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

Morningstar Investment Management LLC acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, according to its most recent 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 institutional investors and hedge funds have also made changes to their positions in the stock. GAMMA Investing LLC lifted its position in Targa Resources by 13.7% during the 1st quarter. GAMMA Investing LLC now owns 4,631 shares of the pipeline company’s stock worth $928,000 after acquiring an additional 559 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Targa Resources by 7.8% during the first quarter. Fifth Third Bancorp now owns 9,343 shares of the pipeline company’s stock worth $1,873,000 after purchasing an additional 675 shares during the period. NorthCrest Asset Manangement LLC acquired a new stake in shares of Targa Resources during the first quarter worth about $338,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Targa Resources by 32.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,457 shares of the pipeline company’s stock worth $8,311,000 after purchasing an additional 10,158 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new stake in Targa Resources during the 1st quarter valued at approximately $73,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a “hold” rating and a $192.00 price objective for the company. Wall Street Zen raised Targa Resources from a “hold” rating to a “buy” rating in a report on Sunday, September 21st. Mizuho decreased their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Finally, Cfra Research upgraded shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $207.67.

Targa Resources Trading Down 0.5%

Shares of TRGP stock opened at $151.65 on Tuesday. 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 company has a market cap of $32.63 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 0.91 and a beta of 1.12. The stock has a 50 day simple moving average of $164.78 and a 200-day simple moving average of $167.21. Targa Resources, Inc. has a 1-year low of $150.00 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) 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. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. On average, equities research 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.