Janney Montgomery Scott LLC Reduces Stock Position in Targa Resources, Inc. $TRGP

Janney Montgomery Scott LLC cut its stake in Targa Resources, Inc. (NYSE:TRGP) by 7.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,982 shares of the pipeline company’s stock after selling 5,925 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Targa Resources were worth $18,765,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Targa Resources during the fourth quarter valued at approximately $735,758,000. Goldman Sachs Group Inc. grew its position in Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources in the 3rd quarter worth approximately $121,426,000. Bank of America Corp DE raised its stake in Targa Resources by 28.0% during the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after buying an additional 688,598 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. raised its stake in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after buying an additional 572,562 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 3.3%

Shares of TRGP stock opened at $275.77 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The firm has a fifty day moving average price of $269.33 and a 200-day moving average price of $250.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a market cap of $59.13 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, equities analysts predict that Targa Resources, Inc. will post 11.01 earnings per share for the current 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 paid a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s payout ratio is 47.80%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TRGP. Wells Fargo & Company increased their price target on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Barclays lifted their price objective on Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Raymond James Financial set a $335.00 target price on Targa Resources in a report on Friday, August 7th. Morgan Stanley reissued an “overweight” rating and issued a $333.00 target price on shares of Targa Resources in a research report on Tuesday, July 21st. Finally, US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources 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.