Cibc World Markets Corp Has $6.06 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

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

Other institutional investors and hedge funds have also modified their holdings of the company. Atala Financial Inc acquired a new stake in shares of Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. lifted its stake in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the last quarter. Aspect Partners LLC lifted its stake in shares of Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 130 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Targa Resources during the 3rd quarter worth $35,000. Finally, Rosenberg Matthew Hamilton lifted its position in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 89 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $198.90 on Thursday. The stock has a market cap of $43.38 billion, a P/E ratio of 34.65, a PEG ratio of 0.61 and a beta of 2.32. The company’s 50-day simple moving average is $199.54 and its 200 day simple moving average is $182.41. Targa Resources Corp. has a twelve month low of $108.65 and a twelve month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. Targa Resources’s payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research analyst reports. Scotiabank cut their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Truist Financial boosted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Morgan Stanley boosted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Citigroup boosted their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One 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 stock. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $210.50.

Insider Activity at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.39% of the stock is owned by company insiders.

Targa Resources Company 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.