Maryland State Retirement & Pension System Has $35.85 Million Stake in Targa Resources, Inc. $TRGP

Key Points

• Maryland State Retirement & Pension System increased its stake in Targa Resources by 5.6%, owning approximately 205,934 shares valued at about $35.85 million.
• Targa Resources reported an earnings per share (EPS) of $2.87, surpassing expectations by $0.92, although its revenue fell short of consensus estimates.
• Wall Street analysts maintain a positive outlook on Targa Resources, with a consensus rating of "Moderate Buy" and an average target price of $207.67.

Maryland State Retirement & Pension System lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 205,934 shares of the pipeline company's stock after purchasing an additional 10,889 shares during the period. Targa Resources makes up about 0.8% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 24th biggest position. Maryland State Retirement & Pension System owned approximately 0.09% of Targa Resources worth $35,849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after purchasing an additional 423,667 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Targa Resources by 7.5% in 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 buying an additional 962,631 shares during the period. Invesco Ltd. lifted its holdings in Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after buying an additional 139,780 shares during the period. GQG Partners LLC lifted its holdings in Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after buying an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in 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 valued at $568,217,000 after buying an additional 77,999 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 1.2%

Shares of TRGP stock opened at $168.50 on Thursday. The firm has a fifty day moving average of $165.35 and a 200-day moving average of $168.65. 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 has a market capitalization of $36.26 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 0.99 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) 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 company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. As a group, equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the company an "overweight" rating in a report on Tuesday. Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Weiss Ratings restated a "buy (b-)" rating on shares of Targa Resources in a report on Wednesday. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. One equities research 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $207.67.

Targa Resources Company 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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