Targa Resources Corp. (NYSE:TRGP) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp lowered its holdings in Targa Resources Corp. (NYSE:TRGP) by 65.4% in the second quarter, Holdings Channel.com reports. The fund owned 87,781 shares of the pipeline company’s stock after selling 165,858 shares during the quarter. Mackenzie Financial Corp’s holdings in Targa Resources were worth $11,304,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares during the period. Caxton Associates LP acquired a new stake in shares of Targa Resources during the 2nd quarter valued at approximately $2,323,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares in the last quarter. New Mexico Educational Retirement Board boosted its stake in shares of Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after acquiring an additional 33,900 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Targa Resources by 160.3% in the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after acquiring an additional 178,655 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $146.80 on Monday. The company has a 50-day simple moving average of $142.70 and a 200-day simple moving average of $127.10. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a market cap of $32.55 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 1.24 and a beta of 2.26. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $157.68.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the firm posted $1.44 EPS. On average, equities analysts anticipate that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 in the last 90 days. 1.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Royal Bank of Canada lifted their price objective on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Truist Financial increased their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Morgan Stanley lifted their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Finally, Barclays upped their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $141.77.

Targa Resources 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.