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

Mackenzie Financial Corp cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 4.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 313,074 shares of the pipeline company’s stock after selling 15,157 shares during the quarter. Mackenzie Financial Corp’s holdings in Targa Resources were worth $27,197,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Harbour Investments Inc. grew its position in Targa Resources by 51.3% during the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 121 shares during the last quarter. VisionPoint Advisory Group LLC grew its position in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares during the last quarter. Quarry LP purchased a new stake in Targa Resources during the 1st quarter valued at about $33,000. Rational Advisors LLC purchased a new stake in Targa Resources during the 3rd quarter valued at about $43,000. Finally, Huntington National Bank grew its position in Targa Resources by 124.4% during the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 296 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

NYSE TRGP opened at $112.22 on Thursday. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.61. The stock has a market cap of $24.97 billion, a price-to-earnings ratio of 30.58 and a beta of 2.21. The company’s 50 day moving average is $104.86 and its two-hundred day moving average is $92.35. 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) last announced its quarterly earnings data 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 net margin of 5.20% and a return on equity of 18.64%. The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. As a group, research analysts anticipate that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Analyst Ratings Changes

Several analysts recently commented on TRGP shares. UBS Group cut their price objective 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. Royal Bank of Canada upped their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Stifel Nicolaus upped their target price on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Mizuho increased their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. One 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. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $117.92.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred 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 sale, 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 legal filing with the SEC, which is available at this link. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock valued at $7,987,215 in the last three months. 1.39% of the stock is currently owned by corporate insiders.

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.