CIBC Private Wealth Group LLC Has $168.78 Million Position in Targa Resources, Inc. $TRGP

CIBC Private Wealth Group LLC grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 3.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,007,421 shares of the pipeline company’s stock after purchasing an additional 37,065 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.47% of Targa Resources worth $168,783,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TRGP. Peoples Financial Services CORP. purchased a new position in shares of Targa Resources during the third quarter valued at $34,000. Root Financial Partners LLC acquired a new position in Targa Resources during the third quarter valued at $39,000. Avion Wealth lifted its stake in Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 228 shares in the last quarter. First Horizon Corp acquired a new stake in Targa Resources during the 3rd quarter worth about $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Targa Resources during the 2nd quarter worth about $53,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the transaction, the insider owned 31,938 shares of the company’s stock, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the transaction, the director directly owned 11,670 shares in the company, valued at $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 in the last 90 days. Insiders own 1.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on TRGP shares. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Morgan Stanley raised their price target on shares of Targa Resources from $266.00 to $298.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. TD Cowen boosted their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research report on Monday, February 23rd. Stifel Nicolaus upped their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Finally, Royal Bank Of Canada increased their target price on shares of Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $242.46.

Targa Resources Stock Up 0.8%

Targa Resources stock opened at $241.01 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $250.00. The firm’s fifty day simple moving average is $212.96 and its 200-day simple moving average is $184.34. The company has a market capitalization of $51.80 billion, a P/E ratio of 28.06, a P/E/G ratio of 1.57 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is 46.57%.

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.