Kayne Anderson Capital Advisors LP Sells 268,243 Shares of Targa Resources, Inc. $TRGP

Kayne Anderson Capital Advisors LP decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 20.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,030,133 shares of the pipeline company’s stock after selling 268,243 shares during the quarter. Targa Resources accounts for 3.8% of Kayne Anderson Capital Advisors LP’s portfolio, making the stock its 11th largest position. Kayne Anderson Capital Advisors LP owned about 0.48% of Targa Resources worth $172,588,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Targa Resources during the second quarter valued at approximately $708,366,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Targa Resources by 441.3% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after buying an additional 550,591 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Targa Resources by 306.6% during the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after purchasing an additional 453,460 shares in the last quarter. Vanguard Group Inc. boosted its stake in Targa Resources by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after purchasing an additional 422,075 shares during the period. Finally, Ensign Peak Advisors Inc grew its holdings in Targa Resources by 290.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after buying an additional 374,768 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TRGP shares. Royal Bank Of Canada lifted their price objective on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Citigroup lifted their price objective on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Tuesday. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Finally, Barclays restated an “overweight” rating and issued a $226.00 target price on shares of Targa Resources in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $235.50.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

NYSE TRGP opened at $231.71 on Wednesday. The firm’s fifty day simple moving average is $196.58 and its two-hundred day simple moving average is $176.60. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $233.28. The firm has a market capitalization of $49.81 billion, a P/E ratio of 26.97, a P/E/G ratio of 1.00 and a beta of 0.88. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $1.00 per share. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 46.57%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.