Connor Clark & Lunn Investment Management Ltd. Acquires 133,391 Shares of Targa Resources Corp. (NYSE:TRGP)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 281.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 180,728 shares of the pipeline company’s stock after purchasing an additional 133,391 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.08% of Targa Resources worth $32,260,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its position in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares during the last quarter. Prospera Private Wealth LLC bought a new position in shares of Targa Resources during the 3rd quarter valued at approximately $35,000. Aspect Partners LLC boosted its position in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $49,000. 92.13% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Stifel Nicolaus increased their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Mizuho increased their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Truist Financial decreased their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Royal Bank of Canada increased their price target on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus price target of $206.43.

Targa Resources Stock Performance

TRGP stock opened at $187.14 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business’s fifty day simple moving average is $199.00 and its two-hundred day simple moving average is $180.77. Targa Resources Corp. has a twelve month low of $104.89 and a twelve month high of $218.51. The firm has a market cap of $40.82 billion, a price-to-earnings ratio of 32.60, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.60%. Targa Resources’s dividend payout ratio is currently 52.26%.

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.