Bessemer Group Inc. raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 3,109.2% during the second quarter, Holdings Channel reports. The institutional investor owned 44,319 shares of the pipeline company’s stock after buying an additional 42,938 shares during the period. Bessemer Group Inc.’s holdings in Targa Resources were worth $2,004,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of TRGP. Bollard Group LLC boosted its stake in 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 in the last quarter. Van ECK Associates Corp boosted its stake in 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 in the last quarter. Fayez Sarofim & Co acquired a new stake in Targa Resources during the first quarter valued at approximately $204,000. Johnson Financial Group LLC boosted its stake in 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 in the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Targa Resources by 53.4% in the first quarter. Penserra Capital Management LLC now owns 3,529 shares of the pipeline company’s stock valued at $211,000 after buying an additional 1,228 shares in the last quarter. Hedge funds and other institutional investors own 81.55% of the company’s stock.
Targa Resources, Inc. (NYSE TRGP) opened at 44.15 on Friday. The firm’s market capitalization is $9.52 billion. Targa Resources, Inc. has a one year low of $40.25 and a one year high of $61.83. The company has a 50 day moving average price of $45.04 and a 200-day moving average price of $52.01.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 8.24%. The ex-dividend date is Friday, July 28th.
Several analysts recently commented on the company. ValuEngine upgraded Targa Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Robert W. Baird lowered their target price on Targa Resources from $54.00 to $52.00 and set an “outperform” rating on the stock in a research report on Friday, June 30th. Credit Suisse Group lowered their target price on Targa Resources from $66.00 to $56.00 and set a “neutral” rating on the stock in a research report on Monday, May 15th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $53.00 price target (down from $65.00) on shares of Targa Resources in a research report on Monday, June 5th. Finally, Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Tuesday, May 2nd. Ten equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Targa Resources currently has an average rating of “Buy” and a consensus target price 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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