Metis Global Partners LLC Has $3.78 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Metis Global Partners LLC boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 12.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,569 shares of the pipeline company’s stock after buying an additional 2,890 shares during the period. Metis Global Partners LLC’s holdings in Targa Resources were worth $3,784,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the 2nd quarter valued at $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the third quarter valued at about $29,000. UMB Bank n.a. raised its stake 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 worth $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Targa Resources during the 2nd quarter valued at about $44,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $69,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $191.55 on Friday. The business’s fifty day moving average is $161.69 and its two-hundred day moving average is $139.86. 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 firm has a market cap of $41.77 billion, a P/E ratio of 34.64, a P/E/G ratio of 0.77 and a beta of 2.24. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $197.14.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the company earned $0.97 EPS. Equities research analysts forecast that Targa Resources Corp. will post 6.19 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Wall Street Analyst Weigh In

Several research firms have commented on TRGP. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Wells Fargo & Company raised their price target on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday. Truist Financial upped their price target on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Barclays lifted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus target price of $159.14.

Insider Buying and Selling

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

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.