Targa Resources, Inc. $TRGP Shares Sold by B. Metzler seel. Sohn & Co. AG

Key Points

• B. Metzler seel. Sohn & Co. AG cut its Targa Resources position by 26.5% in the second quarter, selling 8,124 shares and retaining 22,569 shares valued at approximately $6.05 million. Institutional investors collectively own 92.13% of the company.
• Analysts remain broadly positive on Targa Resources, with a consensus “Buy” rating and an average price target of $301.18. The company recently exceeded quarterly EPS expectations, reporting $3.54 versus the $2.83 consensus estimate.
• Targa Resources shares opened at $293.51, near their 52-week high of $307.94. The company also declared a quarterly dividend of $1.25 per share, equivalent to a $5.00 annualized payout and a 1.7% yield.

B. Metzler seel. Sohn & Co. AG reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 26.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 22,569 shares of the pipeline company's stock after selling 8,124 shares during the quarter. B. Metzler seel. Sohn & Co. AG's holdings in Targa Resources were worth $6,051,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock worth $6,421,000 after purchasing an additional 12,640 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock valued at $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY increased its position in shares of Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock valued at $57,816,000 after buying an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG increased its position in shares of Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock valued at $6,245,000 after buying an additional 20,905 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after buying an additional 45,495 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul Chung sold 1,816 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles Crisp sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company's stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 7,216 shares of company stock worth $2,127,634. Corporate insiders own 1.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TRGP. Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a research note on Thursday, July 2nd. US Capital Advisors downgraded Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Finally, Mizuho upped their target price on Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average target price of $301.18.

Targa Resources Stock Performance

Targa Resources stock opened at $293.51 on Friday. The firm has a market capitalization of $62.94 billion, a P/E ratio of 28.06, a PEG ratio of 1.39 and a beta of 0.72. The stock has a fifty day moving average price of $277.16 and a 200 day moving average price of $259.47. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities research analysts anticipate that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is currently 47.80%.

Targa Resources Company 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.

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