Jennison Associates LLC Has $137.88 Million Position in Targa Resources, Inc. (NYSE:TRGP)

Jennison Associates LLC cut its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 25.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 687,802 shares of the pipeline company's stock after selling 232,848 shares during the quarter. Jennison Associates LLC owned 0.32% of Targa Resources worth $137,884,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Vanguard Group Inc. raised its position in Targa Resources by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock valued at $4,848,169,000 after buying an additional 150,038 shares during the period. Geode Capital Management LLC increased its holdings in shares of Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank acquired a new position in shares of Targa Resources in the 4th quarter valued at about $505,132,000. Price T Rowe Associates Inc. MD lifted its position in shares of Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after purchasing an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $393,335,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

TRGP stock traded up $4.76 on Friday, reaching $171.24. 1,441,895 shares of the company were exchanged, compared to its average volume of 1,844,569. The firm has a market capitalization of $37.15 billion, a PE ratio of 31.54, a PEG ratio of 1.09 and a beta of 1.07. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The stock's fifty day moving average price is $167.35 and its 200 day moving average price is $181.76. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.34%. Targa Resources's dividend payout ratio is 73.66%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $205.00 price target on shares of Targa Resources in a research note on Tuesday. Finally, Citigroup lowered their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $209.86.

Targa Resources Profile

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.