourth quarter worth $735,758,000. Wellington Management Group LLP raised its stake in shares of Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Targa Resources in the 3rd quarter worth about $121,426,000. Finally, Tortoise Capital Advisors L.L.C. boosted its holdings in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after buying an additional 572,562 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $272.83 on Monday. The company has a market capitalization of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72. The business has a 50 day moving average of $259.59 and a 200 day moving average of $229.50. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company 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%. On average, sell-side analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

Analysts Set New Price Targets

TRGP has been the subject of a number of research analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. UBS Group boosted their target price on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, TD Cowen lifted their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average price target of $272.73.

Targa Resources Profile

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.