Texan Capital Management Invests $576,000 in Targa Resources, Inc. (NYSE:TRGP)
Texan Capital Management purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 12,750 shares of the pipeline company’s stock, valued at approximately $576,000.
A number of other large investors have also modified their holdings of TRGP. Van ECK Associates Corp boosted its stake in shares of Targa Resources by 29.1% in the first quarter. Van ECK Associates Corp now owns 2,181 shares of the pipeline company’s stock valued at $131,000 after buying an additional 491 shares during the period. Bollard Group LLC boosted its stake in shares of Targa Resources by 0.9% in the first quarter. Bollard Group LLC now owns 2,499 shares of the pipeline company’s stock valued at $150,000 after buying an additional 23 shares during the period. Fayez Sarofim & Co acquired a new stake in shares of Targa Resources during the first quarter valued at approximately $204,000. Penserra Capital Management LLC boosted its stake in shares of Targa Resources by 53.4% in the first quarter. Penserra Capital Management LLC now owns 3,529 shares of the pipeline company’s stock worth $211,000 after buying an additional 1,228 shares during the last quarter. Finally, Fernwood Investment Management LLC purchased a new stake in shares of Targa Resources during the first quarter worth about $212,000. 81.55% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources, Inc. (NYSE:TRGP) opened at 44.80 on Tuesday. Targa Resources, Inc. has a 12 month low of $39.44 and a 12 month high of $61.83. The firm’s market cap is $8.88 billion. The firm’s 50 day moving average is $44.61 and its 200-day moving average is $52.60.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.13%. The ex-dividend date of this dividend is Friday, July 28th.
A number of brokerages have recently issued reports on TRGP. UBS AG reaffirmed a “buy” rating and issued a $65.00 target price (down from $68.00) on shares of Targa Resources in a report on Tuesday, May 30th. Credit Suisse Group set a $54.00 target price on shares of Targa Resources and gave the company a “hold” rating in a report on Sunday, May 28th. BMO Capital Markets reaffirmed a “hold” rating and issued a $51.00 target price on shares of Targa Resources in a report on Wednesday, July 12th. Robert W. Baird dropped their target price on shares of Targa Resources from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Friday, June 30th. Finally, Zacks Investment Research cut shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Targa Resources presently has a consensus rating of “Buy” and an average price target of $54.16.
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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