KLP Kapitalforvaltning AS Grows Stake in Targa Resources, Inc. $TRGP

KLP Kapitalforvaltning AS lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,500 shares of the pipeline company’s stock after purchasing an additional 400 shares during the period. KLP Kapitalforvaltning AS’s holdings in Targa Resources were worth $14,536,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock worth $5,529,820,000 after purchasing an additional 423,667 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of 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. Invesco Ltd. increased its stake in shares of Targa Resources by 3.2% during the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after purchasing an additional 139,780 shares in the last quarter. GQG Partners LLC increased its stake in shares of 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. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Targa Resources by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock worth $568,217,000 after purchasing an additional 77,999 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $168.50 on Thursday. The firm has a 50 day simple moving average of $165.35 and a 200-day simple moving average of $168.65. Targa Resources, Inc. has a 1-year low of $150.00 and a 1-year 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 stock has a market cap of $36.26 billion, a price-to-earnings ratio of 23.83, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12.

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 the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. On average, analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. Wall Street Zen raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Mizuho dropped their price objective 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. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Finally, BMO Capital Markets initiated coverage on shares of Targa Resources in a research note on Friday, September 19th. They set an “outperform” rating and a $185.00 price objective for the company. One equities 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 company’s stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus price target 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.