Man Group plc Has $61.23 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Man Group plc grew its stake in Targa Resources Corp. (NYSE:TRGP) by 26.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 343,019 shares of the pipeline company’s stock after purchasing an additional 72,711 shares during the period. Man Group plc’s holdings in Targa Resources were worth $61,229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of TRGP. Vanguard Group Inc. increased its stake in Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after acquiring an additional 150,038 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after acquiring an additional 212,986 shares during the period. Norges Bank purchased a new position in shares of Targa Resources during the fourth quarter valued at about $505,132,000. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after acquiring an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC bought a new position in shares of Targa Resources in the fourth quarter worth approximately $393,335,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TRGP shares. Scotiabank dropped their price objective on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 29th. The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Royal Bank of Canada cut their price objective on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a research report on Thursday, May 8th. Truist Financial lifted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $202.93.

Targa Resources Stock Performance

Targa Resources stock opened at $168.77 on Thursday. The stock’s 50 day moving average is $177.82 and its 200 day moving average is $188.01. The company has a market capitalization of $36.61 billion, a P/E ratio of 29.40, a PEG ratio of 0.61 and a beta of 1.22. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $113.65 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. On average, equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be issued a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s payout ratio is currently 73.66%.

Insider Buying and Selling

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.34% of the company’s stock.

Targa Resources Company 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.