ProShare Advisors LLC Has $864,000 Position in Targa Resources, Inc. (TRGP)
ProShare Advisors LLC boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 13.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,104 shares of the pipeline company’s stock after purchasing an additional 2,200 shares during the quarter. ProShare Advisors LLC’s holdings in Targa Resources were worth $864,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. grew its holdings 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 purchasing an additional 9,757,325 shares during the period. Vanguard Group Inc. increased its position in shares of 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 in the last quarter. Tortoise Capital Advisors L.L.C. increased its position in shares of 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 in the last quarter. Boston Partners purchased a new stake in shares of Targa Resources in the second quarter valued at approximately $65,883,000. Finally, Center Coast Capital Advisors LP increased its position in shares of 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 valued at $248,976,000 after buying an additional 1,252,133 shares in the last quarter. Institutional investors own 87.43% of the company’s stock.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the firm’s stock in a transaction that occurred 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 directly owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.93% of the company’s stock.
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TRGP has been the topic of a number of recent analyst reports. UBS AG reiterated a “buy” rating and set a $59.00 target price (down previously from $62.00) on shares of Targa Resources in a research report on Thursday, June 22nd. BidaskClub raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $53.00 price target (down previously from $65.00) on shares of Targa Resources in a report on Monday, June 5th. BMO Capital Markets reissued a “hold” rating and issued a $51.00 price target on shares of Targa Resources in a report on Wednesday, July 12th. Finally, Stifel Nicolaus set a $63.00 price objective on shares of Targa Resources and gave the stock a “buy” rating in a research report on Monday, June 26th. One analyst has rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.81.
Targa Resources, Inc. (NYSE:TRGP) opened at 47.30 on Monday. The stock’s market capitalization is $10.20 billion. Targa Resources, Inc. has a 1-year low of $40.25 and a 1-year high of $61.83. The firm has a 50-day moving average of $44.90 and a 200-day moving average of $49.24.
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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