Targa Resources Corp. (NYSE:TRGP) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 7.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 32,182 shares of the pipeline company’s stock after buying an additional 2,248 shares during the period. CIBC Asset Management Inc’s holdings in Targa Resources were worth $4,763,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the last quarter. Blackstone Inc. lifted its stake in shares of Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares during the period. Finally, Truist Financial Corp lifted its stake in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TRGP. Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday. Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $169.79.

Insider Activity

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Trading Up 2.3 %

NYSE:TRGP opened at $196.04 on Monday. The business’s 50-day moving average is $163.51 and its two-hundred day moving average is $140.95. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14. The firm has a market capitalization of $42.75 billion, a PE ratio of 35.45, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the company posted $0.97 earnings per share. Research analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. Targa Resources’s dividend payout ratio is presently 54.25%.

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.