B. Metzler seel. Sohn & Co. AG Acquires 5,397 Shares of Targa Resources, Inc. $TRGP

Key Points

• B. Metzler seel. Sohn & Co. AG increased its stake in Targa Resources by 39.2%, acquiring an additional 5,397 shares in the 1st quarter, bringing their total holdings to 19,169 shares worth approximately $3.84 million.
• Recent earnings results showed Targa Resources posted $2.87 earnings per share, exceeding analysts' expectations of $1.95, with revenues reported at $4.26 billion for the quarter.
• The company announced a significant dividend increase, paying a quarterly dividend of $1.00, which translates to an annualized yield of 2.4%, up from the previous dividend of $0.12.

B. Metzler seel. Sohn & Co. AG raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 39.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,169 shares of the pipeline company's stock after purchasing an additional 5,397 shares during the quarter. B. Metzler seel. Sohn & Co. AG's holdings in Targa Resources were worth $3,843,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC boosted its holdings in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after buying an additional 110 shares in the last quarter. Colonial Trust Co SC boosted its stake in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in Targa Resources in the 4th quarter worth about $31,000. Ameriflex Group Inc. bought a new position in Targa Resources in the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in Targa Resources in the 4th quarter worth about $32,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $0.89 during trading on Friday, hitting $167.85. The company's stock had a trading volume of 986,198 shares, compared to its average volume of 1,519,261. The company has a 50-day moving average of $167.39 and a 200-day moving average of $173.90. Targa Resources, Inc. has a 12 month low of $142.11 and a 12 month high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market cap of $36.12 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.03 and a beta of 1.21.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TRGP. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 23rd. UBS Group dropped their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Mizuho dropped their price target on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $208.86.

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.