The Manufacturers Life Insurance Company Trims Stock Position in Targa Resources, Inc. $TRGP

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Targa Resources, Inc. by 11.4%, selling 17,729 shares, and now holds about 0.06% of the company, valued at $27.5 million.
• Targa Resources reported $2.87 earnings per share for the last quarter, exceeding analysts' estimates of $1.95, while revenue was $4.26 billion, below expectations.
• The company recently increased its quarterly dividend to $1.00, marking a significant rise from the previous dividend of $0.12, which translates to an annualized yield of 2.4%.

The Manufacturers Life Insurance Company lowered its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,226 shares of the pipeline company's stock after selling 17,729 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Targa Resources worth $27,510,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Cornerstone Planning Group LLC increased its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the period. Colonial Trust Co SC grew its holdings in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC purchased a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. purchased a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in Targa Resources during the 4th quarter worth approximately $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of NYSE TRGP traded down $4.08 during trading hours on Friday, reaching $162.46. The stock had a trading volume of 1,636,781 shares, compared to its average volume of 1,831,860. The firm has a 50-day moving average of $167.10 and a 200-day moving average of $173.25. The firm has a market cap of $34.96 billion, a price-to-earnings ratio of 22.98, a PEG ratio of 1.00 and a beta of 1.20. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for 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%. Equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on TRGP shares. Cfra Research upgraded Targa Resources to a "hold" rating in a research note on Friday, August 8th. TD Cowen began coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. Mizuho dropped their price objective on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of "Moderate Buy" and an average target price of $208.86.

Targa Resources 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.