Kayne Anderson Capital Advisors LP Cuts Stake in Targa Resources, Inc. (NYSE:TRGP)

Kayne Anderson Capital Advisors LP lessened its position in Targa Resources, Inc. (NYSE:TRGP) by 4.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,400,135 shares of the pipeline company’s stock after selling 68,847 shares during the period. Targa Resources makes up about 6.2% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 7th largest position. Kayne Anderson Capital Advisors LP’s holdings in Targa Resources were worth $280,685,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Bessemer Group Inc. lifted its holdings in shares of Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock worth $494,000 after purchasing an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Targa Resources by 48.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company’s stock worth $508,000 after purchasing an additional 823 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Targa Resources in the 1st quarter worth $544,000. Vontobel Holding Ltd. lifted its holdings in shares of Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company’s stock worth $753,000 after purchasing an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Targa Resources by 5.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company’s stock worth $408,000 after purchasing an additional 111 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent research reports. Citigroup cut their target price on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. TD Securities began coverage on Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating for the company. TD Cowen began coverage on Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating and a $192.00 price target for the company. Barclays increased their price target on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Finally, Mizuho set a $212.00 target price on Targa Resources and gave the company an “outperform” rating in a research report on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $209.86.

Targa Resources Stock Up 0.8%

Shares of NYSE TRGP opened at $167.85 on Monday. The company has a market cap of $36.41 billion, a P/E ratio of 30.99, a P/E/G ratio of 1.12 and a beta of 1.07. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The business has a 50-day simple moving average of $167.58 and a two-hundred day simple moving average of $181.72. Targa Resources, Inc. has a 52 week low of $122.56 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, July 31st. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

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.