Metis Global Partners LLC Purchases 7,450 Shares of Targa Resources Corp. (NYSE:TRGP)

Metis Global Partners LLC boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 46.0% in the 4th quarter, Holdings Channel reports. The firm owned 23,629 shares of the pipeline company’s stock after buying an additional 7,450 shares during the period. Metis Global Partners LLC’s holdings in Targa Resources were worth $2,053,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Signaturefd LLC raised its stake in Targa Resources by 4.7% during the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after acquiring an additional 244 shares in the last quarter. Morgan Stanley grew its position in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares during the last quarter. Quadrature Capital Ltd increased its holdings in Targa Resources by 364.0% in the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock worth $7,615,000 after purchasing an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY boosted its stake in shares of Targa Resources by 21.6% during the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock valued at $4,995,000 after purchasing an additional 10,200 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock valued at $1,543,000 after buying an additional 4,447 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 in the last ninety days. Corporate insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TRGP shares. Barclays boosted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Truist Financial increased their price objective on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upped their price target on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. UBS Group cut their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Finally, Mizuho increased their target price on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources Trading Up 0.5 %

TRGP opened at $113.33 on Tuesday. The company has a market cap of $25.13 billion, a P/E ratio of 23.21 and a beta of 2.19. The company has a fifty day moving average price of $110.33 and a two-hundred day moving average price of $95.16. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.87.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Analysts predict that Targa Resources Corp. will post 5.72 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.65%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio is presently 61.73%.

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.