D.A. Davidson & CO. Buys 402 Shares of Targa Resources Corp. (NYSE:TRGP)

D.A. Davidson & CO. lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 8.8% during the third quarter, HoldingsChannel.com reports. The fund owned 4,952 shares of the pipeline company’s stock after buying an additional 402 shares during the quarter. D.A. Davidson & CO.’s holdings in Targa Resources were worth $733,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Bank of Montreal Can raised its holdings in shares of Targa Resources by 15.4% in the third quarter. Bank of Montreal Can now owns 395,356 shares of the pipeline company’s stock valued at $58,038,000 after acquiring an additional 52,639 shares in the last quarter. Private Trust Co. NA increased its position in Targa Resources by 437.6% during the 3rd quarter. Private Trust Co. NA now owns 1,344 shares of the pipeline company’s stock valued at $199,000 after purchasing an additional 1,094 shares during the period. Hancock Whitney Corp raised its holdings in shares of Targa Resources by 2.0% in the 3rd quarter. Hancock Whitney Corp now owns 12,588 shares of the pipeline company’s stock valued at $1,863,000 after purchasing an additional 242 shares in the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of Targa Resources by 528.8% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 5,332 shares of the pipeline company’s stock worth $789,000 after purchasing an additional 4,484 shares during the period. Finally, DRW Securities LLC bought a new position in shares of Targa Resources during the third quarter valued at approximately $362,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective 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. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Bank of America started coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources 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 $194.62 on Tuesday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $42.44 billion, a PE ratio of 35.19, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24. The company’s 50 day moving average is $175.18 and its 200 day moving average is $148.04.

Targa Resources (NYSE:TRGP) last announced its earnings results 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 business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the prior year, the company posted $0.97 EPS. On average, sell-side analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.54%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value 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. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 183,260 shares of company stock valued at $29,661,212. 1.39% 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.