ELCO Management Co. LLC lowered its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 5.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,650 shares of the pipeline company's stock after selling 3,373 shares during the period. Targa Resources comprises 5.4% of ELCO Management Co. LLC's holdings, making the stock its 4th biggest holding. ELCO Management Co. LLC's holdings in Targa Resources were worth $10,291,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Coldstream Capital Management Inc. lifted its holdings in shares of Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company's stock valued at $1,153,000 after purchasing an additional 66 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after acquiring an additional 67 shares in the last quarter. Mather Group LLC. boosted its position in Targa Resources by 2.3% during the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after acquiring an additional 68 shares during the period. Keybank National Association OH grew its stake in Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after acquiring an additional 70 shares in the last quarter. Finally, Huntington National Bank increased its holdings in shares of Targa Resources by 16.5% in the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after purchasing an additional 79 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company's stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company's stock.
Targa Resources Price Performance
Shares of TRGP stock traded up $1.05 during mid-day trading on Monday, reaching $164.61. The company's stock had a trading volume of 628,317 shares, compared to its average volume of 1,717,273. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm's 50-day moving average is $192.02 and its two-hundred day moving average is $187.11. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The company has a market cap of $35.82 billion, a P/E ratio of 28.68, a PEG ratio of 0.61 and a beta of 1.75.
Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) 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 company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. On average, research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.
Targa Resources Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.29%. Targa Resources's dividend payout ratio (DPR) is presently 52.26%.
Analysts Set New Price Targets
A number of research analysts recently commented on TRGP shares. Morgan Stanley boosted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Barclays cut their price objective on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Royal Bank of Canada raised their price target on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Mizuho upped their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $210.64.
Check Out Our Latest Stock Analysis on TRGP
Targa Resources Profile
(
Free Report)
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.
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