Kayne Anderson Capital Advisors LP Trims Stake in Targa Resources Corp. (NYSE:TRGP)

Kayne Anderson Capital Advisors LP cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 22.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,926,251 shares of the pipeline company’s stock after selling 558,611 shares during the quarter. Targa Resources comprises about 7.3% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 5th largest position. Kayne Anderson Capital Advisors LP’s holdings in Targa Resources were worth $285,104,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Buckley Wealth Management LLC boosted its holdings in Targa Resources by 0.7% in the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after acquiring an additional 65 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after acquiring an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC grew its position in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 84 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after acquiring an additional 89 shares during the last quarter. Finally, Huntington National Bank boosted its stake in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 89 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last 90 days. 1.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TRGP. Truist Financial lifted their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company lifted their price target on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Bank of America began coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $169.79.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $196.04 on Monday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a one year low of $81.03 and a one year high of $197.14. The stock has a market capitalization of $42.75 billion, a P/E ratio of 35.45, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The business’s 50 day simple moving average is $163.51 and its two-hundred day simple moving average is $140.95.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the company earned $0.97 earnings per share. Analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

About Targa Resources

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.