Janney Montgomery Scott LLC Trims Holdings in Targa Resources, Inc. $TRGP

Key Points

• Janney Montgomery Scott reduced its Targa Resources stake by 7.8% in the second quarter, selling 5,925 shares and retaining 69,982 shares valued at approximately $18.8 million. Institutional investors collectively own 92.13% of the company.
• Analysts remain broadly bullish on Targa Resources, with a consensus “Buy” rating and average price target of $295.35; recent targets range as high as $333.
• Targa reported quarterly EPS of $3.54, exceeding expectations of $2.83, while revenue of $4.44 billion fell short of the $4.90 billion consensus. The company also paid a quarterly dividend of $1.25 per share, representing a 1.8% annualized yield.

Janney Montgomery Scott LLC trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Woodline Partners LP boosted its stake in Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after acquiring an additional 5,327 shares in the last quarter. Focus Partners Wealth grew its holdings in Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. increased its stake in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after purchasing an additional 219 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock valued at $5,550,000 after purchasing an additional 3,163 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on TRGP. Barclays boosted their price target on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Scotiabank raised their price objective on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Citigroup reiterated a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a report on Friday, May 8th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $333.00 target price on shares of Targa Resources in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $295.35.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $275.77 on Friday. The firm has a market cap of $59.13 billion, a P/E ratio of 26.36, a PEG ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $291.04. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a 50 day moving average of $269.33 and a 200 day moving average of $250.72.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, research analysts expect that Targa Resources, Inc. will post 11.01 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio is presently 47.80%.

Targa Resources Company 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.

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