Louisiana State Employees Retirement System Reduces Stock Holdings in Targa Resources, Inc. $TRGP

Louisiana State Employees Retirement System trimmed its position in Targa Resources, Inc. (NYSE:TRGP) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,400 shares of the pipeline company’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Targa Resources were worth $1,985,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC boosted its position in Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 110 shares during the last quarter. Disciplina Capital Management LLC purchased a new position in shares of Targa Resources during the 1st quarter valued at about $46,000. Olde Wealth Management LLC purchased a new position in shares of Targa Resources during the 1st quarter valued at about $52,000. Wolff Wiese Magana LLC lifted its position in shares of Targa Resources by 376.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock valued at $60,000 after buying an additional 237 shares in the last quarter. Finally, Hilltop National Bank purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $63,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

NYSE:TRGP opened at $152.43 on Friday. 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, Inc. has a 1 year low of $150.00 and a 1 year high of $218.51. The stock’s 50 day simple moving average is $165.04 and its two-hundred day simple moving average is $167.75. The company has a market cap of $32.80 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 0.91 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. As a group, equities analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Cfra Research raised Targa Resources to a “hold” rating in a research report on Friday, August 8th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Mizuho lowered their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. TD Securities initiated coverage on Targa Resources in a report on Monday, July 7th. They issued a “hold” rating on the stock. Finally, Barclays boosted their price target on Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $207.67.

Targa Resources 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.