Elo Mutual Pension Insurance Co Raises Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Elo Mutual Pension Insurance Co lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 8.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,249 shares of the pipeline company’s stock after acquiring an additional 1,655 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Targa Resources were worth $3,614,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TRGP. Atala Financial Inc purchased a new stake in Targa Resources during the 4th quarter valued at approximately $31,000. Rakuten Securities Inc. raised its stake in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares during the last quarter. Aspect Partners LLC lifted its holdings in shares of Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares during the period. Rosenberg Matthew Hamilton lifted its holdings in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new position in Targa Resources in the 4th quarter valued at $49,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

Shares of TRGP opened at $197.69 on Friday. The company has a 50-day moving average of $199.31 and a two-hundred day moving average of $184.76. The stock has a market cap of $43.12 billion, a P/E ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent analyst reports. Barclays raised their target price on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Scotiabank cut their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company raised their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group upped their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $211.00.

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.