The Manufacturers Life Insurance Company Cuts Stake in Targa Resources, Inc. $TRGP

The Manufacturers Life Insurance Company lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 9.1% during the 1st quarter, Holdings Channel reports. The firm owned 300,348 shares of the pipeline company’s stock after selling 29,922 shares during the period. The Manufacturers Life Insurance Company’s holdings in Targa Resources were worth $75,306,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in TRGP. Woodline Partners LP grew its holdings in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after buying an additional 5,327 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after buying an additional 2,404 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after acquiring an additional 219 shares during the last quarter. Brown Advisory Inc. boosted its position in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock valued at $5,550,000 after acquiring an additional 3,163 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $264.71 on Thursday. The firm has a fifty day simple moving average of $269.31 and a two-hundred day simple moving average of $244.26. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $291.04. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock has a market capitalization of $56.82 billion, a P/E ratio of 26.77, a PEG ratio of 1.33 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts expect that Targa Resources, Inc. will post 10.79 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s payout ratio is 50.56%.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. Scotiabank lifted their price target on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Morgan Stanley reissued an “overweight” rating and set a $333.00 price objective on shares of Targa Resources in a report on Tuesday, July 21st. Citigroup restated a “buy” rating on shares of Targa Resources in a research report 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, TD Cowen boosted their target price on Targa Resources from $245.00 to $270.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $288.00.

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.