Mackenzie Financial Corp Has $27.20 Million Position in Targa Resources Corp. (NYSE:TRGP)

Mackenzie Financial Corp cut its position in Targa Resources Corp. (NYSE:TRGP) by 4.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 313,074 shares of the pipeline company’s stock after selling 15,157 shares during the quarter. Mackenzie Financial Corp owned 0.14% of Targa Resources worth $27,197,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Moneta Group Investment Advisors LLC raised its position in shares of Targa Resources by 104,219.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock valued at $1,855,224,000 after buying an additional 25,216,947 shares in the last quarter. Deutsche Bank AG raised its position in shares of Targa Resources by 200.4% in the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after buying an additional 3,720,270 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Targa Resources by 424.5% in the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock valued at $285,110,000 after buying an additional 3,057,486 shares in the last quarter. Norges Bank acquired a new position in Targa Resources during the 4th quarter worth approximately $99,690,000. Finally, State Street Corp increased its position in Targa Resources by 14.4% during the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after purchasing an additional 986,283 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Citigroup upped their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. UBS Group lowered their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Finally, Truist Financial upped their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $117.92.

Targa Resources Stock Down 1.6 %

Shares of NYSE TRGP opened at $112.22 on Thursday. The firm has a market cap of $24.97 billion, a PE ratio of 30.58 and a beta of 2.21. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $117.61. The company’s fifty day simple moving average is $104.86 and its 200 day simple moving average is $92.35. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, sell-side analysts forecast that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.67%. Targa Resources’s dividend payout ratio is currently 54.50%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares in the company, valued at $15,141,506. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 over the last ninety days. 1.39% of the stock is owned by corporate insiders.

Targa Resources Company 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.