Gould Asset Management LLC CA Has $462,000 Position in Targa Resources, Inc. (TRGP)
Gould Asset Management LLC CA decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 10,218 shares of the pipeline company’s stock after selling 230 shares during the period. Gould Asset Management LLC CA’s holdings in Targa Resources were worth $462,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of TRGP. BlackRock Inc. raised 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 valued at $604,426,000 after buying an additional 9,757,325 shares during the last quarter. Vanguard Group Inc. raised 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 valued at $955,142,000 after buying an additional 1,693,292 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised 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 valued at $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 valued at about $65,883,000. Finally, Bank of New York Mellon Corp raised 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 valued at $250,516,000 after buying an additional 1,345,219 shares during the last quarter. Institutional investors and hedge funds own 83.02% of the company’s stock.
Targa Resources, Inc. (NYSE:TRGP) opened at 42.62 on Friday. Targa Resources, Inc. has a 52 week low of $40.25 and a 52 week high of $61.83. The firm’s 50 day moving average is $45.09 and its 200-day moving average is $51.45. The company’s market cap is $9.19 billion.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were given a $0.91 dividend. The ex-dividend date was Friday, July 28th. This represents a $3.64 annualized dividend and a dividend yield of 8.54%.
TRGP has been the subject of several analyst reports. Credit Suisse Group set a $56.00 price target on shares of Targa Resources and gave the company a “neutral” rating in a research report on Friday, May 5th. 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. Royal Bank Of Canada restated a “buy” rating and set a $67.00 price target on shares of Targa Resources in a research report on Monday, May 8th. Wells Fargo & Company upgraded shares of Targa Resources from a “market perform” rating to an “outperform” rating in a research report on Monday, July 17th. Finally, Stifel Nicolaus restated a “buy” rating and set a $54.00 price target (down from $63.00) on shares of Targa Resources in a research report on Monday, July 17th. Nine analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $53.95.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the company’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 value of $93,870.00. Following the completion of the sale, the insider now owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The sale 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 corporate insiders.
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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