BlackRock Stock (BLK) Gets a Boost from Its New Texas ETF
BlackRock (BLK) announced the launch of a new exchange-traded fund (ETF) that is focused on businesses in Texas. This fund, named iShares Texas Equity ETF (TEXN), will invest in companies that are headquartered in the state.
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BlackRock created the new Texas ETF as more corporations have moved their operations to the state, or are expanding their presence in it. A few notable examples include Tesla (TLSA), Chevron (CVX), Charles Schwab (SCHW), Oracle (ORCL), Hewlett Packard Enterprise (HPE), and Caterpillar (CAT).
Interest in moving headquarters to Texas has grown due to the state's favorable tax laws. That's resulted in many businesses shifting operations out of California and other states with stricter tax laws. This has sparked concern from residents of these states that lost tax revenue will negatively affect them.
BlackRock's Investments In Texas
BlackRock's Texas ETF fund makes sense as the firm has $380 billion in assets connected to companies in the state. Included in that is $115 billion in the state's oil and gas industry. Its huge interest in Texas allows it to offer an ETF that already has strong ties to the area.
BLK stock was up 1.43% as of Tuesday afternoon, extending a 24.16% 12-month rally. On the flip side of that, shares are down 1.35% year-to-date. The stock also received a reiterated Buy rating and $1,154 price target from five-star TD Cowen analyst William Katz.
Is BlackRock Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for BlackRock is Moderate Buy, based on 11 Buy and two Hold ratings over the past 12 months. With that comes an average BLK stock price target of $1,058.85, representing a potential 5.68% upside for the shares.
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