Independent Advisor Alliance Invests $977,000 in Targa Resources Corp. (NYSE:TRGP)

Independent Advisor Alliance bought a new position in Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 6,599 shares of the pipeline company’s stock, valued at approximately $977,000.

Several other institutional investors have also recently made changes to their positions in TRGP. Harvest Fund Management Co. Ltd boosted its holdings in shares of Targa Resources by 14.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 7,066 shares of the pipeline company’s stock worth $1,046,000 after buying an additional 877 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Targa Resources in the 3rd quarter worth about $2,028,000. Fisher Asset Management LLC purchased a new position in shares of Targa Resources in the 3rd quarter worth about $318,000. Daiwa Securities Group Inc. boosted its holdings in shares of Targa Resources by 18.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 38,723 shares of the pipeline company’s stock worth $5,731,000 after buying an additional 6,077 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its holdings in shares of Targa Resources by 10.3% in the 3rd quarter. Summit Trail Advisors LLC now owns 4,022 shares of the pipeline company’s stock worth $595,000 after buying an additional 376 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on 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 $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. Over the last three months, insiders have sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.44% of the company’s stock.

Targa Resources Trading Down 1.0 %

Shares of TRGP opened at $201.39 on Thursday. The business’s 50-day moving average price is $172.39 and its 200-day moving average price is $146.01. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The stock has a market cap of $43.92 billion, a PE ratio of 36.42, a P/E/G ratio of 0.80 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the business earned $0.97 earnings per share. On average, equities analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TRGP. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Truist Financial upped their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $176.50.

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.