CIBC Asset Management Inc Acquires 1,323 Shares of Targa Resources Corp. (NYSE:TRGP)

CIBC Asset Management Inc increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 4.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,505 shares of the pipeline company’s stock after acquiring an additional 1,323 shares during the quarter. CIBC Asset Management Inc’s holdings in Targa Resources were worth $5,981,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of TRGP. Creative Planning raised its stake in shares of Targa Resources by 17.6% in the third quarter. Creative Planning now owns 43,783 shares of the pipeline company’s stock valued at $6,480,000 after buying an additional 6,546 shares during the period. Stratos Wealth Advisors LLC bought a new stake in shares of Targa Resources in the third quarter valued at $237,000. Blue Trust Inc. raised its stake in shares of Targa Resources by 75.1% in the third quarter. Blue Trust Inc. now owns 2,611 shares of the pipeline company’s stock valued at $386,000 after buying an additional 1,120 shares during the period. Raymond James & Associates raised its stake in shares of Targa Resources by 4.8% in the third quarter. Raymond James & Associates now owns 239,805 shares of the pipeline company’s stock valued at $35,494,000 after buying an additional 10,970 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in shares of Targa Resources by 21.6% in the third quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the pipeline company’s stock valued at $679,000 after purchasing an additional 815 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

TRGP opened at $210.19 on Thursday. The stock has a 50-day moving average price of $194.72 and a 200-day moving average price of $174.96. Targa Resources Corp. has a 12-month low of $95.28 and a 12-month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $45.83 billion, a P/E ratio of 38.01, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TRGP. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Truist Financial reduced their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Wells Fargo & Company boosted their target price on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Barclays boosted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Company 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.