Allianz Asset Management GmbH Has $139.67 Million Stock Holdings in Targa Resources, Inc. $TRGP

Allianz Asset Management GmbH reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 34.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 833,657 shares of the pipeline company’s stock after selling 436,471 shares during the period. Allianz Asset Management GmbH’s holdings in Targa Resources were worth $139,671,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Targa Resources by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after purchasing an additional 375,939 shares during the period. Geode Capital Management LLC lifted its position in shares of Targa Resources by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock worth $1,022,222,000 after buying an additional 95,611 shares during the period. Norges Bank acquired a new stake in Targa Resources in the 2nd quarter valued at $708,366,000. Canada Pension Plan Investment Board grew its position in Targa Resources by 12.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company’s stock valued at $328,462,000 after acquiring an additional 201,927 shares during the period. Finally, Legal & General Group Plc grew its position in Targa Resources by 7.2% in the second quarter. Legal & General Group Plc now owns 1,601,244 shares of the pipeline company’s stock valued at $278,745,000 after acquiring an additional 107,028 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares in the company, valued at $3,812,557.19. This trade represents a 47.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. The Goldman Sachs Group reissued a “buy” rating and set a $196.00 price objective on shares of Targa Resources in a report on Monday, January 12th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. BMO Capital Markets upped their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Finally, Scotiabank reiterated an “outperform” rating and issued a $224.00 target price on shares of Targa Resources in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources Price Performance

Shares of TRGP stock opened at $198.69 on Tuesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $211.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The firm’s 50 day moving average is $183.23 and its 200-day moving average is $170.48. The firm has a market capitalization of $42.65 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 0.86 and a beta of 0.88.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, January 30th. Targa Resources’s dividend payout ratio is 53.19%.

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.