Pictet Asset Management Ltd. boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 16.4% during the second quarter, Holdings Channel reports. The fund owned 649,551 shares of the pipeline company’s stock after buying an additional 91,578 shares during the period. Pictet Asset Management Ltd.’s holdings in Targa Resources were worth $29,834,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Tortoise Capital Advisors L.L.C. increased its stake in shares of Targa Resources by 30.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock worth $303,795,000 after buying an additional 1,566,961 shares in the last quarter. Hodges Capital Management Inc. increased its stake in shares of Targa Resources by 206.7% in the second quarter. Hodges Capital Management Inc. now owns 18,250 shares of the pipeline company’s stock worth $825,000 after buying an additional 12,300 shares in the last quarter. Novare Capital Management LLC increased its stake in shares of Targa Resources by 1.1% in the second quarter. Novare Capital Management LLC now owns 59,322 shares of the pipeline company’s stock worth $2,681,000 after buying an additional 650 shares in the last quarter. ARP Americas LLC increased its stake in shares of Targa Resources by 46.3% in the second quarter. ARP Americas LLC now owns 10,746 shares of the pipeline company’s stock worth $486,000 after buying an additional 3,400 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. increased its stake in shares of Targa Resources by 41.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 18,489 shares of the pipeline company’s stock worth $836,000 after buying an additional 5,422 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. Targa Resources, Inc. has a 1-year low of $40.25 and a 1-year high of $61.83. The company’s 50 day moving average is $45.04 and its 200-day moving average is $52.01. The stock’s market capitalization is $9.52 billion.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.24%. The ex-dividend date is Friday, July 28th.

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A number of brokerages have issued reports on TRGP. Zacks Investment Research upgraded shares of Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday. ValuEngine upgraded shares of Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Barclays PLC downgraded shares of Targa Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $55.00 to $47.00 in a report on Tuesday, July 18th. Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 price target (down from $63.00) on shares of Targa Resources in a report on Monday, July 17th. Finally, Wells Fargo & Company upgraded shares of Targa Resources from a “market perform” rating to an “outperform” rating in a report on Monday, July 17th. 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 presently has an average 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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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