CI Investments Inc. Purchases 111,876 Shares of Targa Resources, Inc. $TRGP

CI Investments Inc. grew its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 26.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 527,162 shares of the pipeline company’s stock after acquiring an additional 111,876 shares during the quarter. CI Investments Inc.’s holdings in Targa Resources were worth $88,321,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Peoples Financial Services CORP. purchased a new stake in Targa Resources in the third quarter worth approximately $34,000. Root Financial Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $39,000. Avion Wealth boosted its stake in shares of Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Targa Resources in the 3rd quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Targa Resources during the 2nd quarter valued at $53,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on TRGP shares. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Stifel Nicolaus increased their target price on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday, February 20th. Morgan Stanley restated an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a research report on Wednesday, January 28th. Finally, Wells Fargo & Company boosted their price objective on Targa Resources from $207.00 to $248.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $238.50.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 1,359 shares of Targa Resources stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the sale, the director owned 77,094 shares of the company’s stock, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of the stock in a transaction dated 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 completion of the transaction, the president directly owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 51,553 shares of company stock worth $11,707,455. 1.34% of the stock is owned by corporate insiders.

Targa Resources Trading Up 1.5%

TRGP opened at $239.42 on Tuesday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $250.00. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The business has a 50 day simple moving average of $200.88 and a two-hundred day simple moving average of $178.50. The firm has a market capitalization of $51.46 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 1.01 and a beta of 0.84.

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

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio is 46.57%.

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.