Aberdeen Group plc Buys 26,318 Shares of Targa Resources, Inc. $TRGP

Key Points

• Aberdeen Group plc increased its stake in Targa Resources by 17.6%, acquiring 26,318 shares, bringing its total holdings to 175,571 shares valued at approximately $30.56 million.
• Institutional investors collectively own 92.13% of Targa Resources, with several hedge funds like Vanguard and GQG Partners also increasing their stakes during the first quarter.
• Targa Resources reported earnings of $2.87 per share in its latest quarterly report, exceeding analyst expectations, though its revenue of $4.26 billion fell short of projections.

Aberdeen Group plc lifted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 17.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 175,571 shares of the pipeline company's stock after acquiring an additional 26,318 shares during the period. Aberdeen Group plc owned 0.08% of Targa Resources worth $30,563,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after acquiring an additional 423,667 shares during the period. Wellington Management Group LLP raised its position in Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the period. Invesco Ltd. raised its position in Targa Resources by 3.2% during the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after purchasing an additional 139,780 shares during the period. GQG Partners LLC raised its holdings in shares of Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after buying an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Targa Resources by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock worth $568,217,000 after buying an additional 77,999 shares during the period. Institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. TD Securities assumed coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. TD Cowen started coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. JPMorgan Chase & Co. raised their target price on Targa Resources from $214.00 to $215.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 7th. Finally, Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. One equities 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.67.

Targa Resources Stock Down 5.5%

Shares of NYSE TRGP opened at $152.43 on Monday. The firm 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. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 52-week low of $150.00 and a 52-week high of $218.51. The business's 50 day moving average is $165.04 and its two-hundred day moving average is $167.53.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

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.

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