Manhattan West Asset Management LLC Acquires Shares of 13,566 Targa Resources, Inc. $TRGP

Key Points

• Manhattan West Asset Management acquired 13,566 Targa Resources shares worth approximately $3.64 million during the second quarter. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Targa’s long-term growth outlook is supported by 20-year, fee-based ExxonMobil contracts covering the Permian Basin, though the related infrastructure spending could pressure near-term free cash flow and increase execution risk.
• Analysts maintain a consensus “Buy” rating with a $297.18 price target. Targa recently exceeded quarterly EPS expectations, but its shares trade near a 52-week high after a strong rally, while some analysts have lowered earnings forecasts.

Manhattan West Asset Management LLC bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,566 shares of the pipeline company's stock, valued at approximately $3,638,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Woodline Partners LP increased its stake in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after acquiring an additional 5,327 shares during the period. Focus Partners Wealth lifted its position in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. lifted its position in shares of Targa Resources by 6.3% during the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. lifted its position in shares of Targa Resources by 13.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after acquiring an additional 524 shares during the period. Finally, Cerity Partners LLC grew its holdings in shares of Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock worth $5,550,000 after purchasing an additional 3,163 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Targa Resources

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Long-term ExxonMobil contracts strengthen growth visibility. Targa secured 20-year, fee-based agreements with ExxonMobil covering the Permian Delaware and Midland basins. The arrangements support new processing and takeaway infrastructure through 2046, potentially improving cash-flow visibility and extending Targa’s Permian growth runway. Targa Resources Secures 20-Year Deal With ExxonMobil
• Positive Sentiment: Jefferies initiated or reiterated a Buy rating. The endorsement provides additional analyst support for TRGP’s long-term growth and infrastructure outlook. Targa Resources Gets a Buy from Jefferies
• Neutral Sentiment: Higher capital spending raises execution risk. The ExxonMobil-related infrastructure buildout could create meaningful future growth, but increased 2026 spending may pressure near-term free cash flow and heighten construction and execution demands. How Targa's ExxonMobil Deal Could Extend Its Permian Growth Runway
• Negative Sentiment: US Capital Advisors reduced multiple EPS forecasts. The firm cut estimates for late 2026, all quarters of 2027, FY2027 EPS from $11.75 to $11.05, and FY2028 EPS from $13.42 to $12.73. Although it maintained a “Moderate Buy” rating, the revisions suggest expectations for slower earnings growth.
• Negative Sentiment: Premium valuation may limit upside. TRGP is trading close to its 52-week high following an approximately 85% rally, while heavy spending and potentially moderating marketing gains have raised questions about whether the current valuation fully reflects future growth. Targa Resources' Stock Near 52-Week High

Analyst Ratings Changes

A number of research analysts recently commented on TRGP shares. US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Truist Financial increased their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Finally, Erste Group Bank assumed coverage on shares of Targa Resources in a report on Thursday, June 25th. They set a "buy" rating for the company. 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. Based on data from MarketBeat, Targa Resources currently has an average rating of "Buy" and a consensus target price of $297.18.

Targa Resources Price Performance

Shares of TRGP stock opened at $300.01 on Friday. The business has a fifty day simple moving average of $271.98 and a 200 day simple moving average of $254.10. The company has a market cap of $64.33 billion, a P/E ratio of 28.68, a P/E/G ratio of 1.46 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analysts' expectations 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 forecast that Targa Resources, Inc. will post 11.05 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Targa Resources Profile

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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