Jennison Associates LLC Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Jennison Associates LLC lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 27.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,302,767 shares of the pipeline company's stock after selling 492,458 shares during the quarter. Jennison Associates LLC owned about 0.60% of Targa Resources worth $192,823,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Strategy Asset Managers LLC bought a new stake in shares of Targa Resources during the 3rd quarter valued at $912,000. Prospera Private Wealth LLC acquired a new position in Targa Resources during the third quarter valued at approximately $35,000. Avior Wealth Management LLC boosted its holdings in shares of Targa Resources by 76.7% in the 3rd quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company's stock valued at $349,000 after purchasing an additional 1,025 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Targa Resources in the 3rd quarter valued at $1,175,000. Finally, Banque Cantonale Vaudoise raised its holdings in shares of Targa Resources by 4.9% during the 3rd quarter. Banque Cantonale Vaudoise now owns 27,980 shares of the pipeline company's stock worth $4,141,000 after buying an additional 1,306 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 0.4 %

Shares of NYSE TRGP traded down $0.73 during mid-day trading on Wednesday, reaching $202.84. 1,228,927 shares of the company's stock traded hands, compared to its average volume of 1,649,185. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50-day simple moving average of $165.80 and a 200 day simple moving average of $142.40. The stock has a market cap of $44.23 billion, a P/E ratio of 36.82, a PEG ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $205.20.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the company earned $0.97 earnings per share. On average, analysts expect that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. Targa Resources's dividend payout ratio is currently 54.25%.

Analysts Set New Price Targets

Several brokerages have commented on TRGP. Barclays boosted their target price on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 15th. Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a "buy" rating and a $182.00 target price on the stock. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a report on Thursday, September 19th. Argus upgraded Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Finally, Truist Financial raised their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a report on Friday, November 15th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $176.50.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock valued at $30,026,712 over the last ninety days. Corporate insiders own 1.44% of the company's stock.

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.