Bank of New York Mellon Corp Increases Position in Targa Resources, Inc. $TRGP

Bank of New York Mellon Corp grew its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 11.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,462,045 shares of the pipeline company’s stock after purchasing an additional 152,761 shares during the period. Bank of New York Mellon Corp’s holdings in Targa Resources were worth $366,578,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. MASTERINVEST Kapitalanlage GmbH acquired a new stake in shares of Targa Resources in the first quarter valued at $217,000. Ethos Financial Group LLC acquired a new position in Targa Resources during the 1st quarter worth about $215,000. Sanctuary Advisors LLC lifted its stake in Targa Resources by 4.6% during the 1st quarter. Sanctuary Advisors LLC now owns 47,086 shares of the pipeline company’s stock worth $11,806,000 after acquiring an additional 2,077 shares in the last quarter. Checchi Capital Advisers LLC boosted its holdings in Targa Resources by 3.2% during the 1st quarter. Checchi Capital Advisers LLC now owns 3,124 shares of the pipeline company’s stock valued at $783,000 after acquiring an additional 98 shares during the period. Finally, Flynn Zito Capital Management LLC purchased a new position in Targa Resources during the 1st quarter valued at about $231,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on 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 owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TRGP. Morgan Stanley boosted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Erste Group Bank started coverage on shares of Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating for the company. Scotiabank lifted their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Jefferies Financial Group initiated coverage on shares of Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 target price on the stock. Finally, Barclays increased their target price on shares of Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Monday. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.93.

Targa Resources Stock Up 1.1%

Shares of NYSE:TRGP opened at $283.39 on Friday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $285.56. The firm’s 50 day moving average price is $267.82 and its 200 day moving average price is $238.58. 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 stock has a market cap of $60.83 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted 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). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, equities research analysts predict that Targa Resources, Inc. will post 10.74 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

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.