Jennison Associates LLC lowered its stake in Targa Resources Corp (NYSE:TRGP) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,199,024 shares of the pipeline company’s stock after selling 65,061 shares during the period. Jennison Associates LLC owned 0.95% of Targa Resources worth $91,369,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc grew its position in shares of Targa Resources by 4.5% during the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock worth $1,131,238,000 after buying an additional 860,247 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Targa Resources by 9.3% during the fourth quarter. Bank of Montreal Can now owns 72,994 shares of the pipeline company’s stock valued at $2,629,000 after acquiring an additional 6,188 shares during the period. GWM Advisors LLC lifted its stake in shares of Targa Resources by 40.4% during the fourth quarter. GWM Advisors LLC now owns 8,000 shares of the pipeline company’s stock valued at $288,000 after acquiring an additional 2,300 shares during the period. Royal London Asset Management Ltd. lifted its stake in shares of Targa Resources by 10.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 95,254 shares of the pipeline company’s stock valued at $3,335,000 after acquiring an additional 8,830 shares during the period. Finally, Keybank National Association OH lifted its stake in shares of Targa Resources by 5.0% during the fourth quarter. Keybank National Association OH now owns 21,705 shares of the pipeline company’s stock valued at $782,000 after acquiring an additional 1,025 shares during the period. 91.28% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on the company. Zacks Investment Research downgraded Targa Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 12th. BMO Capital Markets decreased their price objective on Targa Resources to $50.00 in a report on Thursday, February 21st. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a report on Monday, April 1st. Wells Fargo & Co restated a “buy” rating on shares of Targa Resources in a research note on Thursday, February 21st. Finally, Evercore ISI restated an “in-line” rating on shares of Targa Resources in a research note on Wednesday, April 24th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Targa Resources has an average rating of “Buy” and a consensus target price of $55.05.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.16). The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.44 billion. Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. As a group, analysts expect that Targa Resources Corp will post -0.61 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were issued a dividend of $0.91 per share. The ex-dividend date was Tuesday, April 30th. This represents a $3.64 annualized dividend and a yield of 9.59%. Targa Resources’s payout ratio is currently 1,820.00%.
In other news, Director Robert B. Evans purchased 51,420 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average cost of $39.38 per share, with a total value of $2,024,919.60. Following the acquisition, the director now owns 38,506 shares in the company, valued at approximately $1,516,366.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.86% of the company’s stock.
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Targa Resources 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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