Illinois Municipal Retirement Fund Sells 2,072 Shares of Targa Resources, Inc. $TRGP

Illinois Municipal Retirement Fund decreased its position in Targa Resources, Inc. (NYSE:TRGP) by 16.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,761 shares of the pipeline company’s stock after selling 2,072 shares during the period. Illinois Municipal Retirement Fund’s holdings in Targa Resources were worth $2,909,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. First Eagle Investment Management LLC grew its stake in shares of Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 80 shares during the period. Jones Financial Companies Lllp acquired a new position in shares of Targa Resources during the 2nd quarter worth about $32,000. Compass Financial Management LLC acquired a new position in shares of Targa Resources during the 2nd quarter worth about $33,000. CoreCap Advisors LLC grew its position in shares of Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after buying an additional 91 shares during the period. Finally, Virtus Advisers LLC bought a new stake in shares of Targa Resources in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TRGP shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $322.00 price target on shares of Targa Resources in a research report on Tuesday, October 13th. Stifel Nicolaus set a $335.00 price objective on shares of Targa Resources in a report on Friday, October 9th. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Barclays increased their target price on shares of Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a report on Thursday, October 8th. Finally, BMO Capital Markets lifted their price target on shares of Targa Resources from $303.00 to $328.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $326.37.

Targa Resources Stock Up 0.2%

Shares of Targa Resources stock traded up $0.68 on Friday, hitting $296.98. The company had a trading volume of 727,280 shares, compared to its average volume of 1,405,238. The firm has a market capitalization of $63.72 billion, a P/E ratio of 26.28, a P/E/G ratio of 1.21 and a beta of 0.76. Targa Resources, Inc. has a twelve month low of $166.18 and a twelve month high of $316.60. The company has a debt-to-equity ratio of 4.87, a current ratio of 0.74 and a quick ratio of 0.66. The stock has a 50-day moving average of $288.78 and a 200-day moving average of $263.74.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.30. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. Research analysts predict that Targa Resources, Inc. will post 11.55 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s dividend payout ratio is 44.25%.

Insider Buying and Selling at Targa Resources

In other news, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock valued at $2,127,634 in the last 90 days. 1.37% of the stock is currently owned by company insiders.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.