CIBC Private Wealth Group LLC Increases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

CIBC Private Wealth Group LLC boosted its position in Targa Resources Corp. (NYSE:TRGP) by 3.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 875,189 shares of the pipeline company’s stock after purchasing an additional 30,904 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.40% of Targa Resources worth $168,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Atala Financial Inc bought a new stake in Targa Resources during the 4th quarter valued at $31,000. Rakuten Securities Inc. increased its holdings in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares during the period. Aspect Partners LLC raised its stake in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton lifted its holdings in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC bought a new stake in Targa Resources during the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % 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 worth $22,613,288 in the last quarter. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $197.69 on Friday. The company has a fifty day simple moving average of $199.31 and a 200-day simple moving average of $185.04. The firm has a market capitalization of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. 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 Corp. has a 52-week low of $110.09 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS 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 analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Mizuho upped their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. 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 report on Thursday, March 6th. Royal Bank of Canada increased their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group increased their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $211.00.

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.