The Manufacturers Life Insurance Company Has $15.04 Million Stake in Targa Resources Corp. (NYSE:TRGP)

The Manufacturers Life Insurance Company lowered its stake in Targa Resources Corp. (NYSE:TRGPFree Report) by 6.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 173,088 shares of the pipeline company’s stock after selling 12,351 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Targa Resources worth $15,036,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Deutsche Bank AG lifted its position in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after purchasing an additional 3,720,270 shares during the period. Norges Bank bought a new position in Targa Resources in the fourth quarter valued at approximately $187,123,000. Truist Financial Corp grew its holdings in Targa Resources by 11,513.7% during the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after acquiring an additional 630,949 shares during the period. Morgan Stanley raised its position in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 shares during the last quarter. Finally, abrdn plc lifted its stake in shares of Targa Resources by 802.0% in the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after purchasing an additional 431,156 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,691 shares of company stock valued at $3,693,763. Insiders own 1.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Barclays lifted their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group upped their price target on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Citigroup upped their target price on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $122.75.

Check Out Our Latest Analysis on Targa Resources

Targa Resources Trading Up 0.0 %

NYSE:TRGP opened at $118.01 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a twelve month low of $69.44 and a twelve month high of $119.68. The company has a market cap of $26.17 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 0.69 and a beta of 2.21. The business has a 50 day moving average price of $114.99 and a two-hundred day moving average price of $100.20.

Targa Resources (NYSE:TRGPGet Free Report) last announced its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. As a group, analysts expect that Targa Resources Corp. will post 5.33 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.54%. The ex-dividend date was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is presently 61.73%.

Targa Resources Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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