Targa Resources, Inc. (TRGP) Stake Raised by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board boosted its position in Targa Resources, Inc. (NYSE:TRGP) by 40.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 318,782 shares of the pipeline company’s stock after buying an additional 92,100 shares during the period. Canada Pension Plan Investment Board’s holdings in Targa Resources were worth $14,409,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of TRGP. Pointe Capital Management LLC purchased a new position in Targa Resources during the second quarter worth approximately $613,000. Shine Investment Advisory Services Inc. purchased a new position in Targa Resources during the second quarter worth approximately $105,000. Global X Management Co. LLC raised its position in Targa Resources by 5.3% in the second quarter. Global X Management Co. LLC now owns 159,085 shares of the pipeline company’s stock worth $7,191,000 after buying an additional 7,967 shares in the last quarter. Pioneer Investment Management Inc. raised its position in Targa Resources by 16.5% in the second quarter. Pioneer Investment Management Inc. now owns 76,037 shares of the pipeline company’s stock worth $3,436,000 after buying an additional 10,775 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its position in Targa Resources by 16.4% in the second quarter. Pictet Asset Management Ltd. now owns 649,551 shares of the pipeline company’s stock worth $29,834,000 after buying an additional 91,578 shares in the last quarter. 83.02% of the stock is owned by hedge funds and other institutional investors.
Targa Resources, Inc. (NYSE:TRGP) opened at 43.17 on Wednesday. The stock’s 50 day moving average is $45.16 and its 200-day moving average is $51.58. Targa Resources, Inc. has a 12-month low of $40.25 and a 12-month high of $61.83. The company’s market cap is $9.31 billion.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 8.43%. The ex-dividend date was Friday, July 28th.
A number of equities analysts recently commented on the stock. BMO Capital Markets set a $51.00 price objective on shares of Targa Resources and gave the stock a “hold” rating in a research note on Tuesday. Guggenheim raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Monday. Zacks Investment Research raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. ValuEngine raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Barclays PLC lowered shares of Targa Resources from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $55.00 to $47.00 in a research note on Tuesday, July 18th. Nine analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Targa Resources currently has an average rating of “Buy” and a consensus target price of $53.95.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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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