Inspire Investing LLC Cuts Position in Targa Resources, Inc. $TRGP

Key Points

• Inspire Investing LLC reduced its position in Targa Resources, Inc. by 11.7% in Q2, bringing its total shares to 21,837, valued at approximately $3.8 million.
• Several institutional investors increased their stakes in Targa Resources, with UMB Bank n.a. raising its position by 11.9% during the same period.
• Targa Resources reported earnings per share of $2.87 for the latest quarter, significantly beating estimates of $1.95, despite revenues falling short of expectations at $4.26 billion.

Inspire Investing LLC lessened its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,837 shares of the pipeline company's stock after selling 2,906 shares during the period. Inspire Investing LLC's holdings in Targa Resources were worth $3,801,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ritholtz Wealth Management increased its stake in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC increased its stake in shares of Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after purchasing an additional 62 shares in the last quarter. UMB Bank n.a. increased its stake in Targa Resources by 11.9% during the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company's stock worth $115,000 after buying an additional 70 shares in the last quarter. QRG Capital Management Inc. increased its stake in Targa Resources by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company's stock worth $1,618,000 after buying an additional 72 shares in the last quarter. Finally, D.A. Davidson & CO. increased its stake in Targa Resources by 1.8% during the 1st quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock worth $855,000 after buying an additional 74 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Royal Bank Of Canada boosted their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. TD Cowen assumed coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. TD Securities assumed coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating for the company. Finally, BMO Capital Markets assumed coverage on Targa Resources in a research note on Friday, September 19th. They set an "outperform" rating and a $185.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given 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 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. The business has a 50 day simple moving average of $165.04 and a 200-day simple moving average of $167.99. The firm has a market capitalization of $32.80 billion, a PE ratio of 21.56, a price-to-earnings-growth ratio of 0.96 and a beta of 1.12. Targa Resources, Inc. has a 1 year low of $150.00 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.82 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal 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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