Targa Resources, Inc. $TRGP Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Targa Resources by 34.2%, holding a total of 1,270,128 shares valued at approximately $221 million.
• Targa Resources reported an EPS of $2.87 for the last quarter, surpassing the consensus estimate by $0.92, although its revenue fell short of expectations at $4.26 billion.
• Research analysts have a consensus target price of $207.67 for Targa Resources, with the stock rated as a "Moderate Buy" on average.

Allianz Asset Management GmbH lifted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 34.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,270,128 shares of the pipeline company's stock after purchasing an additional 323,398 shares during the quarter. Allianz Asset Management GmbH owned 0.59% of Targa Resources worth $221,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its stake in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Disciplina Capital Management LLC acquired a new position in Targa Resources in the 1st quarter valued at about $46,000. Olde Wealth Management LLC bought a new position in Targa Resources during the first quarter worth about $52,000. Wolff Wiese Magana LLC raised its stake in Targa Resources by 376.2% in the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock valued at $60,000 after purchasing an additional 237 shares in the last quarter. Finally, Hilltop National Bank bought a new position in Targa Resources in the second quarter valued at about $63,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $150.96 on Thursday. 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 stock's 50-day simple moving average is $164.28 and its 200-day simple moving average is $166.98. Targa Resources, Inc. has a 52 week low of $147.31 and a 52 week high of $218.51. The company has a market capitalization of $32.49 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 0.90 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate 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 expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TRGP shares. Weiss Ratings reissued a "buy (b-)" rating on shares of Targa Resources in a research report on Wednesday, October 8th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. JPMorgan Chase & Co. upped their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an "overweight" rating in a report on Tuesday, October 7th. TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. Finally, Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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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