CIBC Asset Management Inc Buys 21,718 Shares of Targa Resources Corp. (NYSE:TRGP)

Posted by Defense World Staff on Jun 11th, 2023

CIBC Asset Management Inc increased its stake in shares of Targa Resources Corp. (NYSE:TRGP – Get Rating) by 205.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 32,275 shares of the pipeline company’s stock after acquiring an additional 21,718 shares during the quarter. CIBC Asset Management Inc’s holdings in Targa Resources were worth $2,372,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. CWM LLC lifted its position in Targa Resources by 8.3% during the fourth quarter. CWM LLC now owns 1,927 shares of the pipeline company’s stock valued at $142,000 after purchasing an additional 148 shares during the last quarter. Chicago Partners Investment Group LLC lifted its position in Targa Resources by 0.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 50,196 shares of the pipeline company’s stock valued at $3,745,000 after purchasing an additional 155 shares during the last quarter. Baird Financial Group Inc. lifted its position in Targa Resources by 2.7% during the third quarter. Baird Financial Group Inc. now owns 7,125 shares of the pipeline company’s stock valued at $430,000 after purchasing an additional 189 shares during the last quarter. Ellevest Inc. lifted its position in Targa Resources by 122.9% during the fourth quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 193 shares during the last quarter. Finally, Utah Retirement Systems lifted its position in Targa Resources by 0.5% during the third quarter. Utah Retirement Systems now owns 40,330 shares of the pipeline company’s stock valued at $2,433,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 88.29% of the company’s stock.

Targa Resources Trading Down 2.0 %

NYSE TRGP opened at $70.81 on Friday. The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.60 and a current ratio of 0.66. The company has a market capitalization of $16.00 billion, a price-to-earnings ratio of 18.34 and a beta of 2.29. The company’s 50-day simple moving average is $72.65 and its two-hundred day simple moving average is $73.04. Targa Resources Corp. has a one year low of $55.56 and a one year high of $79.70.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, April 28th were given a dividend of $0.50 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Thursday, April 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.82%. Targa Resources’s dividend payout ratio (DPR) is 51.81%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TRGP. Royal Bank of Canada reduced their target price on shares of Targa Resources from $110.00 to $104.00 in a research note on Monday, May 8th. Truist Financial increased their target price on shares of Targa Resources from $90.00 to $95.00 in a research note on Friday, May 19th. Barclays increased their target price on shares of Targa Resources from $87.00 to $92.00 in a research note on Tuesday, April 18th. Capital One Financial reissued an “overweight” rating on shares of Targa Resources in a research note on Thursday, April 20th. Finally, Seaport Res Ptn reissued a “buy” rating on shares of Targa Resources in a research note on Thursday, February 16th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $100.27.

Targa Resources Profile

(Get Rating)

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.