Wealthstar Advisors LLC Sells 7,051 Shares of Targa Resources, Inc. $TRGP

Key Points

• Wealthstar Advisors LLC has reduced its stake in Targa Resources, Inc. by 64.6%, selling 7,051 shares and now holding 3,865 shares valued at approximately $673,000.
• Several analysts have raised their price targets for Targa Resources, with the average target now at $207.67 and a consensus rating of "Moderate Buy."
• Targa Resources reported earnings of $2.87 per share for the last quarter, significantly exceeding the expected $1.95 while generating $4.26 billion in revenue.

Wealthstar Advisors LLC lessened its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 64.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,865 shares of the pipeline company's stock after selling 7,051 shares during the period. Wealthstar Advisors LLC's holdings in Targa Resources were worth $673,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its stake in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 110 shares during the period. Disciplina Capital Management LLC bought a new position in Targa Resources during the 1st quarter worth $46,000. Olde Wealth Management LLC bought a new position in Targa Resources during the 1st quarter worth $52,000. Wolff Wiese Magana LLC increased its position in Targa Resources by 376.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock worth $60,000 after buying an additional 237 shares during the period. Finally, Hilltop National Bank bought a new position in Targa Resources during the 2nd quarter worth $63,000. Institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on TRGP. Royal Bank Of Canada increased their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an "overweight" rating in a research report on Tuesday. TD Securities began coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating on the stock. Finally, BMO Capital Markets began coverage on Targa Resources in a research report on Friday, September 19th. They set an "outperform" rating and a $185.00 price objective on the stock. 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $207.67.

Targa Resources Stock Performance

TRGP opened at $161.42 on Friday. The firm has a market cap of $34.74 billion, a P/E ratio of 22.83, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. Targa Resources, Inc. has a 52-week low of $150.00 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The business's fifty day moving average is $165.26 and its 200-day moving average is $168.35.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results 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. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS 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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