Seven Eight Capital LP acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 37,335 shares of the pipeline company’s stock, valued at approximately $1,688,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp lifted its holdings in shares of Targa Resources by 29.1% during the first quarter. Van ECK Associates Corp now owns 2,181 shares of the pipeline company’s stock valued at $131,000 after acquiring an additional 491 shares during the period. Shine Investment Advisory Services Inc. bought a new position in shares of Targa Resources during the second quarter valued at $105,000. Bollard Group LLC lifted its holdings in shares of Targa Resources by 1.1% during the second quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after acquiring an additional 27 shares during the period. Ffcm LLC lifted its holdings in shares of Targa Resources by 237.0% during the second quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 1,910 shares during the period. Finally, Fayez Sarofim & Co bought a new position in shares of Targa Resources during the first quarter valued at $204,000. 87.85% of the stock is owned by institutional investors.
A number of research analysts have issued reports on the company. UBS AG reissued a “buy” rating and set a $65.00 price objective (down from $68.00) on shares of Targa Resources in a report on Tuesday, May 30th. Credit Suisse Group set a $54.00 price objective on Targa Resources and gave the company a “hold” rating in a report on Sunday, May 28th. ValuEngine raised Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Stifel Nicolaus reissued a “buy” rating and set a $54.00 price objective (down from $63.00) on shares of Targa Resources in a report on Monday, July 17th. Finally, Barclays PLC cut Targa Resources from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $55.00 to $47.00 in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $54.33.
In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction dated 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 directly owns 50,853 shares in the company, valued at $2,273,129.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is currently owned by company insiders.
Targa Resources, Inc. (NYSE:TRGP) opened at 47.39 on Thursday. Targa Resources, Inc. has a 52-week low of $40.25 and a 52-week high of $61.83. The firm’s market capitalization is $10.22 billion. The stock’s 50 day moving average price is $44.81 and its 200 day moving average price is $49.59.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were given a $0.91 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $3.64 annualized dividend and a yield of 7.72%. Targa Resources’s dividend payout ratio is presently -183.84%.
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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