Targa Resources, Inc. (NYSE:TRGP) is ELCO Management Co. LLC's 2nd Largest Position

ELCO Management Co. LLC decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,903 shares of the pipeline company's stock after selling 2,747 shares during the quarter. Targa Resources accounts for approximately 6.1% of ELCO Management Co. LLC's investment portfolio, making the stock its 2nd largest position. ELCO Management Co. LLC's holdings in Targa Resources were worth $11,006,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. LRI Investments LLC grew its holdings in shares of Targa Resources by 60.0% during the first quarter. LRI Investments LLC now owns 640 shares of the pipeline company's stock worth $128,000 after purchasing an additional 240 shares during the last quarter. CWM LLC grew its holdings in shares of Targa Resources by 24.2% during the first quarter. CWM LLC now owns 8,455 shares of the pipeline company's stock worth $1,695,000 after purchasing an additional 1,650 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Targa Resources by 4.5% during the first quarter. New York State Common Retirement Fund now owns 132,955 shares of the pipeline company's stock worth $26,653,000 after purchasing an additional 5,690 shares during the last quarter. Xponance Inc. grew its holdings in shares of Targa Resources by 1.0% during the first quarter. Xponance Inc. now owns 66,539 shares of the pipeline company's stock worth $13,339,000 after purchasing an additional 627 shares during the last quarter. Finally, WESPAC Advisors LLC bought a new stake in shares of Targa Resources during the first quarter worth about $321,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 0.7%

Shares of Targa Resources stock traded up $1.15 on Friday, reaching $171.89. 801,427 shares of the company's stock were exchanged, compared to its average volume of 1,845,908. The company has a market capitalization of $37.29 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. Targa Resources, Inc. has a 52 week low of $122.56 and a 52 week high of $218.51. The firm's 50-day moving average is $166.55 and its two-hundred day moving average is $182.03. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.33%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's dividend payout ratio is presently 73.66%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several analyst reports. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Morgan Stanley upped their target price on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Scotiabank upped their target price on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a report on Thursday, June 5th. Citigroup reduced their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, TD Cowen initiated coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $209.57.

About Targa Resources

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.