New Mexico Educational Retirement Board Has $5.12 Million Stake in Targa Resources Corp. (NYSE:TRGP)

New Mexico Educational Retirement Board grew its stake in Targa Resources Corp. (NYSE:TRGP) by 287.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 45,700 shares of the pipeline company’s stock after buying an additional 33,900 shares during the period. New Mexico Educational Retirement Board’s holdings in Targa Resources were worth $5,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Register Financial Advisors LLC bought a new position in shares of Targa Resources during the 1st quarter worth about $45,000. Chesley Taft & Associates LLC bought a new position in shares of Targa Resources during the 1st quarter worth about $250,000. Visionary Horizons LLC lifted its holdings in shares of Targa Resources by 13.7% during the 1st quarter. Visionary Horizons LLC now owns 5,382 shares of the pipeline company’s stock worth $617,000 after acquiring an additional 647 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of Targa Resources during the 1st quarter worth about $399,000. Finally, Cooksen Wealth LLC lifted its holdings in shares of Targa Resources by 15.5% during the 1st quarter. Cooksen Wealth LLC now owns 9,279 shares of the pipeline company’s stock worth $1,039,000 after acquiring an additional 1,243 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Royal Bank of Canada raised their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, Argus assumed coverage on shares of Targa Resources in a report on Wednesday. They set a “buy” rating and a $140.00 price target for the company. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.46.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $0.20 during trading on Friday, reaching $128.78. The company had a trading volume of 3,430,547 shares, compared to its average volume of 1,523,420. Targa Resources Corp. has a 52 week low of $74.20 and a 52 week high of $130.53. The stock has a market cap of $28.55 billion, a PE ratio of 26.50, a PEG ratio of 0.76 and a beta of 2.21. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The business’s 50 day moving average price is $118.04 and its 200-day moving average price is $103.99.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. Analysts expect that Targa Resources Corp. will post 5.27 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.33%. Targa Resources’s payout ratio is currently 61.73%.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the sale, the director now owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The disclosure for this sale can be found here. Insiders sold a total of 42,791 shares of company stock worth $4,907,563 in the last quarter. 1.39% of the stock is owned by company insiders.

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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.