Pointe Capital Management LLC acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) during the second quarter, Holdings Channel reports. The firm acquired 13,562 shares of the pipeline company’s stock, valued at approximately $613,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Shine Investment Advisory Services Inc. purchased a new stake in shares of Targa Resources during the second quarter valued at approximately $105,000. Bollard Group LLC increased its stake in shares of Targa Resources by 1.1% in the second quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after buying an additional 27 shares during the period. Van ECK Associates Corp increased its stake in shares of Targa Resources by 29.1% in the first quarter. Van ECK Associates Corp now owns 2,181 shares of the pipeline company’s stock valued at $131,000 after buying an additional 491 shares during the period. Fayez Sarofim & Co purchased a new stake in shares of Targa Resources during the first quarter valued at approximately $204,000. Finally, Johnson Financial Group LLC increased its stake in shares of Targa Resources by 5.2% in the second quarter. Johnson Financial Group LLC now owns 4,646 shares of the pipeline company’s stock valued at $209,000 after buying an additional 228 shares during the period. Institutional investors and hedge funds own 81.55% of the company’s stock.
Targa Resources, Inc. (TRGP) opened at 44.15 on Friday. Targa Resources, Inc. has a 52 week low of $40.25 and a 52 week high of $61.83. The stock has a 50 day moving average of $45.04 and a 200 day moving average of $52.01. The company’s market cap is $9.52 billion.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be paid a dividend of $0.91 per share. The ex-dividend date is Friday, July 28th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.24%.
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Several brokerages recently commented on TRGP. Zacks Investment Research raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research report on Wednesday. ValuEngine raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Barclays PLC downgraded shares of Targa Resources from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $55.00 to $47.00 in a research report on Tuesday, July 18th. Stifel Nicolaus reissued a “buy” rating and set a $54.00 price objective (down from $63.00) on shares of Targa Resources in a research report on Monday, July 17th. Finally, Wells Fargo & Company raised shares of Targa Resources from a “market perform” rating to an “outperform” rating in a research report on Monday, July 17th. Ten research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources presently has a consensus rating of “Buy” and an average price target of $54.16.
About Targa Resources
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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