Shares of Targa Resources (NYSE: TRGP) traded more than 11% higher as of 2:05 p.m. EDT after it was announced that the energy company will soon join the S&P MidCap 400 Index.
The S&P MidCap 400 Index is composed of a wide range of publicly traded U.S. mid-cap stocks with a market capitalization ranging from $3.2 billion to $9.8 billion. Targa, one of the largest independent infrastructure companies in the U.S., currently has a market cap around $10.5 billion.
It replaces the property data company CoreLogic in the index. CoreLogic is getting acquired by the private equity and venture capital firms Stone Point Capital and Insight Partners in a deal soon expected to close.
For further details see:
Why Shares of Targa Resources Are Trading Higher Today