Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP – Get Rating) by 184.3% in the first quarter, HoldingsChannel reports. The firm owned 90,398 shares of the pipeline company’s stock after buying an additional 58,598 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Targa Resources were worth $6,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. Chilton Capital Management LLC acquired a new stake in Targa Resources in the 4th quarter worth about $27,000. Herold Advisors Inc. acquired a new stake in Targa Resources in the 1st quarter worth about $29,000. Bivin & Associates Inc. acquired a new stake in Targa Resources in the 4th quarter worth about $32,000. Allworth Financial LP boosted its holdings in Targa Resources by 403.3% in the 1st quarter. Allworth Financial LP now owns 453 shares of the pipeline company’s stock worth $34,000 after buying an additional 363 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in Targa Resources in the 1st quarter worth about $36,000. 87.45% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the company. Mizuho lifted their price objective on Targa Resources from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Barclays lowered their price objective on Targa Resources from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Royal Bank of Canada boosted their target price on Targa Resources from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, July 12th. Morgan Stanley boosted their target price on Targa Resources from $103.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, July 20th. Finally, US Capital Advisors restated a “buy” rating on shares of Targa Resources in a report on Monday, July 25th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $82.83.
Targa Resources Stock Down 4.7 %
Targa Resources Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Friday, July 29th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Thursday, July 28th. Targa Resources’s payout ratio is presently 159.09%.
In other Targa Resources news, insider Regina Gregory sold 6,494 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $67.39, for a total value of $437,630.66. Following the sale, the insider now owns 55,592 shares of the company’s stock, valued at $3,746,344.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.
About Targa Resources
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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It 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; and gathering, storing, terminaling, purchasing, and selling crude oil.
- Get a free copy of the StockNews.com research report on Targa Resources (TRGP)
- 3 Banks Worth Considering For Q4
- Stock Market: 3 Islands Of Strength In A Sea Of Red
- MarketBeat: Week in Review 9/12 – 9/16
- No One Told These 3 Stocks It’s a Down Week
- Is There a Cure for What is Ailing Teladoc Stock?
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.