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

Mackenzie Financial Corp lowered its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F 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 period. Mackenzie Financial Corp owned 0.14% of Targa Resources worth $27,197,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Harbour Investments Inc. boosted its stake in Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company's stock valued at $31,000 after acquiring an additional 121 shares in the last quarter. Quarry LP acquired a new position in Targa Resources in the first quarter valued at $33,000. VisionPoint Advisory Group LLC boosted its stake in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 209 shares in the last quarter. Rational Advisors LLC purchased a new stake in shares of Targa Resources in the third quarter valued at about $43,000. Finally, Huntington National Bank raised its holdings in shares of Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company's stock valued at $46,000 after buying an additional 296 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TRGP shares. The Goldman Sachs Group upped their target price on shares of Targa Resources from $105.00 to $117.00 and gave the company a "buy" rating in a report on Thursday, April 4th. Truist Financial upped their target price 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. UBS Group lowered their target price on shares of Targa Resources from $109.00 to $108.00 and set a "buy" rating on the stock in a research report on Thursday, January 18th. JPMorgan Chase & Co. upped their target price 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. Finally, Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a "sector outperform" rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average price target of $117.92.

Targa Resources Price Performance

Shares of TRGP stock traded down $0.45 during trading hours on Thursday, hitting $111.78. The company's stock had a trading volume of 1,756,145 shares, compared to its average volume of 1,749,329. The business has a fifty day moving average of $104.86 and a 200-day moving average of $92.35. The stock has a market cap of $24.88 billion, a price-to-earnings ratio of 30.58 and a beta of 2.21. Targa Resources Corp. has a twelve month low of $67.36 and a twelve month high of $117.61. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. As a group, equities research analysts anticipate that Targa Resources Corp. will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The company also recently declared 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. This is an increase from Targa Resources's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 2.68%. Targa Resources's payout ratio is 54.50%.

Insider Buying and Selling

In related news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now owns 219,451 shares of the company's stock, valued at approximately $21,354,776.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the firm's stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company's stock, valued at approximately $7,012,769.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the firm's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the transaction, the insider now directly owns 219,451 shares of the company's stock, valued at $21,354,776.81. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock valued at $7,987,215 in the last quarter. Company insiders own 1.39% of the company's stock.

About Targa Resources

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.