Independent Advisor Alliance Has $3.89 Million Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Independent Advisor Alliance increased its stake in Targa Resources, Inc. by 11.2%, holding 19,415 shares valued at $3.89 million at the end of the most recent quarter.
• Targa Resources reported an earnings per share of $2.87, beating the consensus estimate of $1.95, with revenues of $4.26 billion for the quarter.
• The company is increasing its quarterly dividend to $1.00 per share, reflecting a significant boost from the previous dividend of $0.12, with a yield of 2.4%.

Independent Advisor Alliance grew its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,415 shares of the pipeline company's stock after purchasing an additional 1,954 shares during the quarter. Independent Advisor Alliance's holdings in Targa Resources were worth $3,892,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Canada Pension Plan Investment Board increased its position in shares of Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares in the last quarter. Nuveen LLC bought a new position in Targa Resources during the 1st quarter worth about $196,351,000. GAMMA Investing LLC increased its holdings in Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after purchasing an additional 834,666 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Targa Resources by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after purchasing an additional 423,667 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 0.6%

Shares of NYSE:TRGP opened at $166.05 on Tuesday. Targa Resources, Inc. has a 52-week low of $135.50 and a 52-week high of $218.51. The company has a market capitalization of $35.73 billion, a P/E ratio of 23.49, a price-to-earnings-growth ratio of 1.07 and a beta of 1.12. The company has a 50-day simple moving average of $168.43 and a 200 day simple moving average of $177.60. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Analysts Set New Price Targets

A number of research firms have issued reports on TRGP. The Goldman Sachs Group lowered their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. UBS Group lowered their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. JPMorgan Chase & Co. increased their target price on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. TD Cowen started coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Finally, Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $208.79.

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.

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