Targa Resources, Inc. $TRGP Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,462,045 shares of the pipeline company's stock after acquiring an additional 152,761 shares during the period. Bank of New York Mellon Corp owned 0.68% of Targa Resources worth $366,578,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Targa Resources by 1.3% during the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock worth $2,337,289,000 after purchasing an additional 162,878 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank purchased a new position in Targa Resources during the fourth quarter worth approximately $735,758,000. Tortoise Capital Advisors L.L.C. lifted its position in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after buying an additional 572,562 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock worth $607,023,000 after buying an additional 1,075,246 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

NYSE:TRGP opened at $283.39 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $285.56. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company has a market capitalization of $60.83 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.44 and a beta of 0.71. The stock's fifty day moving average is $267.82 and its two-hundred day moving average is $238.58.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Equities analysts expect that Targa Resources, Inc. will post 10.74 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources's dividend payout ratio is presently 50.56%.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The shares were 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 $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.37% of the stock is owned by insiders.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. TD Cowen upped their target price on Targa Resources from $245.00 to $270.00 and gave the company a "hold" rating in a report on Thursday. JPMorgan Chase & Co. lifted their price target on Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Citigroup reissued a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Erste Group Bank assumed coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a "buy" rating for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Moderate Buy" and a consensus target price of $285.93.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.