IFP Advisors Inc Sells 13,276 Shares of Targa Resources, Inc. (NYSE:TRGP)
IFP Advisors Inc cut its position in Targa Resources, Inc. (NYSE:TRGP) by 45.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,172 shares of the pipeline company’s stock after selling 13,276 shares during the period. IFP Advisors Inc’s holdings in Targa Resources were worth $731,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of TRGP. Hollencrest Securities LLC acquired a new position in Targa Resources during the first quarter worth $615,000. Candriam Luxembourg S.C.A. boosted its position in Targa Resources by 35.3% in the first quarter. Candriam Luxembourg S.C.A. now owns 13,067 shares of the pipeline company’s stock worth $783,000 after buying an additional 3,410 shares during the last quarter. Diversified Trust Co acquired a new position in Targa Resources during the first quarter worth $578,000. State of Alaska Department of Revenue acquired a new position in Targa Resources during the first quarter worth $264,000. Finally, Bollard Group LLC boosted its position in Targa Resources by 0.9% in the first quarter. Bollard Group LLC now owns 2,499 shares of the pipeline company’s stock worth $150,000 after buying an additional 23 shares during 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 50 day moving average price is $45.04 and its 200-day moving average price is $52.01. Targa Resources, Inc. has a one year low of $40.25 and a one year high of $61.83. The firm’s market cap is $9.52 billion.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 8.24%.
A number of research firms recently weighed in on TRGP. BMO Capital Markets reaffirmed a “hold” rating and issued a $49.00 price target on shares of Targa Resources in a report on Monday, April 17th. Guggenheim began coverage on Targa Resources in a report on Monday, April 17th. They issued a “neutral” rating and a $54.00 price target for the company. Macquarie began coverage on Targa Resources in a report on Friday, April 21st. They issued an “outperform” rating and a $65.00 price target for the company. Seaport Global Securities raised Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a report on Tuesday, May 2nd. Finally, Credit Suisse Group reduced their price target on Targa Resources from $66.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, May 15th. Ten analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average 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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