Jennison Associates LLC Reduces Position in Targa Resources Corp. (NYSE:TRGP)

Jennison Associates LLC trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 29.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 920,650 shares of the pipeline company’s stock after selling 382,117 shares during the period. Jennison Associates LLC owned 0.42% of Targa Resources worth $164,336,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Buckley Wealth Management LLC lifted its position in Targa Resources by 0.7% in the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after buying an additional 65 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after acquiring an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its holdings in shares of Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares during the last quarter. Finally, Catalina Capital Group LLC boosted its position in shares of Targa Resources by 3.9% during the 4th quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 85 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $196.55 on Monday. Targa Resources Corp. has a 12 month low of $84.33 and a 12 month high of $218.51. The firm has a market capitalization of $42.86 billion, a P/E ratio of 35.54, a P/E/G ratio of 0.59 and a beta of 2.29. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company’s fifty day moving average price is $193.19 and its 200 day moving average price is $169.12.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, sell-side analysts predict that Targa Resources Corp. will post 6.41 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TRGP. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Royal Bank of Canada raised their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Truist Financial cut their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company boosted their price objective on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $189.21.

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.