The Manufacturers Life Insurance Company Has $27.66 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

The Manufacturers Life Insurance Company lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 6.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,955 shares of the pipeline company's stock after buying an additional 9,397 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Targa Resources worth $27,659,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in TRGP. Vanguard Group Inc. lifted its holdings in Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the period. Geode Capital Management LLC lifted its stake in shares of Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after acquiring an additional 212,986 shares during the period. Norges Bank bought a new position in shares of Targa Resources in the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD lifted its position in Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after purchasing an additional 53,853 shares during the period. Finally, GQG Partners LLC acquired a new position in shares of Targa Resources during the 4th quarter valued at $393,335,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on TRGP. Barclays decreased their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. The Goldman Sachs Group reduced their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday. Royal Bank of Canada boosted their target price on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research report on Monday, March 3rd. Finally, Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of "Buy" and a consensus price target of $207.21.

Targa Resources Stock Down 2.3 %

Targa Resources stock traded down $3.66 during mid-day trading on Monday, hitting $158.21. 3,276,045 shares of the company's stock were exchanged, compared to its average volume of 1,752,728. Targa Resources Corp. has a 1-year low of $112.05 and a 1-year high of $218.51. The stock has a 50 day moving average of $182.45 and a two-hundred day moving average of $188.48. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $34.42 billion, a P/E ratio of 27.56, a P/E/G ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. As a group, analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is presently 69.69%.

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last quarter. Insiders own 1.34% of the company's stock.

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.