Geode Capital Management LLC Boosts Position in Targa Resources Corp (TRGP)
Geode Capital Management LLC increased its stake in shares of Targa Resources Corp (NYSE:TRGP) by 11.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,377,266 shares of the pipeline company’s stock after buying an additional 241,381 shares during the quarter. Geode Capital Management LLC’s holdings in Targa Resources were worth $85,752,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors lifted its stake in Targa Resources by 252.1% in the fourth quarter. Captrust Financial Advisors now owns 4,958 shares of the pipeline company’s stock valued at $179,000 after acquiring an additional 3,550 shares during the last quarter. ARP Americas LP acquired a new stake in shares of Targa Resources in the fourth quarter worth $714,000. EJF Capital LLC acquired a new stake in shares of Targa Resources in the fourth quarter worth $216,000. Tortoise Index Solutions LLC lifted its stake in shares of Targa Resources by 101.1% in the fourth quarter. Tortoise Index Solutions LLC now owns 253,568 shares of the pipeline company’s stock worth $9,134,000 after buying an additional 127,495 shares during the last quarter. Finally, Brown Advisory Inc. lifted its stake in shares of Targa Resources by 1.9% in the fourth quarter. Brown Advisory Inc. now owns 13,403 shares of the pipeline company’s stock worth $483,000 after buying an additional 256 shares during the last quarter. Institutional investors and hedge funds own 91.87% of the company’s stock.
A number of brokerages have recently weighed in on TRGP. Wells Fargo & Co restated a “buy” rating on shares of Targa Resources in a research note on Thursday, February 21st. Evercore ISI began coverage on shares of Targa Resources in a research note on Tuesday, February 5th. They issued a $46.00 price objective for the company. ValuEngine lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 23rd. Zacks Investment Research lowered shares of Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 12th. Finally, Credit Suisse Group dropped their target price on shares of Targa Resources from $60.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 13th. Eight equities research 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 has an average rating of “Buy” and an average target price of $55.71.
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Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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