Metis Global Partners LLC Raises Holdings in Targa Resources, Inc. $TRGP

Metis Global Partners LLC boosted its position in Targa Resources, Inc. (NYSE:TRGP) by 22.1% during the third quarter, Holdings Channel.com reports. The fund owned 33,745 shares of the pipeline company’s stock after purchasing an additional 6,101 shares during the quarter. Metis Global Partners LLC’s holdings in Targa Resources were worth $5,654,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its stake in Targa Resources by 5.5% during the 3rd quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock worth $24,110,000 after buying an additional 7,497 shares during the period. Nordea Investment Management AB grew its stake in shares of Targa Resources by 260.2% during the second quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after acquiring an additional 93,119 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Targa Resources by 137.9% during the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock valued at $11,164,000 after acquiring an additional 38,626 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Targa Resources by 2.4% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after acquiring an additional 16,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Targa Resources by 5.0% in the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after acquiring an additional 22,969 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP opened at $223.73 on Friday. The stock has a market capitalization of $48.02 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 0.94 and a beta of 0.88. The business’s fifty day moving average price is $190.15 and its 200 day moving average price is $173.41. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $225.35.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s payout ratio is 53.19%.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This represents a 8.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group restated a “buy” rating and set a $196.00 price objective on shares of Targa Resources in a research note on Monday, January 12th. Wells Fargo & Company increased their target price on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Scotiabank reiterated an “outperform” rating and set a $224.00 price objective on shares of Targa Resources in a research note on Friday, January 16th. Finally, Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average price target of $213.50.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.