Cibc World Market Inc. Has $27.83 Million Holdings in Targa Resources, Inc. $TRGP

Cibc World Market Inc. decreased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,119 shares of the pipeline company’s stock after selling 5,501 shares during the quarter. Cibc World Market Inc. owned 0.08% of Targa Resources worth $27,832,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TRGP. Norges Bank bought a new position in shares of Targa Resources during the second quarter worth approximately $708,366,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Targa Resources by 441.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after acquiring an additional 550,591 shares during the period. Franklin Resources Inc. increased its stake in Targa Resources by 306.6% during the 2nd quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after acquiring an additional 453,460 shares during the period. Vanguard Group Inc. raised its holdings in Targa Resources by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after acquiring an additional 375,939 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its position in shares of Targa Resources by 290.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after acquiring an additional 374,768 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $222.18 on Thursday. The business has a 50 day moving average of $188.52 and a 200-day moving average of $172.70. The company has a market capitalization of $47.69 billion, a P/E ratio of 29.54, a P/E/G ratio of 0.93 and a beta of 0.88. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $222.59. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

Insiders Place Their Bets

In other news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the transaction, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. The trade was a 47.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Scotiabank reaffirmed an “outperform” rating and set a $224.00 price target on shares of Targa Resources in a report on Friday, January 16th. BMO Capital Markets boosted their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Finally, Royal Bank Of Canada raised their target price on Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.