Jennison Associates LLC Has $80.13 Million Position in Targa Resources Corp (NYSE:TRGP)

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Jennison Associates LLC lowered its stake in Targa Resources Corp (NYSE:TRGP) by 7.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,040,974 shares of the pipeline company’s stock after selling 158,050 shares during the period. Jennison Associates LLC owned 0.88% of Targa Resources worth $80,129,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Samson Capital Management LLC increased its holdings in shares of Targa Resources by 4.3% in the first quarter. Samson Capital Management LLC now owns 127,528 shares of the pipeline company’s stock valued at $5,299,000 after purchasing an additional 5,283 shares in the last quarter. Stephens Inc. AR boosted its stake in Targa Resources by 9.6% in the first quarter. Stephens Inc. AR now owns 22,965 shares of the pipeline company’s stock valued at $954,000 after acquiring an additional 2,002 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its stake in Targa Resources by 1.1% in the second quarter. Duff & Phelps Investment Management Co. now owns 1,555,774 shares of the pipeline company’s stock valued at $61,080,000 after acquiring an additional 16,725 shares during the last quarter. Payden & Rygel boosted its stake in Targa Resources by 30.6% in the first quarter. Payden & Rygel now owns 506,800 shares of the pipeline company’s stock valued at $21,058,000 after acquiring an additional 118,600 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Targa Resources by 45.0% in the first quarter. Penserra Capital Management LLC now owns 8,430 shares of the pipeline company’s stock valued at $348,000 after acquiring an additional 2,618 shares during the last quarter. 90.91% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have issued reports on TRGP shares. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a research note on Sunday, August 11th. Mizuho set a $45.00 price objective on shares of Targa Resources and gave the company a “hold” rating in a research note on Friday, July 12th. Barclays reaffirmed a “buy” rating and issued a $48.00 price objective on shares of Targa Resources in a research note on Thursday, July 18th. SunTrust Banks set a $45.00 price objective on shares of Targa Resources and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Zacks Investment Research raised shares of Targa Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $52.35.

Shares of NYSE TRGP traded down $2.30 during midday trading on Friday, reaching $32.92. 2,469,237 shares of the stock were exchanged, compared to its average volume of 2,612,744. The business has a 50-day simple moving average of $38.00 and a two-hundred day simple moving average of $39.90. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 164.60 and a beta of 1.76. Targa Resources Corp has a 12 month low of $32.79 and a 12 month high of $59.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.61.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.91 per share. The ex-dividend date was Tuesday, July 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 11.06%. Targa Resources’s dividend payout ratio is 1,820.00%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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