Targa Resources, Inc. $TRGP Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its position in Targa Resources, Inc. (NYSE:TRGP) by 24.7% in the second quarter, HoldingsChannel.com reports. The fund owned 374,589 shares of the pipeline company’s stock after buying an additional 74,241 shares during the period. The Manufacturers Life Insurance Company’s holdings in Targa Resources were worth $100,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. First Eagle Investment Management LLC raised its stake in shares of Targa Resources by 381.0% in the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the fourth quarter worth about $31,000. Finally, Jones Financial Companies Lllp purchased a new stake in Targa Resources in the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, Director Charles Crisp sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director S Davis sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 7,216 shares of company stock valued at $2,127,634 over the last ninety days. Insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TRGP shares. Stifel Nicolaus initiated coverage on Targa Resources in a report on Thursday. They issued a “buy” rating and a $340.00 price objective for the company. Mizuho lifted their price target on Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday. Truist Financial boosted their price target on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. UBS Group restated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Wells Fargo & Company raised their price objective on shares of Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $309.94.

Targa Resources Stock Down 0.6%

TRGP opened at $290.25 on Friday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a 50-day moving average price of $280.39 and a 200 day moving average price of $261.98. The company has a market cap of $62.24 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Sell-side analysts expect that Targa Resources, Inc. will post 11.32 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.