Targa Resources, Inc. (TRGP) Stake Lowered by Cornerstone Capital Management Holdings LLC.
Cornerstone Capital Management Holdings LLC. decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 29.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,300 shares of the pipeline company’s stock after selling 44,306 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Targa Resources were worth $4,759,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of TRGP. BlackRock Inc. grew its holdings in shares of Targa Resources by 2,928.1% during the first quarter. BlackRock Inc. now owns 10,090,553 shares of the pipeline company’s stock worth $604,426,000 after purchasing an additional 9,757,325 shares in the last quarter. Vanguard Group Inc. lifted its position in Targa Resources by 17.7% in the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after buying an additional 2,823,104 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in Targa Resources by 30.4% in the 2nd 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 during the last quarter. Boston Partners bought a new stake in Targa Resources in the 2nd quarter worth approximately $65,883,000. Finally, Center Coast Capital Advisors LP lifted its position in Targa Resources by 29.4% in the 2nd quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock worth $248,976,000 after buying an additional 1,252,133 shares during the last quarter. 87.43% of the stock is owned by institutional investors.
A number of research firms recently weighed in on TRGP. UBS AG restated a “buy” rating and issued a $59.00 target price (down previously from $62.00) on shares of Targa Resources in a research report on Thursday, June 22nd. BMO Capital Markets restated a “hold” rating and issued a $51.00 target price on shares of Targa Resources in a research report on Friday. Wells Fargo & Company dropped their target price on Targa Resources from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday. BidaskClub upgraded Targa Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, Barclays PLC downgraded Targa Resources from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $55.00 to $47.00 in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $54.59.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of Targa Resources stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total value of $93,870.00. Following the completion of the transaction, the insider now owns 50,853 shares in the company, valued at approximately $2,273,129.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.93% of the stock is currently owned by insiders.
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Shares of Targa Resources, Inc. (NYSE TRGP) opened at 47.46 on Friday. The firm has a 50-day moving average price of $46.48 and a 200 day moving average price of $48.25. The company’s market cap is $10.23 billion. Targa Resources, Inc. has a 12 month low of $40.25 and a 12 month high of $61.83.
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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