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

Jennison Associates LLC lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 37.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,057 shares of the pipeline company’s stock after purchasing an additional 59,496 shares during the quarter. Jennison Associates LLC owned 0.10% of Targa Resources worth $54,673,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TRGP. PNC Financial Services Group Inc. grew its holdings in Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after purchasing an additional 12,640 shares during the period. Hsbc Holdings PLC raised its stake in shares of Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after buying an additional 53,413 shares during the period. Miller Howard Investments Inc. NY raised its stake in shares of Targa Resources by 37.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after buying an additional 62,652 shares during the period. Raiffeisen Bank International AG lifted its position in shares of Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares in the last quarter. Finally, Banque Pictet & Cie SA purchased a new position in shares of Targa Resources during the 4th quarter valued at approximately $22,919,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.2%

NYSE TRGP opened at $283.39 on Monday. The business has a fifty day moving average price of $267.82 and a 200 day moving average price of $238.96. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $285.56. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market cap of $60.83 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Research analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price target on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Erste Group Bank assumed coverage on shares of Targa Resources in a report on Thursday, June 25th. They set a “buy” rating on the stock. UBS Group reiterated a “buy” rating and issued a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Mizuho upped their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $285.93.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.