Massachusetts Financial Services Co. MA Reduces Holdings in Targa Resources, Inc. (NYSE:TRGP)

Massachusetts Financial Services Co. MA trimmed its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,374,735 shares of the pipeline company's stock after selling 121,834 shares during the period. Massachusetts Financial Services Co. MA owned about 0.63% of Targa Resources worth $275,593,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its position in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 110 shares during the period. Ameriflex Group Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $31,000. Colonial Trust Co SC grew its position in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 162 shares during the period. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $32,000. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of 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 restated an "outperform" rating and set a $205.00 price target on shares of Targa Resources in a research note on Tuesday. Barclays upped their price target on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Citigroup lowered their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $209.86.

Targa Resources Trading Up 0.3%

Shares of TRGP stock traded up $0.44 on Thursday, hitting $166.43. 934,691 shares of the company's stock traded hands, compared to its average volume of 1,839,935. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. Targa Resources, Inc. has a one year low of $122.56 and a one year high of $218.51. The company's fifty day simple moving average is $167.22 and its 200 day simple moving average is $181.83. The stock has a market capitalization of $36.10 billion, a price-to-earnings ratio of 30.62, a P/E/G ratio of 0.60 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. Equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current 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 represents a $4.00 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is 73.66%.

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.