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

CIBC Asset Management Inc lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 66.3% during the 4th quarter, Holdings Channel reports. The fund 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 quarter.

Several other institutional investors have also modified their holdings of the stock. Marble Wealth LLC purchased a new stake in Targa Resources in the 4th quarter valued at about $231,000. Goldman Sachs Group Inc. raised its holdings in Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after buying an additional 1,075,246 shares during the period. SCP Investment LP raised its holdings in Targa Resources by 33.0% in the 4th quarter. SCP Investment LP now owns 13,678 shares of the pipeline company’s stock valued at $2,524,000 after buying an additional 3,390 shares during the period. Dynasty Wealth Management LLC purchased a new stake in Targa Resources in the 4th quarter valued at about $244,000. Finally, New Mexico Educational Retirement Board raised its holdings in Targa Resources by 1.0% in the 4th quarter. New Mexico Educational Retirement Board now owns 9,900 shares of the pipeline company’s stock valued at $1,827,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of several research reports. UBS Group lifted their target price on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Mizuho lifted their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Truist Financial lifted their target price on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Stifel Nicolaus set a $268.00 target price on Targa Resources in a research report on Friday, May 8th. Fifteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.21.

Insider Buying and Selling

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

Targa Resources Trading Down 1.2%

Targa Resources stock opened at $264.19 on Friday. The stock has a market cap of $56.71 billion, a PE ratio of 26.71, a P/E/G ratio of 1.37 and a beta of 0.72. The stock has a 50-day moving average price of $253.46 and a 200 day moving average price of $219.42. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted 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 company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

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.