Cibc World Markets Corp Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

Cibc World Markets Corp lifted its stake in Targa Resources Corp. (NYSE:TRGPFree Report) by 130.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,406 shares of the pipeline company’s stock after buying an additional 16,058 shares during the period. Cibc World Markets Corp’s holdings in Targa Resources were worth $2,468,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. HB Wealth Management LLC grew its position in shares of Targa Resources by 3.3% in the 4th quarter. HB Wealth Management LLC now owns 4,970 shares of the pipeline company’s stock valued at $432,000 after buying an additional 160 shares during the last quarter. Meeder Advisory Services Inc. grew its position in Targa Resources by 4.9% during the 4th quarter. Meeder Advisory Services Inc. now owns 4,084 shares of the pipeline company’s stock worth $355,000 after purchasing an additional 192 shares during the last quarter. VisionPoint Advisory Group LLC grew its position in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the last quarter. Huntington National Bank grew its position in Targa Resources by 124.4% during the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after purchasing an additional 296 shares during the last quarter. Finally, Glenview Trust co grew its position in Targa Resources by 10.4% during the 3rd quarter. Glenview Trust co now owns 3,194 shares of the pipeline company’s stock worth $274,000 after purchasing an additional 300 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $118.01 on Friday. The company has a market cap of $26.17 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 0.69 and a beta of 2.21. Targa Resources Corp. has a 12 month low of $69.44 and a 12 month high of $119.68. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company has a 50-day simple moving average of $114.99 and a 200-day simple moving average of $100.11.

Targa Resources (NYSE:TRGPGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. On average, equities analysts anticipate that Targa Resources Corp. will post 5.33 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.54%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s payout ratio is presently 61.73%.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the sale, the director now owns 28,223 shares of the company’s stock, valued at $3,192,021.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,691 shares of company stock worth $3,693,763. 1.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TRGP. Citigroup raised their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Mizuho raised their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Truist Financial raised their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Royal Bank of Canada raised their target price on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $122.75.

View Our Latest Research Report on TRGP

Targa Resources Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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