Man Group plc Grows Position in Targa Resources Corp. (NYSE:TRGP)

Man Group plc grew its position in Targa Resources Corp. (NYSE:TRGP) by 26.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 343,019 shares of the pipeline company’s stock after acquiring an additional 72,711 shares during the quarter. Man Group plc owned about 0.16% of Targa Resources worth $61,229,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Targa Resources in the 4th quarter worth about $505,132,000. GQG Partners LLC acquired a new stake in Targa Resources during the 4th quarter valued at $393,335,000. Canada Pension Plan Investment Board grew its stake in shares of Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after purchasing an additional 1,038,350 shares during the period. Raymond James Financial Inc. bought a new position in Targa Resources during the fourth quarter worth about $150,372,000. Finally, TD Asset Management Inc. lifted its holdings in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after purchasing an additional 825,267 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $168.77 on Thursday. The company has a market capitalization of $36.61 billion, a P/E ratio of 29.40, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a fifty-two week low of $113.65 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company’s 50-day moving average is $177.82 and its 200 day moving average is $188.01.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s dividend payout ratio is currently 73.66%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRGP. Morgan Stanley upped their target price on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Citigroup dropped their target price on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Royal Bank of Canada lowered their price target on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. Finally, Barclays cut their price objective on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $202.93.

Insiders Place Their Bets

In other news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 over the last quarter. Company insiders own 1.34% of the company’s stock.

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.