Catalyst Capital Advisors LLC Raises Stake in Targa Resources, Inc. (TRGP)
Catalyst Capital Advisors LLC raised its position in Targa Resources, Inc. (NYSE:TRGP) by 28.3% during the second quarter, Holdings Channel reports. The fund owned 262,356 shares of the pipeline company’s stock after buying an additional 57,867 shares during the period. Targa Resources comprises about 0.5% of Catalyst Capital Advisors LLC’s holdings, making the stock its 23rd largest position. Catalyst Capital Advisors LLC’s holdings in Targa Resources were worth $11,858,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in TRGP. BlackRock Inc. increased its stake 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 during the last quarter. Vanguard Group Inc. increased its stake 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 during the last quarter. Tortoise Capital Advisors L.L.C. increased its stake 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 during the last quarter. Boston Partners acquired a new stake in Targa Resources during the second quarter worth approximately $65,883,000. Finally, Bank of New York Mellon Corp increased its stake 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 during the last quarter. Institutional investors and hedge funds own 81.55% of the company’s stock.
Targa Resources, Inc. (TRGP) opened at 44.30 on Friday. The company’s 50-day moving average is $45.12 and its 200-day moving average is $51.91. Targa Resources, Inc. has a 12 month low of $40.25 and a 12 month high of $61.83. The stock’s market capitalization is $9.55 billion.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.91 per share. The ex-dividend date is Friday, July 28th. This represents a $3.64 annualized dividend and a yield of 8.22%.
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A number of equities research analysts have recently issued reports on TRGP shares. Guggenheim started coverage on shares of Targa Resources in a report on Monday, April 17th. They set a “neutral” rating and a $54.00 price target on the stock. Credit Suisse Group set a $56.00 price target on shares of Targa Resources and gave the company a “neutral” rating in a report on Friday, May 5th. Macquarie started coverage on shares of Targa Resources in a report on Friday, April 21st. They set an “outperform” rating and a $65.00 price target on the stock. BMO Capital Markets restated a “hold” rating and set a $49.00 price target on shares of Targa Resources in a report on Monday, April 17th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $67.00 price target on shares of Targa Resources in a report on Monday, May 8th. Ten research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average 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 firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total transaction of $93,870.00. Following the sale, the insider now directly owns 50,853 shares in the company, valued at approximately $2,273,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.93% of the company’s stock.
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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