Tortoise Capital Advisors L.L.C. boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 30.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,721,135 shares of the pipeline company’s stock after buying an additional 1,566,961 shares during the period. Targa Resources makes up 2.0% of Tortoise Capital Advisors L.L.C.’s portfolio, making the stock its 17th largest position. Tortoise Capital Advisors L.L.C. owned 3.39% of Targa Resources worth $303,795,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Van ECK Associates Corp increased its position 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. Bollard Group LLC increased its position in shares of Targa Resources by 0.9% in the first quarter. Bollard Group LLC now owns 2,499 shares of the pipeline company’s stock valued at $150,000 after buying an additional 23 shares during the period. Fayez Sarofim & Co purchased a new position in shares of Targa Resources during the first quarter valued at $204,000. Penserra Capital Management LLC increased its position in shares of 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 during the period. Finally, Fernwood Investment Management LLC purchased a new position in shares of Targa Resources during the first quarter valued at $212,000. Institutional investors and hedge funds own 81.55% of the company’s stock.

Shares of Targa Resources, Inc. (TRGP) opened at 45.83 on Monday. The firm’s market capitalization is $9.08 billion. The firm’s 50 day moving average is $44.61 and its 200-day moving average is $52.60. Targa Resources, Inc. has a one year low of $39.44 and a one year high of $61.83.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $3.64 dividend on an annualized basis and a yield of 7.94%.

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Several brokerages have recently weighed in on TRGP. UBS AG restated a “buy” rating and issued a $65.00 target price (down from $68.00) on shares of Targa Resources in a research note on Tuesday, May 30th. Credit Suisse Group set a $54.00 target price on shares of Targa Resources and gave the company a “hold” rating in a research note on Sunday, May 28th. BMO Capital Markets restated a “hold” rating and issued a $51.00 target price on shares of Targa Resources in a research note on Wednesday, July 12th. Robert W. Baird decreased their target price on shares of Targa Resources from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, June 30th. Finally, Zacks Investment Research downgraded shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources has a consensus rating of “Buy” and a consensus price target of $54.16.

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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