Targa Resources Corp. (NYSE:TRGP) is ELCO Management Co. LLC’s 4th Largest Position

ELCO Management Co. LLC lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,315 shares of the pipeline company’s stock after selling 432 shares during the period. Targa Resources accounts for about 4.6% of ELCO Management Co. LLC’s investment portfolio, making the stock its 4th largest position. ELCO Management Co. LLC’s holdings in Targa Resources were worth $7,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of TRGP. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $44,000. Register Financial Advisors LLC purchased a new position in shares of Targa Resources in the first quarter valued at $45,000. Quarry LP purchased a new position in shares of Targa Resources in the fourth quarter valued at $50,000. Finally, Rogco LP bought a new stake in Targa Resources in the first quarter worth $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Robert Muraro sold 9,900 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paul W. Chung sold 916 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,434 shares of company stock worth $4,775,590. 1.39% of the stock is currently owned by company insiders.

Targa Resources Trading Up 0.6 %

NYSE TRGP opened at $156.49 on Wednesday. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $157.68. The company’s 50-day moving average price is $141.85 and its 200-day moving average price is $126.32. The stock has a market cap of $34.28 billion, a PE ratio of 32.20, a PEG ratio of 1.23 and a beta of 2.26. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates 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 last year, the company posted $1.44 earnings per share. Equities research analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Barclays lifted their price target on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada upped their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $141.77.

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.