Janney Montgomery Scott LLC Sells 3,331 Shares of Targa Resources, Inc. (NYSE:TRGP)

Janney Montgomery Scott LLC trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,958 shares of the pipeline company's stock after selling 3,331 shares during the period. Janney Montgomery Scott LLC's holdings in Targa Resources were worth $9,013,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Principal Securities Inc. increased its stake in Targa Resources by 22.0% during the 4th quarter. Principal Securities Inc. now owns 571 shares of the pipeline company's stock worth $102,000 after acquiring an additional 103 shares during the period. Sanctuary Advisors LLC increased its stake in Targa Resources by 6.7% during the 4th quarter. Sanctuary Advisors LLC now owns 18,065 shares of the pipeline company's stock worth $3,225,000 after acquiring an additional 1,132 shares during the period. Venturi Wealth Management LLC increased its stake in Targa Resources by 84.4% during the 4th quarter. Venturi Wealth Management LLC now owns 981 shares of the pipeline company's stock worth $175,000 after acquiring an additional 449 shares during the period. Ieq Capital LLC increased its stake in Targa Resources by 75.1% during the 4th quarter. Ieq Capital LLC now owns 14,397 shares of the pipeline company's stock worth $2,570,000 after acquiring an additional 6,177 shares during the period. Finally, ING Groep NV increased its stake in Targa Resources by 70.5% during the 4th quarter. ING Groep NV now owns 49,951 shares of the pipeline company's stock worth $8,916,000 after acquiring an additional 20,651 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Targa Resources Trading Up 0.9%

NYSE:TRGP traded up $1.46 on Friday, reaching $170.78. 2,211,398 shares of the stock traded hands, compared to its average volume of 1,786,801. The firm has a market capitalization of $37.05 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 0.60 and a beta of 1.07. The company's 50 day moving average is $166.30 and its 200-day moving average is $183.18. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51.

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

Targa Resources Announces Dividend

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

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.