Bank of New York Mellon Corp Cuts Holdings in Targa Resources, Inc. $TRGP

Key Points

• Bank of New York Mellon cut its Targa Resources stake by 3% in the fourth quarter, though it still held over 1.3 million shares worth about $241.6 million at the end of the period.
• Targa Resources recently reported mixed quarterly results, posting EPS of $2.21 versus estimates of $2.48 and revenue of $4.09 billion versus expectations of $4.68 billion.
• Despite the earnings miss, analysts remain broadly upbeat: the company raised its dividend to $1.25 per share and maintains a Moderate Buy consensus rating with a target price around $269.21.

Bank of New York Mellon Corp trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,309,284 shares of the pipeline company's stock after selling 40,763 shares during the period. Bank of New York Mellon Corp owned about 0.61% of Targa Resources worth $241,563,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TRGP. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $27,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $37,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $42,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.37% of the company's stock.

Key Targa Resources News

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: US Capital Advisors lifted its earnings forecasts for Targa Resources across several quarters and full years, including FY2027 EPS to $11.76 and FY2028 EPS to $13.45, reinforcing a bullish outlook for future profitability.
• Positive Sentiment: The analyst firm maintained a Moderate Buy rating, signaling continued confidence in TRGP's business momentum and valuation support.
• Positive Sentiment: Zacks published a note calling Targa Resources a strong growth stock, which may be adding to investor enthusiasm around the name. Article Title

Targa Resources Stock Performance

NYSE TRGP opened at $267.58 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The business has a 50 day moving average price of $253.08 and a 200 day moving average price of $219.10. The company has a market capitalization of $57.43 billion, a P/E ratio of 27.06, a PEG ratio of 1.34 and a beta of 0.72. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Sell-side analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources's dividend payout ratio (DPR) is 50.56%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TRGP shares. Scotiabank increased their target price on Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. Mizuho raised their price objective on Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. TD Cowen raised their price objective on Targa Resources from $236.00 to $245.00 and gave the company a "hold" rating in a research note on Monday, May 11th. Finally, UBS Group raised their price objective on Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Fifteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $269.21.

Targa Resources 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.

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