Blair William & Co. IL Sells 34,336 Shares of Targa Resources, Inc. $TRGP

Key Points

• Blair William & Co. IL reduced its holdings in Targa Resources, Inc. by 53.3%, selling 34,336 shares and leaving them with a total of 30,073 shares valued at approximately $5.24 million.
• A number of hedge funds, including US Bancorp DE and Vontobel Holding Ltd., increased their stakes in Targa Resources, highlighting significant institutional interest where 92.13% of the stock is owned by institutional investors.
• Analysts have an average rating of "Moderate Buy" for Targa Resources, with a consensus target price set at $207.67 following several firms upgrading their ratings, including Royal Bank Of Canada and BMO Capital Markets.

Blair William & Co. IL trimmed its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 53.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,073 shares of the pipeline company's stock after selling 34,336 shares during the quarter. Blair William & Co. IL's holdings in Targa Resources were worth $5,235,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. US Bancorp DE increased its stake in Targa Resources by 2.5% in the second quarter. US Bancorp DE now owns 27,699 shares of the pipeline company's stock valued at $4,822,000 after acquiring an additional 681 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of Targa Resources by 30.9% during the second quarter. Vontobel Holding Ltd. now owns 4,918 shares of the pipeline company's stock worth $856,000 after buying an additional 1,160 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in shares of Targa Resources by 5.6% during the second quarter. Maryland State Retirement & Pension System now owns 205,934 shares of the pipeline company's stock worth $35,849,000 after buying an additional 10,889 shares during the last quarter. Shell Asset Management Co. grew its stake in shares of Targa Resources by 18.9% during the second quarter. Shell Asset Management Co. now owns 7,696 shares of the pipeline company's stock worth $1,340,000 after buying an additional 1,223 shares during the last quarter. Finally, KLP Kapitalforvaltning AS grew its stake in shares of Targa Resources by 0.5% during the second quarter. KLP Kapitalforvaltning AS now owns 83,500 shares of the pipeline company's stock worth $14,536,000 after buying an additional 400 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. TD Securities assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating on the stock. BMO Capital Markets assumed coverage on shares of Targa Resources in a research note on Friday, September 19th. They set an "outperform" rating and a $185.00 target price on the stock. Royal Bank Of Canada boosted 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. Finally, Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $207.67.

Targa Resources Price Performance

TRGP stock 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 12-month low of $150.00 and a 12-month high of $218.51. The company's fifty day simple moving average is $165.04 and its 200 day simple moving average is $167.53.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 8.99% and a return on equity of 43.35%. On average, analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

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.

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