CIBC Asset Management Inc Has $5.98 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

CIBC Asset Management Inc increased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 4.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 33,505 shares of the pipeline company's stock after buying an additional 1,323 shares during the period. CIBC Asset Management Inc's holdings in Targa Resources were worth $5,981,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the last quarter. Geode Capital Management LLC lifted its position in Targa Resources by 1.7% in the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company's stock worth $843,680,000 after purchasing an additional 97,583 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock valued at $197,076,000 after buying an additional 14,287 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Targa Resources by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company's stock worth $186,139,000 after purchasing an additional 96,268 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Targa Resources by 19.5% during the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock worth $153,124,000 after acquiring an additional 168,602 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. US Capital Advisors downgraded shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 target price for the company. Truist Financial reduced their target price on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, December 13th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Mizuho increased their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a report on Thursday. One investment 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 stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $197.21.

Targa Resources Price Performance

Shares of NYSE TRGP traded down $4.83 during mid-day trading on Friday, hitting $199.87. 1,110,137 shares of the stock were exchanged, compared to its average volume of 1,463,561. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market cap of $43.58 billion, a P/E ratio of 35.91, a PEG ratio of 0.62 and a beta of 2.29. The stock's fifty day simple moving average is $195.58 and its two-hundred day simple moving average is $175.41. Targa Resources Corp. has a twelve month low of $95.88 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, analysts forecast that Targa Resources Corp. will post 6.36 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's payout ratio is 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.