Cibc World Market Inc. Raises Holdings in Targa Resources, Inc. $TRGP

Cibc World Market Inc. increased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 38.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 230,674 shares of the pipeline company’s stock after purchasing an additional 64,555 shares during the period. Cibc World Market Inc.’s holdings in Targa Resources were worth $42,559,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Targa Resources during the 4th quarter worth approximately $735,758,000. Wellington Management Group LLP boosted its stake in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Targa Resources during the third quarter worth $121,426,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is currently owned by company insiders.

Targa Resources Price Performance

NYSE:TRGP opened at $267.58 on Friday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The firm has a market cap of $57.43 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.34 and a beta of 0.72. The firm’s fifty day moving average is $253.08 and its two-hundred day moving average is $219.10.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Research analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is 50.56%.

Targa Resources News Roundup

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: US Capital Advisors lifted its earnings forecasts for Targa Resources across several quarters and full years, including FY2027 EPS to $11.76 and FY2028 EPS to $13.45, reinforcing a bullish outlook for future profitability.
• Positive Sentiment: The analyst firm maintained a Moderate Buy rating, signaling continued confidence in TRGP‘s business momentum and valuation support.
• Positive Sentiment: Zacks published a note calling Targa Resources a strong growth stock, which may be adding to investor enthusiasm around the name. Article Title

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. UBS Group boosted their price target on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Scotiabank increased their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.21.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.