Cibc World Market Inc. Buys 64,555 Shares of Targa Resources, Inc. $TRGP

Key Points

• Cibc World Market Inc. increased its stake in Targa Resources by 38.9% in the fourth quarter, buying 64,555 additional shares and bringing its holdings to 230,674 shares worth about $42.6 million.
• Institutional ownership of TRGP remains very high at 92.13%, with several big investors like Vanguard, Wellington Management, Geode, Norges Bank, and Goldman Sachs also raising or initiating positions recently.
• Wall Street sentiment stays positive overall: analysts have a consensus Moderate Buy rating with an average target price of $269.21, while Targa also raised its quarterly dividend to $1.25 per share.

Cibc World Market Inc. grew its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 38.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 230,674 shares of the pipeline company's stock after purchasing an additional 64,555 shares during the period. Cibc World Market Inc. owned approximately 0.11% of Targa Resources worth $42,559,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock worth $4,755,169,000 after buying an additional 422,075 shares in the last quarter. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $735,758,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources News Summary

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: US Capital Advisors lifted its earnings forecasts for Targa Resources across several quarters and full years, including FY2027 EPS to $11.76 and FY2028 EPS to $13.45, reinforcing a bullish outlook for future profitability.
• Positive Sentiment: The analyst firm maintained a Moderate Buy rating, signaling continued confidence in TRGP's business momentum and valuation support.
• Positive Sentiment: Zacks published a note calling Targa Resources a strong growth stock, which may be adding to investor enthusiasm around the name. Article Title

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TRGP. BMO Capital Markets reissued an "outperform" rating and issued a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. US Capital Advisors lowered shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a report on Friday, May 8th. Barclays upped their target price on shares of Targa Resources from $255.00 to $262.00 and gave the company an "overweight" rating in a research report on Thursday, May 14th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $269.21.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Up 1.9%

Shares of TRGP opened at $267.58 on Friday. The firm has a market capitalization of $57.43 billion, a P/E ratio of 27.06, a P/E/G ratio of 1.34 and a beta of 0.72. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a fifty day moving average price of $253.08 and a 200-day moving average price of $219.10.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. Equities research analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources's dividend payout ratio is 50.56%.

Targa Resources Company 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.

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