41,154 Shares in Targa Resources, Inc. $TRGP Acquired by Man Group plc

Key Points

• Man Group acquired 41,154 Targa Resources shares in the second quarter, valued at approximately $11.0 million. Other major institutions also initiated positions, and institutional investors now own 92.13% of the company.
• Wall Street remains broadly positive on Targa Resources, with 17 Buy ratings and one Hold rating; the consensus price target is $298.71, compared with the stock’s reported price of $288.38.
• Targa exceeded quarterly earnings expectations with $3.54 in EPS versus the $2.83 consensus estimate, while reporting $4.44 billion in revenue. The company also pays a quarterly dividend of $1.25 per share, equivalent to a 1.7% yield.

Man Group plc acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 41,154 shares of the pipeline company's stock, valued at approximately $11,035,000.

A number of other large investors have also added to or reduced their stakes in the stock. Jupiter Topco LLC bought a new stake in Targa Resources in the second quarter worth $7,867,000. Bristol Gate Capital Partners Inc. bought a new position in shares of Targa Resources during the second quarter valued at $70,707,000. Hsbc Holdings PLC bought a new position in shares of Targa Resources during the second quarter valued at $274,660,000. Canada Pension Plan Investment Board purchased a new position in shares of Targa Resources in the 2nd quarter worth about $275,702,000. Finally, Castleark Management LLC purchased a new position in shares of Targa Resources in the 2nd quarter worth about $5,768,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. TD Cowen increased their price objective on shares of Targa Resources from $270.00 to $275.00 and gave the company a "hold" rating in a research report on Friday, August 7th. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a report on Friday, May 8th. Mizuho upped their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Morgan Stanley increased their price target on shares of Targa Resources from $333.00 to $343.00 and gave the company an "overweight" rating in a report on Tuesday, August 18th. Finally, Truist Financial increased their price target on shares of Targa Resources from $289.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $298.71.

Targa Resources Trading Down 0.2%

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

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

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's payout ratio is presently 47.80%.

Insider Buying and Selling

In other Targa Resources news, 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 completion of the sale, the director owned 1,529 shares of the company's stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were 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 represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is owned by corporate insiders.

About Targa Resources

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.

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