Cibc World Market Inc. Grows Stake in Targa Resources Corp. (NYSE:TRGP)

Cibc World Market Inc. boosted its stake in Targa Resources Corp. (NYSE:TRGP) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,335 shares of the pipeline company’s stock after buying an additional 20,047 shares during the quarter. Cibc World Market Inc.’s holdings in Targa Resources were worth $34,867,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the third quarter worth approximately $29,000. Prospera Private Wealth LLC acquired a new position in Targa Resources in the 3rd quarter valued at $35,000. Rosenberg Matthew Hamilton lifted its holdings in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in Targa Resources by 39.6% during the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 106 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.

Targa Resources Stock Performance

NYSE:TRGP opened at $196.55 on Friday. Targa Resources Corp. has a fifty-two week low of $84.33 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a 50 day moving average price of $193.40 and a 200 day moving average price of $168.20. The stock has a market capitalization of $42.86 billion, a P/E ratio of 35.54, a PEG ratio of 0.61 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations 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 previous year, the firm posted $0.97 earnings per share. Equities research analysts forecast that Targa Resources Corp. will post 6.41 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be 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 of this dividend is Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TRGP shares. Truist Financial reduced their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company upped their price target on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada upped their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $189.21.

Targa Resources Profile

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.