NN Investment Partners Holdings N.V. reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 11.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,456 shares of the pipeline company’s stock after selling 1,826 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Targa Resources were worth $866,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stonepeak GP Investors Manager LLC acquired a new position in Targa Resources during the fourth quarter valued at about $428,014,000. Norges Bank acquired a new position in Targa Resources during the fourth quarter valued at about $90,181,000. Bank of New York Mellon Corp boosted 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 valued at $250,516,000 after buying an additional 1,345,219 shares during the last quarter. State Street Corp raised its stake in Targa Resources by 49.3% in the fourth quarter. State Street Corp now owns 3,162,553 shares of the pipeline company’s stock valued at $177,320,000 after buying an additional 1,043,670 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Targa Resources during the fourth quarter valued at $38,229,000. Hedge funds and other institutional investors own 79.94% of the company’s stock.
Shares of Targa Resources, Inc. (NYSE TRGP) traded up 2.47% on Friday, hitting $43.50. The stock had a trading volume of 2,474,434 shares. The firm’s 50-day moving average is $48.59 and its 200 day moving average is $55.06. The stock’s market cap is $8.62 billion. Targa Resources, Inc. has a 1-year low of $35.35 and a 1-year high of $61.83.
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TRGP has been the topic of several research reports. Guggenheim initiated coverage on Targa Resources in a report on Monday, April 17th. They issued a “neutral” rating and a $54.00 target price on the stock. Macquarie began coverage on Targa Resources in a research note on Friday, April 21st. They set an “outperform” rating and a $65.00 price objective on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $49.00 price objective on shares of Targa Resources in a research note on Monday, April 17th. Deutsche Bank AG reaffirmed a “buy” rating and set a $69.00 price objective on shares of Targa Resources in a research note on Wednesday, March 29th. Finally, Credit Suisse Group set a $56.00 price objective on Targa Resources and gave the company a “neutral” rating in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $56.44.
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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