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

Jennison Associates LLC boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 7.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 234,129 shares of the pipeline company’s stock after purchasing an additional 16,072 shares during the period. Jennison Associates LLC’s holdings in Targa Resources were worth $62,779,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Woodline Partners LP raised its stake in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. grew its stake in Targa Resources by 6.3% in the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after purchasing an additional 219 shares in the last quarter. Brown Advisory Inc. grew its stake in Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after purchasing an additional 3,163 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 3.3%

Targa Resources stock opened at $275.77 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The firm has a market cap of $59.13 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.33 and a beta of 0.72. The business has a fifty day moving average of $269.33 and a two-hundred day moving average of $250.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $291.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, analysts forecast that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TRGP shares. The Goldman Sachs Group upped their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Wolfe Research set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Finally, TD Cowen increased their target price on shares of Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $295.35.

Targa Resources Profile

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.