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

Key Points

• Bank of New York Mellon reduced its Targa Resources stake by 8.1% in the second quarter, selling 118,380 shares and retaining 1.34 million shares valued at approximately $360.3 million. Institutional investors collectively own 92.13% of TRGP.
• Analysts maintain a bullish outlook, with a consensus “Buy” rating and an average price target of $297.18. Targa recently beat quarterly earnings expectations, reporting $3.54 in EPS versus the $2.83 consensus estimate.
• Targa’s 20-year, fee-based ExxonMobil agreements could improve long-term growth visibility, but higher infrastructure spending, reduced earnings forecasts, and a premium valuation near its 52-week high may limit near-term upside.

Bank of New York Mellon Corp reduced its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,343,665 shares of the pipeline company's stock after selling 118,380 shares during the period. Bank of New York Mellon Corp owned about 0.63% of Targa Resources worth $360,290,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter worth $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the fourth quarter valued at $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. CoreCap Advisors LLC increased its stake in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after purchasing an additional 91 shares in the last quarter. Finally, Godfrey Financial Associates Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth about $37,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on TRGP. TD Cowen lifted their price objective on Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a report on Friday, August 7th. Wolfe Research set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research report on Friday, May 8th. Scotiabank raised their price objective on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a report on Tuesday, May 12th. Finally, Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Buy" and an average target price of $297.18.

Targa Resources Price Performance

TRGP opened at $300.01 on Friday. The stock's 50-day moving average price is $271.98 and its 200 day moving average price is $254.10. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94. The firm has a market cap of $64.33 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 1.46 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 11.05 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources's dividend payout ratio (DPR) is presently 47.80%.

More Targa Resources News

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

• Positive Sentiment: Long-term ExxonMobil contracts strengthen growth visibility. Targa secured 20-year, fee-based agreements with ExxonMobil covering the Permian Delaware and Midland basins. The arrangements support new processing and takeaway infrastructure through 2046, potentially improving cash-flow visibility and extending Targa’s Permian growth runway. Targa Resources Secures 20-Year Deal With ExxonMobil
• Positive Sentiment: Jefferies initiated or reiterated a Buy rating. The endorsement provides additional analyst support for TRGP’s long-term growth and infrastructure outlook. Targa Resources Gets a Buy from Jefferies
• Neutral Sentiment: Higher capital spending raises execution risk. The ExxonMobil-related infrastructure buildout could create meaningful future growth, but increased 2026 spending may pressure near-term free cash flow and heighten construction and execution demands. How Targa's ExxonMobil Deal Could Extend Its Permian Growth Runway
• Negative Sentiment: US Capital Advisors reduced multiple EPS forecasts. The firm cut estimates for late 2026, all quarters of 2027, FY2027 EPS from $11.75 to $11.05, and FY2028 EPS from $13.42 to $12.73. Although it maintained a “Moderate Buy” rating, the revisions suggest expectations for slower earnings growth.
• Negative Sentiment: Premium valuation may limit upside. TRGP is trading close to its 52-week high following an approximately 85% rally, while heavy spending and potentially moderating marketing gains have raised questions about whether the current valuation fully reflects future growth. Targa Resources' Stock Near 52-Week High

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.

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