iA Global Asset Management Inc. Invests $1.52 Million in Targa Resources Corp. (NYSE:TRGP)

iA Global Asset Management Inc. purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,263 shares of the pipeline company's stock, valued at approximately $1,519,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kovitz Investment Group Partners LLC grew its position in Targa Resources by 141.3% in the third quarter. Kovitz Investment Group Partners LLC now owns 31,132 shares of the pipeline company's stock worth $4,428,000 after acquiring an additional 18,228 shares in the last quarter. Voya Financial Advisors Inc. bought a new position in Targa Resources in the third quarter worth approximately $405,000. Wellington Management Group LLP raised its stake in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock worth $2,235,927,000 after buying an additional 633,589 shares in the last quarter. Worldquant Millennium Advisors LLC increased its position in shares of Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company's stock worth $29,596,000 after purchasing an additional 189,984 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Targa Resources during the third quarter worth $9,729,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Truist Financial increased their price target on Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Royal Bank of Canada lifted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $176.50.

Targa Resources Trading Down 3.8 %

Shares of TRGP stock traded down $7.43 during mid-day trading on Monday, reaching $186.91. The company's stock had a trading volume of 2,304,980 shares, compared to its average volume of 1,654,672. The company's 50 day simple moving average is $179.56 and its 200-day simple moving average is $150.78. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $40.76 billion, a PE ratio of 33.80, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates 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 last year, the business earned $0.97 EPS. On average, research analysts predict that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. Targa Resources's payout ratio is currently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 183,260 shares of company stock worth $29,661,212. 1.44% of the stock is currently owned by insiders.

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.