Mackenzie Financial Corp Raises Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Mackenzie Financial Corp increased its position in Targa Resources Corp. (NYSE:TRGP) by 32.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,371 shares of the pipeline company’s stock after acquiring an additional 38,105 shares during the period. Mackenzie Financial Corp’s holdings in Targa Resources were worth $27,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Norges Bank purchased a new position in Targa Resources in the 4th quarter worth $505,132,000. GQG Partners LLC purchased a new position in Targa Resources in the 4th quarter worth $393,335,000. Canada Pension Plan Investment Board raised its stake in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after acquiring an additional 1,038,350 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Targa Resources in the 4th quarter worth $150,372,000. Finally, TD Asset Management Inc. raised its stake in Targa Resources by 568.7% in the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after acquiring an additional 825,267 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.34% of the stock is owned by company insiders.

Targa Resources Trading Up 0.9%

Shares of Targa Resources stock opened at $160.45 on Monday. The stock has a market cap of $34.81 billion, a P/E ratio of 27.95, a P/E/G ratio of 0.61 and a beta of 1.22. The stock’s 50 day simple moving average is $174.40 and its 200-day simple moving average is $187.77. Targa Resources Corp. has a 1-year low of $114.36 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources’s payout ratio is presently 73.66%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. UBS Group reduced their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research note on Thursday, May 15th. Barclays reduced their price objective on Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, May 20th. The Goldman Sachs Group reduced their price objective on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Finally, Mizuho set a $212.00 price objective on Targa Resources and gave the company an “outperform” rating in a research note on Tuesday, May 20th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price 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.