CIBC Asset Management Inc Increases Holdings in Targa Resources Corp. (NYSE:TRGP)

CIBC Asset Management Inc increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 7.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,182 shares of the pipeline company’s stock after buying an additional 2,248 shares during the quarter. CIBC Asset Management Inc’s holdings in Targa Resources were worth $4,763,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the second quarter valued at $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the third quarter valued at $29,000. UMB Bank n.a. raised its position in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. purchased a new stake in Targa Resources in the second quarter valued at $44,000. Finally, EdgeRock Capital LLC purchased a new stake in Targa Resources in the second quarter valued at $69,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TRGP shares. The Goldman Sachs Group lifted their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. UBS Group lifted their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday. Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Truist Financial lifted their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday. Finally, Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $169.79.

Targa Resources Stock Up 2.3 %

TRGP opened at $196.04 on Monday. The business has a 50 day moving average price of $163.51 and a two-hundred day moving average price of $140.95. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $42.75 billion, a PE ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $197.14.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm 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 business earned $0.97 EPS. As a group, research analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed 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. This represents a $3.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 in the last ninety days. Insiders own 1.39% of the company’s stock.

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.