Ironwood Investment Counsel LLC Invests $349,000 in Targa Resources, Inc. $TRGP

Ironwood Investment Counsel LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,002 shares of the pipeline company’s stock, valued at approximately $349,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in shares of Targa Resources by 22.7% in the first quarter. Allworth Financial LP now owns 628 shares of the pipeline company’s stock valued at $126,000 after acquiring an additional 116 shares during the period. Cerity Partners LLC raised its position in Targa Resources by 4.4% in the 1st quarter. Cerity Partners LLC now owns 28,718 shares of the pipeline company’s stock valued at $5,757,000 after purchasing an additional 1,209 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Targa Resources by 4.5% during the 1st quarter. New York State Common Retirement Fund now owns 132,955 shares of the pipeline company’s stock worth $26,653,000 after purchasing an additional 5,690 shares during the period. CWM LLC grew its position in Targa Resources by 24.2% during the 1st quarter. CWM LLC now owns 8,455 shares of the pipeline company’s stock worth $1,695,000 after purchasing an additional 1,650 shares during the last quarter. Finally, Wealthfront Advisers LLC grew its position in Targa Resources by 9.8% during the 1st quarter. Wealthfront Advisers LLC now owns 19,230 shares of the pipeline company’s stock worth $3,855,000 after purchasing an additional 1,714 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 1.6%

Targa Resources stock opened at $170.47 on Thursday. The stock’s 50 day moving average price is $161.48 and its 200 day moving average price is $164.62. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51. The company has a market cap of $36.59 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a dividend of $1.00 per share. 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 is presently 53.19%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TRGP shares. Royal Bank Of Canada increased their target price on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Morgan Stanley lifted their target price on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho dropped their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.71.

About Targa Resources

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.