Mackenzie Financial Corp Acquires 38,105 Shares of Targa Resources Corp. (NYSE:TRGP)

Mackenzie Financial Corp boosted its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 32.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 156,371 shares of the pipeline company's stock after buying an additional 38,105 shares during the quarter. Mackenzie Financial Corp owned approximately 0.07% of Targa Resources worth $27,912,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in TRGP. Snowden Capital Advisors LLC raised its stake in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after buying an additional 53 shares during the period. Fisher Asset Management LLC increased its holdings in Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after acquiring an additional 67 shares during the last quarter. Mather Group LLC. increased its holdings in Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after acquiring an additional 68 shares during the last quarter. Keybank National Association OH raised its stake in Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after acquiring an additional 70 shares during the period. Finally, Baker Avenue Asset Management LP lifted its holdings in Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after purchasing an additional 74 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of NYSE:TRGP traded down $1.24 during trading on Friday, reaching $157.25. The company had a trading volume of 925,941 shares, compared to its average volume of 1,799,453. The company has a fifty day moving average of $171.18 and a two-hundred day moving average of $186.92. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $34.11 billion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 12 month low of $114.51 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's payout ratio is currently 73.66%.

Analyst Ratings Changes

A number of brokerages have issued reports on TRGP. Royal Bank of Canada lowered their target price on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Citigroup decreased their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Finally, Truist Financial lifted their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $198.79.

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.