Bank of New York Mellon Corp increased its stake in Targa Resources Corp (NYSE:TRGP) by 32.0% during the 4th quarter, Holdings Channel reports. The firm owned 5,334,439 shares of the pipeline company’s stock after purchasing an additional 1,294,549 shares during the quarter. Bank of New York Mellon Corp’s holdings in Targa Resources were worth $258,294,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of TRGP. Starfire Investment Advisers Inc. purchased a new stake in Targa Resources in the fourth quarter worth approximately $503,000. Vident Investment Advisory LLC purchased a new stake in Targa Resources in the third quarter worth approximately $381,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in Targa Resources by 18.7% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,295 shares of the pipeline company’s stock worth $1,765,000 after buying an additional 5,885 shares in the last quarter. Atlantic Trust Group LLC boosted its stake in Targa Resources by 4.0% in the third quarter. Atlantic Trust Group LLC now owns 2,611,451 shares of the pipeline company’s stock worth $123,522,000 after buying an additional 99,553 shares in the last quarter. Finally, Advantus Capital Management Inc boosted its stake in Targa Resources by 19.2% in the third quarter. Advantus Capital Management Inc now owns 53,900 shares of the pipeline company’s stock worth $2,549,000 after buying an additional 8,700 shares in the last quarter. Institutional investors own 88.69% of the company’s stock.
Several analysts have issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.00 target price on shares of Targa Resources in a research note on Friday, February 16th. Seaport Global Securities set a $52.00 target price on Targa Resources and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Citigroup upped their target price on Targa Resources from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. ValuEngine lowered Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Finally, Goldman Sachs Group raised Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Targa Resources currently has an average rating of “Buy” and an average price target of $54.94.
Shares of Targa Resources Corp (NYSE TRGP) opened at $47.75 on Wednesday. The firm has a market capitalization of $10,300.00, a P/E ratio of -29.48 and a beta of 2.07. Targa Resources Corp has a 52 week low of $39.59 and a 52 week high of $60.62. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.62%. The ex-dividend date was Wednesday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently -224.69%.
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Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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