Jennison Associates LLC Increases Holdings in Targa Resources, Inc. $TRGP

Jennison Associates LLC boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 37.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 218,057 shares of the pipeline company’s stock after buying an additional 59,496 shares during the period. Jennison Associates LLC’s holdings in Targa Resources were worth $54,673,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. grew its holdings in Targa Resources by 6.1% in the 1st quarter. Assetmark Inc. now owns 1,640 shares of the pipeline company’s stock valued at $411,000 after buying an additional 95 shares in the last quarter. Angeles Wealth Management LLC purchased a new position in shares of Targa Resources during the 1st quarter worth $296,000. Bessemer Group Inc. raised its holdings in shares of Targa Resources by 18.0% during the 1st quarter. Bessemer Group Inc. now owns 2,514 shares of the pipeline company’s stock worth $630,000 after acquiring an additional 383 shares during the period. Independent Financial Group LLC acquired a new position in shares of Targa Resources during the 1st quarter valued at about $228,000. Finally, Wealthfront Advisers LLC boosted its position in shares of Targa Resources by 25.6% during the 1st quarter. Wealthfront Advisers LLC now owns 24,187 shares of the pipeline company’s stock valued at $6,064,000 after acquiring an additional 4,931 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.37% of the company’s stock.

Targa Resources Trading Up 0.2%

NYSE TRGP opened at $283.39 on Monday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The stock has a market capitalization of $60.83 billion, a P/E ratio of 28.65, a PEG ratio of 1.45 and a beta of 0.71. The firm’s 50-day moving average is $267.82 and its two-hundred day moving average is $238.96. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $285.56.

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

Targa Resources Dividend Announcement

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

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. Scotiabank lifted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Erste Group Bank began coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating on the stock. Finally, Truist Financial upped their price objective on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.93.

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.