Illinois Municipal Retirement Fund Has $4.06 Million Stock Position in Targa Resources, Inc. $TRGP

Illinois Municipal Retirement Fund reduced its position in Targa Resources, Inc. (NYSE:TRGP) by 52.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,340 shares of the pipeline company’s stock after selling 25,509 shares during the period. Illinois Municipal Retirement Fund’s holdings in Targa Resources were worth $4,063,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ProShare Advisors LLC grew its stake in shares of Targa Resources by 9.7% in the 2nd quarter. ProShare Advisors LLC now owns 71,092 shares of the pipeline company’s stock valued at $12,376,000 after buying an additional 6,314 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Targa Resources in the second quarter valued at approximately $390,000. Campbell & CO Investment Adviser LLC bought a new stake in Targa Resources in the second quarter worth approximately $331,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Targa Resources by 7.6% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 409,432 shares of the pipeline company’s stock worth $71,274,000 after purchasing an additional 28,978 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Targa Resources by 10.9% during the 2nd quarter. Parkside Financial Bank & Trust now owns 805 shares of the pipeline company’s stock valued at $140,000 after purchasing an additional 79 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

TRGP opened at $170.47 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The stock’s 50 day moving average price is $161.48 and its two-hundred day moving average price is $164.62. The firm has a market capitalization of $36.59 billion, a P/E ratio of 24.11, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Analyst Ratings Changes

Several research firms have commented on TRGP. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Wells Fargo & Company restated an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Finally, Morgan Stanley increased their price target on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $210.71.

Targa Resources 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.