B. Metzler seel. Sohn & Co. Holding AG Acquires New Stake in Targa Resources Corp. (NYSE:TRGP)

B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,941 shares of the pipeline company's stock, valued at approximately $1,175,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources during the 2nd quarter worth $29,000. DT Investment Partners LLC purchased a new position in shares of Targa Resources in the 3rd quarter worth about $29,000. UMB Bank n.a. increased its position in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $44,000. Finally, EdgeRock Capital LLC bought a new stake in Targa Resources in the 2nd quarter worth approximately $69,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Down 0.2 %

Shares of NYSE TRGP traded down $0.38 during midday trading on Friday, hitting $207.31. 1,267,090 shares of the company traded hands, compared to its average volume of 1,659,815. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The firm has a market cap of $45.21 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. The stock has a 50-day moving average price of $169.37 and a 200 day moving average price of $143.93. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, analysts expect that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's dividend payout ratio is currently 54.25%.

Insider Activity

In other news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on TRGP. Truist Financial lifted their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Argus raised Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus raised their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $176.50.

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.