Bank of New York Mellon Corp Decreases Stake in Targa Resources, Inc. $TRGP

Bank of New York Mellon Corp lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,350,047 shares of the pipeline company’s stock after selling 21,037 shares during the quarter. Bank of New York Mellon Corp’s holdings in Targa Resources were worth $226,187,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Peoples Financial Services CORP. purchased a new stake in Targa Resources during the third quarter worth approximately $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources in the 3rd quarter valued at $39,000. Avion Wealth lifted its holdings in shares of Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares in the last quarter. First Horizon Corp purchased a new stake in Targa Resources during the 3rd quarter worth $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Targa Resources in the 2nd quarter valued at $53,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Down 0.2%

Shares of NYSE:TRGP opened at $201.10 on Friday. The firm has a market cap of $43.17 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 0.87 and a beta of 0.87. The company has a fifty day simple moving average of $182.65 and a 200 day simple moving average of $170.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $211.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. On average, equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed 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. This represents a $4.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, January 30th. Targa Resources’s payout ratio is currently 53.19%.

Insider Activity at Targa Resources

In other Targa Resources news, 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 transaction, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This trade represents a 47.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research reports. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. The Goldman Sachs Group reiterated a “buy” rating and set a $196.00 target price on shares of Targa Resources in a report on Monday, January 12th. Stifel Nicolaus set a $213.00 price target on Targa Resources in a research report on Thursday, November 6th. Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, BMO Capital Markets lifted their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and an average price target of $213.50.

Targa Resources Company Profile

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.