Targa Resources Corp. (NYSE:TRGP) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 6.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,558 shares of the pipeline company’s stock after selling 9,454 shares during the period. The Manufacturers Life Insurance Company’s holdings in Targa Resources were worth $21,544,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can raised its position in Targa Resources by 15.4% in the third quarter. Bank of Montreal Can now owns 395,356 shares of the pipeline company’s stock valued at $58,038,000 after purchasing an additional 52,639 shares during the period. Private Trust Co. NA boosted its stake in shares of Targa Resources by 437.6% in the 3rd quarter. Private Trust Co. NA now owns 1,344 shares of the pipeline company’s stock valued at $199,000 after buying an additional 1,094 shares during the period. Hancock Whitney Corp grew its holdings in Targa Resources by 2.0% during the 3rd quarter. Hancock Whitney Corp now owns 12,588 shares of the pipeline company’s stock worth $1,863,000 after acquiring an additional 242 shares in the last quarter. Brown Brothers Harriman & Co. increased its holdings in Targa Resources by 528.8% in the third quarter. Brown Brothers Harriman & Co. now owns 5,332 shares of the pipeline company’s stock valued at $789,000 after buying an additional 4,484 shares during the last quarter. Finally, DRW Securities LLC acquired a new stake in Targa Resources in the third quarter valued at $362,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is owned by company insiders.

Targa Resources Stock Performance

Shares of TRGP opened at $204.30 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The stock has a market cap of $44.55 billion, a P/E ratio of 36.94, a PEG ratio of 0.79 and a beta of 2.24. The company has a 50-day moving average of $174.40 and a two-hundred day moving average of $147.26.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the business posted $0.97 EPS. As a group, research analysts predict that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analysts Set New Price Targets

A number of research analysts have recently commented on TRGP shares. Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Wells Fargo & Company raised their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Truist Financial lifted their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $176.50.

About Targa Resources

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.