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

Bank of New York Mellon Corp cut its holdings in Targa Resources, Inc. (NYSE:TRGP) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,039,890 shares of the pipeline company’s stock after selling 297,842 shares during the quarter. Bank of New York Mellon Corp owned about 1.87% of Targa Resources worth $191,087,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Targa Resources by 17.7% during the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after purchasing an additional 2,823,104 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its position in shares of Targa Resources by 30.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock worth $303,795,000 after purchasing an additional 1,566,961 shares in the last quarter. Boston Partners bought a new position in shares of Targa Resources during the second quarter worth $65,883,000. BlackRock Inc. boosted its position in shares of Targa Resources by 13.3% during the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after purchasing an additional 1,338,025 shares in the last quarter. Finally, Center Coast Capital Advisors LP boosted its position in shares of Targa Resources by 29.4% during the second quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock worth $248,976,000 after purchasing an additional 1,252,133 shares in the last quarter. 84.64% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources, Inc. (NYSE TRGP) opened at $42.04 on Monday. Targa Resources, Inc. has a 12-month low of $39.59 and a 12-month high of $61.83. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.57.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 8.66%. The ex-dividend date of this dividend was Tuesday, October 31st. Targa Resources’s dividend payout ratio is -143.31%.

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TRGP has been the topic of several recent research reports. BidaskClub upgraded shares of Targa Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Wells Fargo & Company lowered shares of Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research note on Tuesday, November 7th. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price target (down from $50.00) on shares of Targa Resources in a research note on Friday, September 1st. Barclays PLC reiterated a “hold” rating and issued a $50.00 price target on shares of Targa Resources in a research note on Thursday, October 19th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $53.00 price target on shares of Targa Resources in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $54.44.

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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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