Illinois Municipal Retirement Fund Cuts Position in Targa Resources, Inc. (NYSE:TRGP)

Illinois Municipal Retirement Fund decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,849 shares of the pipeline company's stock after selling 2,507 shares during the period. Illinois Municipal Retirement Fund's holdings in Targa Resources were worth $9,793,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after buying an additional 150,038 shares during the period. Geode Capital Management LLC increased its position in shares of Targa Resources by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after acquiring an additional 212,986 shares during the period. Norges Bank bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after purchasing an additional 53,853 shares during the period. Finally, GQG Partners LLC bought a new position in Targa Resources in the fourth quarter worth approximately $393,335,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP traded down $2.11 during mid-day trading on Tuesday, reaching $171.97. The company had a trading volume of 1,221,574 shares, compared to its average volume of 1,834,678. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 52-week low of $122.56 and a 52-week high of $218.51. The stock has a 50 day moving average of $166.48 and a two-hundred day moving average of $182.41. The stock has a market capitalization of $37.31 billion, a P/E ratio of 31.67, a PEG ratio of 0.61 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. On average, analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a dividend of $1.00 per share. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio is presently 73.66%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. UBS Group dropped their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays cut their price target on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday, May 20th. Citigroup dropped their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $204.69.

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.