The Manufacturers Life Insurance Company Sells 17,729 Shares of Targa Resources, Inc. $TRGP

The Manufacturers Life Insurance Company decreased its position in Targa Resources, Inc. (NYSE:TRGP) by 11.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 137,226 shares of the pipeline company’s stock after selling 17,729 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Targa Resources were worth $27,510,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Bessemer Group Inc. grew its stake in shares of Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock valued at $494,000 after buying an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in Targa Resources by 48.1% during the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company’s stock worth $508,000 after purchasing an additional 823 shares during the period. Dynamic Advisor Solutions LLC bought a new stake in Targa Resources during the first quarter worth approximately $544,000. Vontobel Holding Ltd. boosted its position in Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company’s stock worth $753,000 after purchasing an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its position in Targa Resources by 5.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company’s stock worth $408,000 after purchasing an additional 111 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 0.5%

TRGP opened at $167.85 on Tuesday. Targa Resources, Inc. has a 1-year low of $142.11 and a 1-year high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $36.12 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.03 and a beta of 1.21. The business has a 50 day moving average of $167.45 and a 200-day moving average of $173.64.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a dividend of $1.00 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources’s dividend payout ratio is currently 56.58%.

Analyst Ratings Changes

TRGP has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 target price for the company. The Goldman Sachs Group decreased their target price on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Barclays upped their target price on Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Wall Street Zen raised Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, August 23rd. Finally, UBS Group decreased their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research report on Thursday, May 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $208.86.

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.