Illinois Municipal Retirement Fund Reduces Holdings in Targa Resources, Inc. $TRGP

Illinois Municipal Retirement Fund trimmed its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 31.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,833 shares of the pipeline company’s stock after selling 5,992 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Targa Resources were worth $3,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $735,758,000. Goldman Sachs Group Inc. raised its holdings in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after buying an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources during the 3rd quarter valued at $121,426,000. Tortoise Capital Advisors L.L.C. boosted its position in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after buying an additional 572,562 shares during the period. Finally, UniSuper Management Pty Ltd boosted its position in Targa Resources by 1,811.0% during the 4th quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company’s stock valued at $81,980,000 after buying an additional 421,084 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on TRGP. Truist Financial boosted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Erste Group Bank started coverage on shares of Targa Resources in a report on Thursday, June 25th. They set a “buy” rating for the company. Mizuho raised their target price on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Barclays boosted their price target on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Seventeen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.93.

Targa Resources Stock Up 0.2%

Shares of Targa Resources stock opened at $283.39 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $285.56. The company has a market cap of $60.83 billion, a P/E ratio of 28.65, a PEG ratio of 1.45 and a beta of 0.71. The company’s fifty day simple moving average is $267.82 and its two-hundred day simple moving average is $238.96.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Research analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.37% of the stock is owned by company insiders.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.