New Mexico Educational Retirement Board lifted its holdings in Targa Resources Corp. (NYSE:TRGP – Free Report) by 4.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,000 shares of the pipeline company’s stock after buying an additional 500 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Targa Resources were worth $837,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Moneta Group Investment Advisors LLC raised its holdings in shares of Targa Resources by 104,219.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after buying an additional 25,216,947 shares during the period. BlackRock Inc. raised its holdings in shares of Targa Resources by 1.9% in the first quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company’s stock worth $1,367,710,000 after buying an additional 348,951 shares during the period. State Street Corp increased its holdings in Targa Resources by 14.4% during the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after purchasing an additional 986,283 shares during the period. Goldman Sachs Group Inc. increased its holdings in Targa Resources by 6.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company’s stock worth $513,349,000 after purchasing an additional 421,874 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Targa Resources by 1.8% during the 1st quarter. Geode Capital Management LLC now owns 4,675,010 shares of the pipeline company’s stock worth $340,286,000 after purchasing an additional 81,702 shares during the period. 90.21% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources Stock Down 2.7 %
Targa Resources stock opened at $83.43 on Tuesday. The company has a debt-to-equity ratio of 2.60, a current ratio of 0.74 and a quick ratio of 0.61. The stock has a market capitalization of $18.66 billion, a price-to-earnings ratio of 22.61 and a beta of 2.24. Targa Resources Corp. has a 1-year low of $62.27 and a 1-year high of $88.01. The business has a fifty day moving average price of $84.29 and a 200-day moving average price of $77.08.
Targa Resources Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a dividend of $0.50 per share. The ex-dividend date was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.40%. Targa Resources’s dividend payout ratio is currently 54.20%.
Insiders Place Their Bets
In other Targa Resources news, Director Charles R. Crisp sold 3,500 shares of Targa Resources stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $82.22, for a total transaction of $287,770.00. Following the completion of the sale, the director now owns 121,024 shares of the company’s stock, valued at approximately $9,950,593.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Targa Resources news, Director Charles R. Crisp sold 3,500 shares of Targa Resources stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $82.22, for a total transaction of $287,770.00. Following the completion of the transaction, the director now owns 121,024 shares in the company, valued at approximately $9,950,593.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,530 shares of Targa Resources stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $85.00, for a total value of $300,050.00. Following the transaction, the chief accounting officer now owns 61,066 shares of the company’s stock, valued at approximately $5,190,610. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,610 shares of company stock valued at $1,215,524. 1.39% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
TRGP has been the topic of several research reports. TheStreet upgraded Targa Resources from a “c+” rating to a “b” rating in a report on Tuesday, September 5th. Morgan Stanley raised their price objective on Targa Resources from $106.00 to $114.00 and gave the stock an “overweight” rating in a report on Tuesday, August 29th. StockNews.com initiated coverage on Targa Resources in a report on Thursday, August 17th. They set a “hold” rating on the stock. Royal Bank of Canada raised their price objective on Targa Resources from $104.00 to $108.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Finally, Citigroup raised their price objective on Targa Resources from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $102.80.
Read Our Latest Stock Report on TRGP
Targa Resources Company Profile
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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.
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