Targa Resources, Inc. (TRGP) Stake Increased by Usca Ria LLC
Usca Ria LLC raised its position in Targa Resources, Inc. (NYSE:TRGP) by 3.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 4,997 shares of the pipeline company’s stock after buying an additional 178 shares during the period. Usca Ria LLC’s holdings in Targa Resources were worth $226,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Eqis Capital Management Inc. boosted its stake in Targa Resources by 36.1% in the first quarter. Eqis Capital Management Inc. now owns 5,484 shares of the pipeline company’s stock worth $328,000 after buying an additional 1,454 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Targa Resources by 16.9% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 8,290 shares of the pipeline company’s stock worth $497,000 after buying an additional 1,196 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Targa Resources during the first quarter worth approximately $769,000. Canada Pension Plan Investment Board boosted its stake in Targa Resources by 171.9% in the first quarter. Canada Pension Plan Investment Board now owns 226,682 shares of the pipeline company’s stock worth $13,578,000 after buying an additional 143,300 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in Targa Resources by 22.2% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 14,229 shares of the pipeline company’s stock worth $852,000 after buying an additional 2,589 shares during the last quarter. Institutional investors own 87.84% of the company’s stock.
Targa Resources, Inc. (NYSE:TRGP) opened at 43.44 on Wednesday. Targa Resources, Inc. has a 12-month low of $40.25 and a 12-month high of $61.83. The stock’s market cap is $9.37 billion. The firm’s 50-day moving average price is $45.01 and its 200-day moving average price is $50.79.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were issued a dividend of $0.91 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.38%.
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TRGP has been the topic of a number of research reports. Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Tuesday, May 2nd. Jefferies Group LLC restated a “hold” rating on shares of Targa Resources in a research note on Monday, May 15th. Credit Suisse Group lowered their price objective on Targa Resources from $66.00 to $56.00 and set a “neutral” rating on the stock in a research note on Monday, May 15th. Royal Bank Of Canada restated a “buy” rating and issued a $67.00 price objective on shares of Targa Resources in a research note on Monday, May 8th. Finally, Raymond James Financial, Inc. upgraded Targa Resources from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the company from $64.00 to $55.00 in a research note on Friday, May 5th. Nine investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $53.89.
In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total transaction of $93,870.00. Following the completion of the transaction, the insider now owns 50,853 shares of the company’s stock, valued at $2,273,129.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is owned by corporate insiders.
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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