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

Mackenzie Financial Corp lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 65.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 87,781 shares of the pipeline company's stock after selling 165,858 shares during the period. Mackenzie Financial Corp's holdings in Targa Resources were worth $11,304,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Blackstone Inc. increased its position in shares of Targa Resources by 60.4% in the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company's stock valued at $820,290,000 after acquiring an additional 3,554,989 shares during the period. Price T Rowe Associates Inc. MD raised its position in 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 buying an additional 962,073 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Targa Resources in the second quarter worth $72,345,000. American Century Companies Inc. boosted its holdings in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company's stock valued at $101,877,000 after purchasing an additional 557,832 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Targa Resources by 71.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company's stock worth $114,758,000 after purchasing an additional 428,276 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company's stock, valued at $17,181,399.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares of the company's stock, valued at $6,898,969.14. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 over the last quarter. Company insiders own 1.39% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TRGP shares. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday, July 2nd. Morgan Stanley lifted their price target on Targa Resources from $134.00 to $140.00 and gave the company an "overweight" rating in a research note on Monday, June 10th. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a report 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 report on Monday, August 5th. Finally, Argus upgraded Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. One 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 stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $141.77.

Targa Resources Stock Down 0.2 %

Shares of TRGP traded down $0.23 during midday trading on Monday, hitting $146.57. The company had a trading volume of 1,086,365 shares, compared to its average volume of 1,650,664. The company's 50-day simple moving average is $142.70 and its 200-day simple moving average is $127.25. The firm has a market capitalization of $32.50 billion, a P/E ratio of 30.36, a P/E/G ratio of 1.24 and a beta of 2.26. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $157.68. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the prior year, the firm posted $1.44 EPS. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.05%. Targa Resources's dividend payout ratio is presently 61.73%.

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.