Assenagon Asset Management S.A. Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

Assenagon Asset Management S.A. cut its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 36.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,443 shares of the pipeline company's stock after selling 58,793 shares during the period. Assenagon Asset Management S.A.'s holdings in Targa Resources were worth $20,737,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth $31,000. Colonial Trust Co SC increased its position in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc purchased a new stake in Targa Resources during the 4th quarter worth about $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in Targa Resources in the 4th quarter valued at about $32,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Up 3.3%

Shares of TRGP traded up $5.66 during trading hours on Friday, hitting $174.80. The stock had a trading volume of 2,706,170 shares, compared to its average volume of 1,835,878. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a market cap of $37.92 billion, a P/E ratio of 30.45, a P/E/G ratio of 0.61 and a beta of 1.07. The company's fifty day simple moving average is $165.66 and its 200 day simple moving average is $184.49. Targa Resources Corp. has a 12-month low of $118.93 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's payout ratio is currently 73.66%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several analyst reports. The Goldman Sachs Group decreased their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Scotiabank boosted their price target on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a report on Thursday, June 5th. Finally, Royal Bank of Canada reduced their price target on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Buy" and an average price target of $199.07.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.