Assenagon Asset Management S.A. Has $20.74 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Assenagon Asset Management S.A. trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 36.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,443 shares of the pipeline company’s stock after selling 58,793 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Targa Resources were worth $20,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Colonial Trust Co SC lifted its stake in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the 4th quarter worth approximately $32,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. Citigroup dropped their price target on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Barclays dropped their price target on Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 20th. Royal Bank of Canada dropped their price target on Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. Scotiabank upped their price target on Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. Finally, Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $199.07.

Targa Resources Stock Performance

TRGP stock opened at $168.94 on Friday. The firm has a market cap of $36.65 billion, a PE ratio of 29.43, a P/E/G ratio of 0.61 and a beta of 1.07. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business has a 50 day moving average of $165.66 and a 200-day moving average of $184.49. Targa Resources Corp. has a 12-month low of $118.93 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results 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). The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

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

Targa Resources Company 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.