Morningstar Investment Management LLC Makes New $537,000 Investment in Targa Resources, Inc. $TRGP

Key Points

• Morningstar Investment Management LLC acquired a new position in Targa Resources, Inc. valued at approximately $537,000 during the second quarter.
• Targa Resources reported $2.87 earnings per share for the last quarter, significantly exceeding analysts' expectations of $1.95.
• Institutional investors collectively own 92.13% of Targa Resources' stock, indicating strong institutional interest in the company.

Morningstar Investment Management LLC acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,087 shares of the pipeline company's stock, valued at approximately $537,000.

Several other large investors have also recently modified their holdings of TRGP. GAMMA Investing LLC increased its position in shares of Targa Resources by 13.7% during the 1st quarter. GAMMA Investing LLC now owns 4,631 shares of the pipeline company's stock valued at $928,000 after purchasing an additional 559 shares during the last quarter. Fifth Third Bancorp increased its position in Targa Resources by 7.8% during the first quarter. Fifth Third Bancorp now owns 9,343 shares of the pipeline company's stock valued at $1,873,000 after acquiring an additional 675 shares during the last quarter. NorthCrest Asset Manangement LLC bought a new position in Targa Resources during the first quarter valued at $338,000. Wealth Enhancement Advisory Services LLC grew its holdings in Targa Resources by 32.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,457 shares of the pipeline company's stock valued at $8,311,000 after purchasing an additional 10,158 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in Targa Resources during the 1st quarter valued at about $73,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP opened at $151.65 on Tuesday. The company has a market cap of $32.63 billion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12. Targa Resources, Inc. has a twelve month low of $150.00 and a twelve month high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company has a 50 day moving average of $164.78 and a two-hundred day moving average of $167.21.

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 firm had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on TRGP shares. Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. JPMorgan Chase & Co. upped their price objective on Targa Resources from $214.00 to $215.00 and gave the company an "overweight" rating in a research report on Tuesday, October 7th. TD Cowen assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. TD Securities assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating on the stock. Finally, Royal Bank Of Canada upped their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.

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