Targa Resources Corp. (NYSE:TRGP) is Kayne Anderson Capital Advisors LP’s 4th Largest Position

Kayne Anderson Capital Advisors LP trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,960,266 shares of the pipeline company’s stock after selling 153,286 shares during the quarter. Targa Resources accounts for approximately 8.0% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 4th biggest holding. Kayne Anderson Capital Advisors LP owned approximately 1.33% of Targa Resources worth $257,158,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TRGP. EdgeRock Capital LLC purchased a new position in Targa Resources during the fourth quarter worth $42,000. Gryphon Financial Partners LLC boosted its stake in shares of Targa Resources by 1.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock worth $5,557,000 after purchasing an additional 645 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Targa Resources by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,347,122 shares of the pipeline company’s stock valued at $117,025,000 after purchasing an additional 29,689 shares during the last quarter. Apollon Wealth Management LLC raised its position in Targa Resources by 3.7% in the 4th quarter. Apollon Wealth Management LLC now owns 23,072 shares of the pipeline company’s stock worth $2,004,000 after purchasing an additional 832 shares during the period. Finally, Maryland State Retirement & Pension System lifted its stake in Targa Resources by 0.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 204,563 shares of the pipeline company’s stock worth $17,770,000 after purchasing an additional 1,863 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP traded up $0.80 on Thursday, hitting $113.25. The company had a trading volume of 100,088 shares, compared to its average volume of 1,702,289. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company’s fifty day moving average price is $110.94 and its 200-day moving average price is $95.46. The company has a market capitalization of $25.11 billion, a PE ratio of 23.14 and a beta of 2.19. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $117.87.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, analysts predict that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources’s payout ratio is currently 61.73%.

Insider Activity

In other news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the transaction, the insider now owns 219,451 shares in the company, valued at approximately $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the transaction, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock worth $7,987,215 over the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of research analyst reports. Wells Fargo & Company upped their price target on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Truist Financial raised their target price on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Royal Bank of Canada boosted their price target on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, February 26th. Scotiabank raised their price objective on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday, April 15th. Finally, Citigroup upped their target price on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.