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

CIBC Private Wealth Group LLC boosted its position in Targa Resources, Inc. (NYSE:TRGP) by 3.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,007,421 shares of the pipeline company’s stock after acquiring an additional 37,065 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Targa Resources were worth $168,783,000 as of its most recent filing with the Securities and Exchange Commission.

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

Targa Resources Stock Up 0.8%

TRGP stock opened at $241.01 on Wednesday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $250.00. The company has a market cap of $51.80 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 1.57 and a beta of 0.84. The business’s 50-day simple moving average is $212.96 and its 200 day simple moving average is $184.34. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. On average, research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the completion of the transaction, the insider directly owned 197,401 shares of the company’s stock, valued at $47,640,757.34. This trade represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the sale, the president owned 235,260 shares in the company, valued at $54,138,031.20. This represents a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 104,929 shares of company stock valued at $24,692,134 in the last ninety days. 1.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. The Goldman Sachs Group reissued a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Barclays reaffirmed an “overweight” rating and issued a $226.00 target price on shares of Targa Resources in a report on Friday, February 20th. Stifel Nicolaus upped their price target on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Wells Fargo & Company increased their price objective on Targa Resources from $248.00 to $264.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Finally, Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average target price of $242.46.

Targa Resources Profile

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.