National Pension Service increased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 202,836 shares of the pipeline company’s stock after buying an additional 18,424 shares during the period. National Pension Service owned about 0.10% of Targa Resources worth $8,890,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Winslow Evans & Crocker Inc. raised its position in shares of Targa Resources by 1,237.2% in the first quarter. Winslow Evans & Crocker Inc. now owns 7,836 shares of the pipeline company’s stock valued at $469,000 after buying an additional 7,250 shares during the last quarter. Private Trust Co. NA increased its stake in Targa Resources by 0.7% in the first quarter. Private Trust Co. NA now owns 7,463 shares of the pipeline company’s stock worth $447,000 after buying an additional 51 shares during the last quarter. Capstone Asset Management Co. purchased a new stake in Targa Resources during the first quarter worth $254,000. Spirit of America Management Corp NY increased its stake in Targa Resources by 13.2% in the first quarter. Spirit of America Management Corp NY now owns 265,789 shares of the pipeline company’s stock worth $15,920,000 after buying an additional 31,084 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in Targa Resources by 24.8% in the first quarter. Bank of Montreal Can now owns 173,398 shares of the pipeline company’s stock worth $10,387,000 after buying an additional 34,404 shares during the last quarter. 81.55% of the stock is owned by institutional investors and hedge funds.
Targa Resources, Inc. (NYSE TRGP) traded down 2.47% on Monday, hitting $44.70. The stock had a trading volume of 794,506 shares. The company’s market cap is $8.86 billion. The company has a 50 day moving average price of $44.61 and a 200-day moving average price of $52.60. Targa Resources, Inc. has a 52-week low of $39.44 and a 52-week high of $61.83.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be given a dividend of $0.91 per share. The ex-dividend date is Friday, July 28th. This represents a $3.64 annualized dividend and a dividend yield of 7.94%.
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A number of analysts recently weighed in on TRGP shares. Royal Bank Of Canada restated a “buy” rating and issued a $67.00 target price on shares of Targa Resources in a research report on Monday, May 8th. UBS AG reiterated a “buy” rating and issued a $65.00 price objective (down previously from $68.00) on shares of Targa Resources in a research report on Tuesday, May 30th. Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Tuesday, May 2nd. Stifel Nicolaus set a $63.00 price objective on Targa Resources and gave the company a “buy” rating in a research report on Monday, June 26th. Finally, Citigroup Inc. reduced their target price on Targa Resources from $64.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, June 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned 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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