FFT Wealth Management LLC Has $782,000 Position in Targa Resources, Inc. (TRGP)
FFT Wealth Management LLC continued to hold its stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,297 shares of the pipeline company’s stock at the end of the second quarter. FFT Wealth Management LLC’s holdings in Targa Resources were worth $782,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of TRGP. Vanguard Group Inc. increased its stake in Targa Resources by 11.9% in the first quarter. Vanguard Group Inc. now owns 15,945,628 shares of the pipeline company’s stock worth $955,142,000 after buying an additional 1,693,292 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Targa Resources by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 14,347,747 shares of the pipeline company’s stock worth $859,430,000 after buying an additional 1,097,748 shares during the last quarter. BlackRock Inc. increased its stake 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 worth $604,426,000 after buying an additional 9,757,325 shares during the last quarter. OppenheimerFunds Inc. increased its stake in Targa Resources by 7.3% in the first quarter. OppenheimerFunds Inc. now owns 8,956,121 shares of the pipeline company’s stock worth $536,472,000 after buying an additional 611,465 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its stake in Targa Resources by 3.2% in the second quarter. Chickasaw Capital Management LLC now owns 7,921,492 shares of the pipeline company’s stock worth $358,051,000 after buying an additional 244,459 shares during the last quarter. Institutional investors own 87.84% of the company’s stock.
Targa Resources, Inc. (NYSE:TRGP) traded down 1.15% during mid-day trading on Wednesday, hitting $42.94. The company had a trading volume of 142,339 shares. The stock has a 50 day moving average price of $45.01 and a 200-day moving average price of $50.79. Targa Resources, Inc. has a 1-year low of $40.25 and a 1-year high of $61.83. The stock’s market capitalization is $9.26 billion.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.38%. The ex-dividend date was Friday, July 28th.
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A number of research firms have weighed in on TRGP. UBS AG restated a “buy” rating and set a $65.00 price target (down previously from $68.00) on shares of Targa Resources in a research report on Tuesday, May 30th. Guggenheim upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Monday, August 14th. Stifel Nicolaus set a $53.00 price target on Targa Resources and gave the company a “buy” rating in a research report on Wednesday, August 23rd. Credit Suisse Group set a $54.00 price target on Targa Resources and gave the company a “hold” rating in a research report on Sunday, May 28th. Finally, BMO Capital Markets set a $51.00 price target on Targa Resources and gave the company a “hold” rating in a research report on Tuesday, August 15th. Nine analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $53.89.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total value of $93,870.00. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is currently owned by insiders.
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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