CIBC Asset Management Inc Grows Position in Targa Resources, Inc. $TRGP

CIBC Asset Management Inc lifted its stake in Targa Resources, Inc. (NYSE:TRGP) by 66.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 50,828 shares of the pipeline company’s stock after buying an additional 20,256 shares during the quarter. CIBC Asset Management Inc’s holdings in Targa Resources were worth $9,378,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TRGP. Norges Bank purchased a new position in shares of Targa Resources in the fourth quarter worth $735,758,000. Wellington Management Group LLP raised its stake in Targa Resources by 9.0% during 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 purchasing an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Targa Resources during the third quarter valued at $121,426,000. Finally, Vanguard Group Inc. raised its stake in Targa Resources by 1.5% during the third 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 in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $264.19 on Friday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The company’s 50 day moving average is $253.46 and its 200 day moving average is $219.42. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The company has a market cap of $56.71 billion, a PE ratio of 26.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm 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%. On average, sell-side analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Truist Financial upped their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Scotiabank upped their price target on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Wells Fargo & Company upped their price target on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average price target of $269.21.

Targa Resources Profile

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.