Jennison Associates LLC Reduces Position in Targa Resources, Inc. $TRGP

Jennison Associates LLC cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 77.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 157,730 shares of the pipeline company’s stock after selling 530,072 shares during the quarter. Jennison Associates LLC’s holdings in Targa Resources were worth $27,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Mizuho Markets Cayman LP purchased a new stake in shares of Targa Resources during the second quarter valued at $2,894,000. New York Life Investment Management LLC boosted its position in shares of Targa Resources by 1.1% during the second quarter. New York Life Investment Management LLC now owns 32,468 shares of the pipeline company’s stock valued at $5,652,000 after buying an additional 353 shares during the last quarter. Howard Capital Management Inc. boosted its position in shares of Targa Resources by 23.8% during the second quarter. Howard Capital Management Inc. now owns 1,609 shares of the pipeline company’s stock valued at $280,000 after buying an additional 309 shares during the last quarter. Advisory Alpha LLC boosted its position in shares of Targa Resources by 4.8% during the second quarter. Advisory Alpha LLC now owns 3,737 shares of the pipeline company’s stock valued at $651,000 after buying an additional 172 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Targa Resources by 49.8% during the second quarter. Teacher Retirement System of Texas now owns 59,264 shares of the pipeline company’s stock valued at $10,317,000 after buying an additional 19,694 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Royal Bank Of Canada raised their target price on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. TD Securities assumed coverage on Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating on the stock. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Mizuho dropped their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. Finally, BMO Capital Markets assumed coverage on Targa Resources in a research report on Friday, September 19th. They issued an “outperform” rating and a $185.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.50.

Targa Resources Stock Up 0.0%

NYSE TRGP opened at $151.39 on Friday. The stock’s 50-day moving average price is $161.55 and its 200-day moving average price is $165.11. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51. The company has a market capitalization of $32.58 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 56.58%.

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.