HITE Hedge Asset Management LLC raised its stake in shares of Targa Resources Corp (NYSE:TRGP) by 301.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 545,391 shares of the company’s stock after buying an additional 409,393 shares during the period. Targa Resources Corp accounts for approximately 9.3% of HITE Hedge Asset Management LLC’s portfolio, making the stock its largest position. HITE Hedge Asset Management LLC’s holdings in Targa Resources Corp were worth $22,983,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Commonwealth Equity Services Inc acquired a new stake in Targa Resources Corp during the first quarter valued at approximately $664,000. Virginia Retirement System acquired a new stake in Targa Resources Corp during the first quarter valued at approximately $257,000. IFP Advisors Inc boosted its stake in Targa Resources Corp by 1,968.0% in the first quarter. IFP Advisors Inc now owns 24,795 shares of the company’s stock valued at $740,000 after buying an additional 23,596 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its stake in Targa Resources Corp by 666.5% in the first quarter. Duff & Phelps Investment Management Co. now owns 944,043 shares of the company’s stock valued at $28,189,000 after buying an additional 820,883 shares in the last quarter. Finally, CIBC World Markets Inc. acquired a new stake in Targa Resources Corp during the first quarter valued at approximately $435,000.
Targa Resources Corp (NYSE:TRGP) traded up 0.28% during trading on Thursday, reaching $49.40. The company had a trading volume of 3,032,534 shares. The company has a 50-day moving average price of $45.18 and a 200 day moving average price of $40.04. The stock’s market cap is $8.23 billion. Targa Resources Corp has a 52-week low of $14.55 and a 52-week high of $66.87.
Targa Resources Corp (NYSE:TRGP) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.07. On average, analysts anticipate that Targa Resources Corp will post ($0.36) earnings per share for the current year.
TRGP has been the subject of several recent analyst reports. Jefferies Group cut Targa Resources Corp from a “buy” rating to a “hold” rating and raised their price target for the company from $34.00 to $45.00 in a report on Wednesday, June 8th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Targa Resources Corp in a report on Thursday, June 16th. Zacks Investment Research raised Targa Resources Corp from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, July 5th. Stifel Nicolaus raised Targa Resources Corp from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $38.51 to $43.00 in a report on Thursday, August 4th. They noted that the move was a valuation call. Finally, Wunderlich lifted their price objective on Targa Resources Corp from $44.00 to $45.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. Ten investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Targa Resources Corp currently has an average rating of “Hold” and an average price target of $47.70.
In related news, insider D. Scott Pryor sold 7,500 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $37.66, for a total transaction of $282,450.00. Following the completion of the sale, the insider now directly owns 60,553 shares in the company, valued at $2,280,425.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jeffrey J. Mcparland sold 3,700 shares of the stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $45.13, for a total value of $166,981.00. Following the sale, the insider now owns 145,983 shares of the company’s stock, valued at $6,588,212.79. The disclosure for this sale can be found here.
Targa Resources Corp Company Profile
Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP (the Partnership), is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products.
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