Targa Resources Corp. (NYSE:TRGP) Stake Lowered by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co cut its stake in Targa Resources Corp. (NYSE:TRGP) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,145 shares of the pipeline company’s stock after selling 1,210 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Targa Resources were worth $2,337,000 as of its most recent filing with the Securities and Exchange Commission.

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

Targa Resources Stock Down 0.0 %

Shares of TRGP stock opened at $152.14 on Friday. The stock has a 50 day moving average of $140.64 and a 200-day moving average of $124.92. The firm has a market cap of $33.33 billion, a PE ratio of 31.30, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $154.87.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations 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 company earned $1.44 EPS. On average, equities analysts predict that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is presently 61.73%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TRGP. Truist Financial increased their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company raised their target price on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Morgan Stanley upped their price target on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Royal Bank of Canada raised their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, Scotiabank upped their target price on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $141.77.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock valued at $4,788,590 over the last three months. 1.39% of the stock is owned by corporate insiders.

Targa Resources 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.