Man Group plc Invests $11.04 Million in Targa Resources, Inc. $TRGP

Man Group plc acquired a new position in Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 41,154 shares of the pipeline company’s stock, valued at approximately $11,035,000.

Other large investors also recently added to or reduced their stakes in the company. Woodline Partners LP boosted its stake in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after acquiring an additional 5,327 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after purchasing an additional 219 shares in the last quarter. Brown Advisory Inc. raised its holdings in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after purchasing an additional 524 shares during the period. Finally, Cerity Partners LLC lifted its position 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 purchasing an additional 3,163 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 0.2%

TRGP opened at $288.38 on Friday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The firm’s fifty day moving average is $275.05 and its 200 day moving average is $257.11. The stock has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. On average, sell-side analysts forecast that Targa Resources, Inc. will post 11.2 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed 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 payout ratio is presently 47.80%.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of Targa Resources 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 sale, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on TRGP shares. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Erste Group Bank began coverage on Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating on the stock. Wells Fargo & Company lifted their price objective on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. TD Cowen boosted their price objective on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Finally, Morgan Stanley increased their target price on shares of Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $298.71.

Targa Resources 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.