Bank of New York Mellon Corp Sells 43,610 Shares of Targa Resources, Inc. (NYSE:TRGP)

Bank of New York Mellon Corp cut its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,465,821 shares of the pipeline company's stock after selling 43,610 shares during the quarter. Bank of New York Mellon Corp owned about 0.67% of Targa Resources worth $293,853,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock valued at $4,848,169,000 after purchasing an additional 150,038 shares during the period. Geode Capital Management LLC raised its position in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after buying an additional 212,986 shares in the last quarter. Norges Bank bought a new stake in shares of Targa Resources in the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD grew its position in Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after buying an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC bought a new position in Targa Resources during the 4th quarter worth $393,335,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TRGP shares. UBS Group cut their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Morgan Stanley boosted their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Citigroup reduced their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Scotiabank upped their price target on shares of Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a report on Thursday, June 5th. Twelve research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $209.67.

Targa Resources Trading Down 0.1%

Shares of Targa Resources stock opened at $173.52 on Monday. The firm's 50 day moving average is $166.38 and its 200 day moving average is $182.30. The firm has a market capitalization of $37.64 billion, a PE ratio of 31.96, a price-to-earnings-growth ratio of 0.62 and a beta of 1.07. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

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

Targa Resources Announces Dividend

The company also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's payout ratio is presently 73.66%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.