CIBC Private Wealth Group LLC Increases Stake in Targa Resources Corp. (NYSE:TRGP)

CIBC Private Wealth Group LLC boosted its position in Targa Resources Corp. (NYSE:TRGP) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 875,189 shares of the pipeline company’s stock after acquiring an additional 30,904 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Targa Resources were worth $168,019,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in TRGP. Fisher Asset Management LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth $318,000. D.A. Davidson & CO. boosted its position in shares of Targa Resources by 8.8% during the 3rd quarter. D.A. Davidson & CO. now owns 4,952 shares of the pipeline company’s stock worth $733,000 after acquiring an additional 402 shares in the last quarter. Townsquare Capital LLC acquired a new stake in shares of Targa Resources during the 3rd quarter worth about $329,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Targa Resources during the 3rd quarter worth approximately $1,408,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Targa Resources by 26.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,852 shares of the pipeline company’s stock valued at $6,195,000 after acquiring an additional 8,848 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TRGP. Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Wells Fargo & Company increased their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays raised their price target on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Finally, Scotiabank cut their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. One equities research 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $211.00.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. 1.39% of the stock is owned by company insiders.

Targa Resources Trading Down 0.7 %

Shares of TRGP stock opened at $197.69 on Friday. The company has a market capitalization of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. 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 firm has a 50-day moving average price of $199.31 and a 200 day moving average price of $185.04.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.52%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

About Targa Resources

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.