OFI Invest Asset Management Has $42.41 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• OFI Invest Asset Management increased its stake in Targa Resources, Inc. by 6.5%, now holding 243,628 shares worth $42.41 million.
• The company reported an earnings per share (EPS) of $2.87 for the last quarter, exceeding analysts' estimates of $1.95, although revenue was $4.26 billion compared to expectations of $4.82 billion.
• The current average target price for Targa Resources is $207.67, with a consensus rating of "Moderate Buy" from analysts.

OFI Invest Asset Management increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 243,628 shares of the pipeline company's stock after buying an additional 14,883 shares during the period. OFI Invest Asset Management owned 0.11% of Targa Resources worth $42,411,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TRGP. GQG Partners LLC boosted its stake in Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after purchasing an additional 1,410,747 shares during the last quarter. Nuveen LLC acquired a new position in Targa Resources during the 1st quarter valued at about $196,351,000. Wellington Management Group LLP boosted its stake in Targa Resources by 7.5% during the 1st 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 last quarter. Goldman Sachs Group Inc. boosted its stake in Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock valued at $551,033,000 after purchasing an additional 834,666 shares during the last quarter. Finally, Amundi boosted its stake in Targa Resources by 33.8% during the 1st quarter. Amundi now owns 2,463,271 shares of the pipeline company's stock valued at $493,812,000 after purchasing an additional 622,096 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 5.5%

Shares of TRGP stock opened at $152.43 on Friday. The company's fifty day simple moving average is $165.04 and its two-hundred day simple moving average is $167.75. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 1 year low of $150.00 and a 1 year high of $218.51. The stock has a market capitalization of $32.80 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 0.91 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during 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%. As a group, analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays lifted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. BMO Capital Markets assumed coverage on shares of Targa Resources in a research report on Friday, September 19th. They set an "outperform" rating and a $185.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $214.00 to $215.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources currently has an average rating of "Moderate Buy" and an average target price 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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