Maryland State Retirement & Pension System Acquires 10,889 Shares of Targa Resources, Inc. $TRGP

Maryland State Retirement & Pension System boosted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 5.6% in the second quarter, Holdings Channel reports. The firm owned 205,934 shares of the pipeline company’s stock after purchasing an additional 10,889 shares during the quarter. Targa Resources comprises about 0.8% of Maryland State Retirement & Pension System’s holdings, making the stock its 24th biggest position. Maryland State Retirement & Pension System’s holdings in Targa Resources were worth $35,849,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC grew 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 valued at $26,000 after purchasing an additional 110 shares in the last quarter. Disciplina Capital Management LLC bought a new position in shares of Targa Resources in the 1st quarter valued at about $46,000. Olde Wealth Management LLC bought a new position in shares of Targa Resources in the 1st quarter valued at about $52,000. Wolff Wiese Magana LLC grew its position in shares of Targa Resources by 376.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock valued at $60,000 after acquiring an additional 237 shares during the period. Finally, Hilltop National Bank bought a new position in shares of Targa Resources in the 2nd quarter valued at about $63,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $168.50 on Thursday. The company has a market capitalization of $36.26 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 0.99 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a 50-day simple moving average of $165.35 and a 200 day simple moving average of $168.65. Targa Resources, Inc. has a 52 week low of $150.00 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. On average, sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TRGP shares. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Barclays lifted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. TD Cowen started coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating and a $192.00 price objective for the company. BMO Capital Markets initiated coverage on shares of Targa Resources in a research report on Friday, September 19th. They issued an “outperform” rating and a $185.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock 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.