Bank of New York Mellon Corp Sells 164,826 Shares of Targa Resources Corp. (NYSE:TRGP)

Bank of New York Mellon Corp cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,509,431 shares of the pipeline company’s stock after selling 164,826 shares during the period. Bank of New York Mellon Corp owned 0.69% of Targa Resources worth $269,433,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TRGP. Allworth Financial LP boosted its position in Targa Resources by 43.6% during the 3rd quarter. Allworth Financial LP now owns 553 shares of the pipeline company’s stock valued at $82,000 after acquiring an additional 168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Targa Resources by 80.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,593 shares of the pipeline company’s stock worth $4,638,000 after purchasing an additional 14,051 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Targa Resources by 11.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,371 shares of the pipeline company’s stock valued at $1,979,000 after purchasing an additional 1,321 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Targa Resources by 24.6% in the third quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company’s stock valued at $10,380,000 after purchasing an additional 14,029 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Targa Resources by 2.3% in the third quarter. Nisa Investment Advisors LLC now owns 19,885 shares of the pipeline company’s stock worth $2,943,000 after purchasing an additional 445 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRGP. UBS Group raised their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Stifel Nicolaus boosted their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Mizuho raised their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, Truist Financial decreased their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $205.43.

Targa Resources Trading Up 1.7 %

Shares of TRGP opened at $198.20 on Thursday. Targa Resources Corp. has a 12-month low of $96.64 and a 12-month high of $218.51. The firm has a market capitalization of $43.23 billion, a P/E ratio of 34.53, a P/E/G ratio of 0.61 and a beta of 2.29. The firm has a 50-day moving average price of $197.00 and a 200 day moving average price of $177.53. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Sell-side analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.51%. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Targa Resources Company Profile

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.