Targa Resources, Inc. (TRGP) Position Trimmed by Yorkville Capital Management LLC
Yorkville Capital Management LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 70.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,879 shares of the pipeline company’s stock after selling 62,609 shares during the period. Targa Resources makes up approximately 1.4% of Yorkville Capital Management LLC’s portfolio, making the stock its 26th biggest holding. Yorkville Capital Management LLC’s holdings in Targa Resources were worth $1,215,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in TRGP. Oxford Asset Management acquired a new position in Targa Resources during the first quarter worth $323,000. JPMorgan Chase & Co. grew its holdings in Targa Resources by 46.6% during the first quarter. JPMorgan Chase & Co. now owns 125,993 shares of the pipeline company’s stock worth $7,546,000 after acquiring an additional 40,026 shares during the period. Prudential Financial Inc. grew its holdings in Targa Resources by 16.2% during the first quarter. Prudential Financial Inc. now owns 31,522 shares of the pipeline company’s stock worth $1,888,000 after acquiring an additional 4,400 shares during the period. Alliancebernstein L.P. grew its holdings in Targa Resources by 3.0% during the first quarter. Alliancebernstein L.P. now owns 116,090 shares of the pipeline company’s stock worth $6,954,000 after acquiring an additional 3,350 shares during the period. Finally, AXA acquired a new position in Targa Resources during the first quarter worth $297,000. 87.43% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of Targa Resources stock in a transaction 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 transaction, the insider now directly owns 50,853 shares in the company, valued at approximately $2,273,129.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.93% of the company’s stock.
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Targa Resources, Inc. (NYSE:TRGP) traded down 0.90% during mid-day trading on Tuesday, hitting $45.28. The company had a trading volume of 768,982 shares. The company’s 50 day moving average price is $46.64 and its 200-day moving average price is $48.04. Targa Resources, Inc. has a one year low of $40.25 and a one year high of $61.83. The company’s market cap is $9.76 billion.
TRGP has been the topic of a number of recent analyst reports. ValuEngine lowered Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Citigroup Inc. dropped their price objective on Targa Resources from $64.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, June 28th. Royal Bank Of Canada dropped their price objective on Targa Resources from $67.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, July 14th. Zacks Investment Research lowered Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, Deutsche Bank AG lowered Targa Resources from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $69.00 to $47.00 in a report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $54.50.
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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