Targa Resources, Inc. $TRGP is ELCO Management Co. LLC’s 3rd Largest Position

ELCO Management Co. LLC lessened its holdings in Targa Resources, Inc. (NYSE:TRGP) by 7.0% during the 3rd quarter, Holdings Channel reports. The firm owned 52,821 shares of the pipeline company’s stock after selling 3,979 shares during the quarter. Targa Resources comprises 4.6% of ELCO Management Co. LLC’s investment portfolio, making the stock its 3rd biggest holding. ELCO Management Co. LLC’s holdings in Targa Resources were worth $8,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. State of Wyoming raised its position in shares of Targa Resources by 3.2% during the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock worth $361,000 after purchasing an additional 64 shares during the last quarter. QRG Capital Management Inc. increased its position in Targa Resources by 0.8% during the second quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after buying an additional 72 shares in the last quarter. Savant Capital LLC raised its holdings in shares of Targa Resources by 2.6% in the third quarter. Savant Capital LLC now owns 2,849 shares of the pipeline company’s stock worth $477,000 after acquiring an additional 73 shares during the last quarter. ICONIQ Capital LLC lifted its position in shares of Targa Resources by 5.7% in the second quarter. ICONIQ Capital LLC now owns 1,437 shares of the pipeline company’s stock valued at $250,000 after acquiring an additional 78 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Targa Resources by 10.9% in the second quarter. Parkside Financial Bank & Trust now owns 805 shares of the pipeline company’s stock valued at $140,000 after acquiring an additional 79 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Targa Resources stock opened at $204.32 on Thursday. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market cap of $43.86 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 0.87 and a beta of 0.88. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $211.87. The firm has a 50 day moving average price of $184.50 and a 200 day moving average price of $170.94.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a $1.00 dividend. The ex-dividend date is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 2.0%. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares in the company, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $196.00 target price on shares of Targa Resources in a research note on Monday, January 12th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research note on Thursday, November 6th. Morgan Stanley restated an “overweight” rating and set a $266.00 target price on shares of Targa Resources in a research report on Wednesday, January 28th. Finally, UBS Group reiterated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $213.50.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.