Targa Resources Corp. shares jump in debut (AP)
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HOUSTON – Shares of Targa Resources Corp. are surging in their first day of trading on the New York Stock Exchange.
The stock climbed more than 10 percent, or $2.30, to $24.30 in Tuesday morning trading. The Houston company priced its initial public offering at $22 per share, higher than the range of $19 to $21 that it expected.
Targa owns general and limited partner interests in natural gas company Targa Resources Partners LP. The company is selling about 16.4 million shares, up from an original plan of 13.8 million shares. Underwriters have a 30-day option to buy another 2.5 million shares.
Targa has said in Securities and Exchange Commission filings that all shares will be sold by its existing stockholders, and it will not receive proceeds from the offering.
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