Independent Advisor Alliance Takes Position in Targa Resources Corp. (NYSE:TRGP)

Independent Advisor Alliance acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the third quarter, HoldingsChannel.com reports. The fund acquired 6,599 shares of the pipeline company’s stock, valued at approximately $977,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd boosted its stake in shares of Targa Resources by 14.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 7,066 shares of the pipeline company’s stock valued at $1,046,000 after purchasing an additional 877 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $2,028,000. Fisher Asset Management LLC purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $318,000. Daiwa Securities Group Inc. boosted its stake in shares of Targa Resources by 18.6% during the third quarter. Daiwa Securities Group Inc. now owns 38,723 shares of the pipeline company’s stock valued at $5,731,000 after purchasing an additional 6,077 shares during the period. Finally, Summit Trail Advisors LLC boosted its stake in shares of Targa Resources by 10.3% during the third quarter. Summit Trail Advisors LLC now owns 4,022 shares of the pipeline company’s stock valued at $595,000 after purchasing an additional 376 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 1.41 % 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 over the last three months. 1.44% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on TRGP shares. Truist Financial raised their price target on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday. Royal Bank of Canada raised their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $201.39 on Thursday. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a fifty day moving average price of $172.39 and a 200-day moving average price of $146.01. The company has a market capitalization of $43.92 billion, a PE ratio of 36.42, a PEG ratio of 0.80 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the company earned $0.97 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s payout ratio is presently 54.25%.

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.