Targa Resources, Inc. (NYSE:TRGP) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 28.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,645 shares of the pipeline company's stock after buying an additional 44,274 shares during the period. Mackenzie Financial Corp owned about 0.09% of Targa Resources worth $40,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in TRGP. Blair William & Co. IL increased its holdings in Targa Resources by 6.2% during the fourth quarter. Blair William & Co. IL now owns 19,416 shares of the pipeline company's stock valued at $3,466,000 after buying an additional 1,126 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of Targa Resources in the 4th quarter valued at $73,000. Orion Portfolio Solutions LLC increased its holdings in shares of Targa Resources by 16.6% in the 4th quarter. Orion Portfolio Solutions LLC now owns 10,819 shares of the pipeline company's stock valued at $1,931,000 after acquiring an additional 1,537 shares during the period. Level Four Advisory Services LLC bought a new position in shares of Targa Resources in the 4th quarter worth $262,000. Finally, O Shaughnessy Asset Management LLC boosted its position in Targa Resources by 6.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 28,954 shares of the pipeline company's stock valued at $5,168,000 after purchasing an additional 1,708 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on TRGP shares. TD Cowen began coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. The Goldman Sachs Group cut their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Royal Bank Of Canada reissued an "outperform" rating and issued a $205.00 price objective on shares of Targa Resources in a research report on Tuesday, July 15th. Finally, Barclays upped their target price on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources presently has an average rating of "Buy" and an average target price of $209.86.

Targa Resources Trading Down 2.0%

Targa Resources stock traded down $3.34 during trading on Friday, hitting $163.07. The company's stock had a trading volume of 1,760,898 shares, compared to its average volume of 1,234,745. The stock's fifty day moving average is $167.83 and its 200 day moving average is $180.05. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51. The stock has a market capitalization of $35.38 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.08 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. As a group, equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.5%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

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.