Jennison Associates LLC Purchases 16,072 Shares of Targa Resources, Inc. $TRGP

Jennison Associates LLC boosted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 7.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 234,129 shares of the pipeline company’s stock after buying an additional 16,072 shares during the period. Jennison Associates LLC owned approximately 0.11% of Targa Resources worth $62,779,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Hardy Reed LLC boosted its position in shares of Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after acquiring an additional 41 shares during the last quarter. Versant Capital Management Inc increased its position in Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after purchasing an additional 45 shares during the last quarter. Hantz Financial Services Inc. increased its position in Targa Resources by 10.5% in the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after purchasing an additional 50 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after purchasing an additional 51 shares in the last quarter. Finally, First Horizon Corp lifted its position in Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after purchasing an additional 57 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Barclays upped their price objective on Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Truist Financial lifted their target price on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, UBS Group reissued a “buy” rating and set a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. 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. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $295.35.

Targa Resources Stock Up 3.3%

Shares of NYSE TRGP opened at $275.77 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The firm has a 50-day simple moving average of $269.33 and a two-hundred day simple moving average of $250.72. The company has a market cap of $59.13 billion, a P/E ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Research analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio is 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.