Targa Resources, Inc. $TRGP Position Boosted by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 8.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 73,682 shares of the pipeline company’s stock after purchasing an additional 5,456 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Targa Resources were worth $12,827,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Cornerstone Planning Group LLC raised its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 110 shares during the period. Disciplina Capital Management LLC acquired a new stake in Targa Resources during the first quarter worth about $46,000. Olde Wealth Management LLC acquired a new stake in Targa Resources during the first quarter worth about $52,000. Hilltop National Bank acquired a new stake in Targa Resources during the second quarter worth about $63,000. Finally, Private Trust Co. NA raised its stake in Targa Resources by 57.1% during the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after acquiring an additional 173 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 2.0%

Shares of NYSE:TRGP opened at $153.73 on Friday. The stock has a market capitalization of $33.08 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 0.98 and a beta of 1.12. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a 50 day moving average price of $162.29 and a 200 day moving average price of $165.55.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. On average, research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.6%. Targa Resources’s dividend payout ratio (DPR) is currently 56.58%.

Analyst Ratings Changes

Several brokerages have commented on TRGP. Wall Street Zen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. Royal Bank Of Canada raised their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Cfra Research upgraded shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average price target of $209.50.

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.