Targa Resources, Inc. $TRGP Shares Sold by Inspire Investing LLC

Inspire Investing LLC cut its holdings in Targa Resources, Inc. (NYSE:TRGP) by 11.7% during the second quarter, HoldingsChannel reports. The fund owned 21,837 shares of the pipeline company’s stock after selling 2,906 shares during the period. Inspire Investing LLC’s holdings in Targa Resources were worth $3,801,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TRGP. GQG Partners LLC lifted its stake in Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares in the last quarter. Nuveen LLC acquired a new position in Targa Resources during the first quarter worth $196,351,000. Wellington Management Group LLP lifted its stake in Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Targa Resources by 43.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock worth $551,033,000 after purchasing an additional 834,666 shares in the last quarter. Finally, Amundi lifted its stake in Targa Resources by 33.8% during the first quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock worth $493,812,000 after purchasing an additional 622,096 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

NYSE:TRGP opened at $152.43 on Friday. Targa Resources, Inc. has a 12 month low of $150.00 and a 12 month high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market capitalization of $32.80 billion, a PE ratio of 21.56, a price-to-earnings-growth ratio of 0.96 and a beta of 1.12. The business’s fifty day moving average price is $165.04 and its 200 day moving average price is $167.99.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on TRGP. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They set a “hold” rating and a $192.00 price target on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday. Cfra Research upgraded Targa Resources to a “hold” rating in a research note on Friday, August 8th. TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating on the stock. Finally, Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. One research 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 company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus 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.