Jennison Associates LLC Sells 530,072 Shares of Targa Resources, Inc. $TRGP

Jennison Associates LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 77.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,730 shares of the pipeline company’s stock after selling 530,072 shares during the quarter. Jennison Associates LLC owned approximately 0.07% of Targa Resources worth $27,458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mizuho Markets Cayman LP bought a new position in shares of Targa Resources during the second quarter valued at approximately $2,894,000. New York Life Investment Management LLC raised its holdings 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 acquiring an additional 353 shares in the last quarter. Howard Capital Management Inc. raised its holdings 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 acquiring an additional 309 shares in the last quarter. Advisory Alpha LLC raised its holdings 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 acquiring an additional 172 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings 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 acquiring an additional 19,694 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.0%

NYSE TRGP opened at $151.39 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The stock has a market cap of $32.58 billion, a P/E ratio of 21.41, a P/E/G ratio of 0.91 and a beta of 1.12. The stock’s fifty day moving average price is $161.55 and its 200-day moving average price is $165.11. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s dividend payout ratio is currently 56.58%.

Analyst Ratings Changes

Several brokerages recently weighed in on TRGP. Cfra Research raised Targa Resources to a “hold” rating in a research note on Friday, August 8th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. BMO Capital Markets began coverage on Targa Resources in a research note on Friday, September 19th. They issued an “outperform” rating and a $185.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources 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.