TD Asset Management Inc Cuts Stock Position in Targa Resources, Inc. $TRGP

TD Asset Management Inc lessened its position in Targa Resources, Inc. (NYSE:TRGP) by 35.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 660,020 shares of the pipeline company’s stock after selling 358,931 shares during the quarter. TD Asset Management Inc’s holdings in Targa Resources were worth $114,896,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. GAMMA Investing LLC raised its holdings in shares of Targa Resources by 13.7% in the 1st quarter. GAMMA Investing LLC now owns 4,631 shares of the pipeline company’s stock valued at $928,000 after buying an additional 559 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Targa Resources by 32.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,457 shares of the pipeline company’s stock valued at $8,311,000 after buying an additional 10,158 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources in the 1st quarter valued at $544,000. Ritholtz Wealth Management raised its holdings in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock valued at $991,000 after buying an additional 62 shares during the period. Finally, Brighton Jones LLC raised its holdings in shares of Targa Resources by 5.1% in the 1st quarter. Brighton Jones LLC now owns 2,003 shares of the pipeline company’s stock valued at $402,000 after buying an additional 98 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TRGP shares. Barclays boosted their price objective on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Wall Street Zen upgraded Targa Resources from a “hold” rating to a “buy” rating in a report on Sunday, September 21st. Cfra Research upgraded Targa Resources to a “hold” rating in a report on Friday, August 8th. Finally, TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $207.67.

Targa Resources Trading Down 0.8%

NYSE:TRGP opened at $150.52 on Wednesday. The stock has a 50-day simple moving average of $164.52 and a 200-day simple moving average of $167.10. The stock has a market cap of $32.39 billion, a P/E ratio of 21.29, a P/E/G ratio of 0.91 and a beta of 1.12. Targa Resources, Inc. has a 1 year low of $147.31 and a 1 year 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.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data 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 business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share 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.