Targa Resources Corp. (NYSE:TRGP) Position Trimmed by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 12.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 51,356 shares of the pipeline company’s stock after selling 7,257 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Targa Resources were worth $9,167,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. National Bank of Canada FI increased its stake in Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after buying an additional 254,286 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after buying an additional 246,762 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Targa Resources by 14,163.5% in the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after buying an additional 202,822 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.9 %

Targa Resources stock opened at $194.76 on Wednesday. The company has a market capitalization of $42.47 billion, a P/E ratio of 33.93, a P/E/G ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 1-year low of $95.88 and a 1-year high of $218.51. The firm’s fifty day simple moving average is $196.48 and its 200-day simple moving average is $177.38. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.54%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TRGP. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada lifted their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Barclays upped their target price on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average target price of $205.43.

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.