Ballentine Partners LLC Purchases New Stake in Targa Resources, Inc. (TRGP)
Ballentine Partners LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,478 shares of the pipeline company’s stock, valued at approximately $628,000.
Several other hedge funds have also added to or reduced their stakes in the stock. Waldron LP purchased a new stake in shares of Targa Resources during the first quarter worth about $2,276,000. Hamilton Lane Advisors LLC purchased a new stake in shares of Targa Resources during the first quarter worth about $1,244,000. Mn Services Vermogensbeheer B.V. raised its stake in shares of Targa Resources by 12.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,833 shares of the pipeline company’s stock worth $271,000 after buying an additional 520 shares during the period. Hollencrest Securities LLC purchased a new stake in shares of Targa Resources during the first quarter worth about $615,000. Finally, Candriam Luxembourg S.C.A. raised its stake in shares of 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 period. Institutional investors and hedge funds own 83.02% of the company’s stock.
Shares of Targa Resources, Inc. (TRGP) opened at 43.31 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 $45.08 and its 200 day moving average is $51.35. The stock’s market cap is $9.34 billion.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.40%. The ex-dividend date was Friday, July 28th.
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A number of analysts recently issued reports on TRGP shares. Seaport Global Securities upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Tuesday, May 2nd. Royal Bank Of Canada restated a “buy” rating and set a $67.00 target price on shares of Targa Resources in a research report on Monday, May 8th. UBS AG restated a “buy” rating and set a $65.00 target price (down previously from $68.00) on shares of Targa Resources in a research report on Tuesday, May 30th. Stifel Nicolaus set a $63.00 target price on shares of Targa Resources and gave the stock a “buy” rating in a research report on Monday, June 26th. Finally, Citigroup Inc. decreased their target price on shares of Targa Resources from $64.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, June 28th. Nine analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $53.95.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total value of $93,870.00. Following the completion of the sale, the insider now directly owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.93% of the stock is currently owned by insiders.
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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