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

Cibc World Markets Corp raised its stake in Targa Resources Corp. (NYSE:TRGP) by 16.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,942 shares of the pipeline company’s stock after purchasing an additional 4,709 shares during the quarter. Cibc World Markets Corp’s holdings in Targa Resources were worth $6,059,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TRGP. MML Investors Services LLC grew its stake in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after acquiring an additional 10,100 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after acquiring an additional 13,167 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Targa Resources by 47.5% during the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock valued at $4,277,000 after acquiring an additional 9,307 shares in the last quarter. Capital Investment Advisors LLC grew its stake in shares of Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after acquiring an additional 5,431 shares in the last quarter. Finally, Atomi Financial Group Inc. acquired a new stake in shares of Targa Resources during the fourth quarter valued at about $271,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 2.4 %

NYSE TRGP opened at $198.90 on Thursday. Targa Resources Corp. has a twelve month low of $108.65 and a twelve month 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 stock has a market cap of $43.38 billion, a price-to-earnings ratio of 34.65, a PEG ratio of 0.61 and a beta of 2.32. The firm’s 50 day moving average price is $199.54 and its two-hundred day moving average price is $182.41.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insiders Place Their Bets

In other news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Mizuho lifted their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Royal Bank of Canada lifted their price target on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Wells Fargo & Company lifted their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $210.50.

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.