Targa Resources, Inc. (NYSE:TRGP) Stake Increased by Global X Management Co. LLC

Global X Management Co. LLC increased its position in Targa Resources, Inc. (NYSE:TRGP) by 5.3% during the second quarter, Holdings Channel reports. The firm owned 159,085 shares of the pipeline company’s stock after buying an additional 7,967 shares during the period. Global X Management Co. LLC’s holdings in Targa Resources were worth $7,191,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Targa Resources by 2,928.1% in the first quarter. BlackRock Inc. now owns 10,090,553 shares of the pipeline company’s stock worth $604,426,000 after buying an additional 9,757,325 shares in the last quarter. Vanguard Group Inc. raised its position in Targa Resources by 11.9% in the first quarter. Vanguard Group Inc. now owns 15,945,628 shares of the pipeline company’s stock worth $955,142,000 after buying an additional 1,693,292 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in 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. Bank of New York Mellon Corp raised its position in Targa Resources by 47.4% in the first quarter. Bank of New York Mellon Corp now owns 4,182,244 shares of the pipeline company’s stock worth $250,516,000 after buying an additional 1,345,219 shares in the last quarter. Finally, Center Coast Capital Advisors LP raised its position in Targa Resources by 29.4% in the second 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 in the last quarter. Institutional investors own 81.55% of the company’s stock.

Shares of Targa Resources, Inc. (TRGP) opened at 44.30 on Friday. Targa Resources, Inc. has a one year low of $40.25 and a one year high of $61.83. The stock’s market cap is $9.55 billion. The company has a 50-day moving average of $45.12 and a 200 day moving average of $51.91.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 8.22%. The ex-dividend date of this dividend is Friday, July 28th.

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TRGP has been the subject of a number of recent research reports. BMO Capital Markets reissued a “hold” rating and set a $49.00 price target on shares of Targa Resources in a research report on Monday, April 17th. Guggenheim initiated coverage on shares of Targa Resources in a research report on Monday, April 17th. They set a “neutral” rating and a $54.00 price target for the company. Macquarie initiated coverage on shares of Targa Resources in a research report on Friday, April 21st. They set an “outperform” rating and a $65.00 price target for the company. Seaport Global Securities raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Tuesday, May 2nd. Finally, Jefferies Group LLC reissued a “hold” rating on shares of Targa Resources in a research report on Friday, May 5th. Ten investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $54.16.

In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction 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 $2,273,129.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.93% of the company’s stock.

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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