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

Bank of New York Mellon Corp decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,309,284 shares of the pipeline company’s stock after selling 40,763 shares during the quarter. Bank of New York Mellon Corp’s holdings in Targa Resources were worth $241,563,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the fourth quarter worth $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $37,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $42,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Key Stories Impacting Targa Resources

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 Price Performance

Shares of Targa Resources stock opened at $267.58 on Friday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The stock 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. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The business’s fifty day moving average price is $253.08 and its 200 day moving average price is $219.10.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. As a group, research analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

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

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Morgan Stanley lifted their target price on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $281.00 target price on shares of Targa Resources in a report on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $269.21.

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.