The Manufacturers Life Insurance Company Increases Position in Targa Resources Corp. (NYSE:TRGP)

The Manufacturers Life Insurance Company raised its position in shares of Targa Resources Corp. (NYSE:TRGP) by 0.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 155,012 shares of the pipeline company’s stock after purchasing an additional 357 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of Targa Resources worth $19,962,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. MBB Public Markets I LLC bought a new position in shares of Targa Resources during the 2nd quarter valued at about $1,970,000. Deerfield Management Company L.P. Series C boosted its stake in Targa Resources by 66.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 5,394 shares of the pipeline company’s stock worth $695,000 after buying an additional 2,147 shares in the last quarter. APG Asset Management N.V. bought a new position in Targa Resources during the second quarter valued at approximately $1,511,000. AQR Capital Management LLC raised its stake in shares of Targa Resources by 63.4% during the second quarter. AQR Capital Management LLC now owns 272,749 shares of the pipeline company’s stock worth $35,100,000 after acquiring an additional 105,842 shares in the last quarter. Finally, AXA S.A. lifted its holdings in shares of Targa Resources by 3.9% in the 2nd quarter. AXA S.A. now owns 11,188 shares of the pipeline company’s stock worth $1,441,000 after acquiring an additional 416 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TRGP shares. Royal Bank of Canada increased their target price on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. The Goldman Sachs Group lifted their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $141.77.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock worth $26,815,021 in the last three months. 1.39% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

Shares of TRGP stock opened at $150.58 on Wednesday. The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 1.16 and a beta of 2.26. The stock has a fifty day moving average of $143.19 and a 200 day moving average of $127.86. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $157.68. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the business posted $1.44 EPS. As a group, research analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is presently 61.73%.

Targa Resources 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.