Advisors Capital Management LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 192,101 shares of the pipeline company’s stock after buying an additional 17,720 shares during the period. Advisors Capital Management LLC owned about 0.10% of Targa Resources worth $8,683,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Comerica Bank raised its stake in shares of Targa Resources by 51.4% in the fourth quarter. Comerica Bank now owns 24,764 shares of the pipeline company’s stock worth $1,435,000 after buying an additional 8,402 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Targa Resources by 0.4% in the fourth quarter. Franklin Resources Inc. now owns 15,360 shares of the pipeline company’s stock worth $861,000 after buying an additional 60 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Targa Resources by 131.4% in the fourth quarter. AQR Capital Management LLC now owns 24,352 shares of the pipeline company’s stock worth $1,365,000 after buying an additional 13,829 shares during the last quarter. Numeric Investors LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $275,000. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Targa Resources by 132.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 345,582 shares of the pipeline company’s stock worth $19,376,000 after buying an additional 196,758 shares during the last quarter. 81.55% of the stock is owned by institutional investors and hedge funds.
Shares of Targa Resources, Inc. (NYSE:TRGP) opened at 44.30 on Friday. The stock’s 50 day moving average price is $45.12 and its 200-day moving average price is $51.91. The company’s market cap is $9.55 billion. Targa Resources, Inc. has a 52 week low of $40.25 and a 52 week high of $61.83.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be paid a $0.91 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $3.64 annualized dividend and a dividend yield of 8.22%.
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TRGP has been the subject of a number of research reports. Barclays PLC lowered Targa Resources from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $55.00 to $47.00 in a research report on Tuesday, July 18th. ValuEngine lowered Targa Resources from a “hold” rating to a “sell” rating in a research report on Saturday, June 3rd. BMO Capital Markets restated a “hold” rating and set a $51.00 target price on shares of Targa Resources in a research report on Wednesday, July 12th. Credit Suisse Group set a $56.00 target price on Targa Resources and gave the stock a “neutral” rating in a research report on Friday, May 5th. Finally, Wells Fargo & Company upgraded Targa Resources from a “market perform” rating to an “outperform” rating in a research report on Monday, July 17th. Ten equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $54.16.
In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total transaction of $93,870.00. Following the sale, the insider now directly owns 50,853 shares in the company, valued at approximately $2,273,129.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.93% of the company’s stock.
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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