Kayne Anderson Capital Advisors LP Sells 101,759 Shares of Targa Resources, Inc. $TRGP

Kayne Anderson Capital Advisors LP decreased its position in Targa Resources, Inc. (NYSE:TRGP) by 7.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,298,376 shares of the pipeline company’s stock after selling 101,759 shares during the period. Targa Resources makes up 5.2% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 8th biggest holding. Kayne Anderson Capital Advisors LP owned about 0.60% of Targa Resources worth $226,021,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cornerstone Planning Group LLC boosted its holdings in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 110 shares during the last quarter. Disciplina Capital Management LLC bought a new stake in Targa Resources during the 1st quarter worth approximately $46,000. Hilltop National Bank bought a new position in shares of Targa Resources in the 2nd quarter worth $63,000. Private Trust Co. NA increased its holdings in shares of Targa Resources by 57.1% in the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after buying an additional 173 shares during the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in shares of Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after purchasing an additional 183 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 4.9%

TRGP stock opened at $162.16 on Thursday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $34.89 billion, a PE ratio of 22.94, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The firm has a 50 day moving average of $161.04 and a 200 day moving average of $164.67.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, October 31st. Targa Resources’s payout ratio is currently 56.58%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TRGP. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Barclays lifted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Wall Street Zen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. Cfra Research upgraded shares of Targa Resources to a “hold” rating in a research report on Friday, August 8th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $209.50.

Targa Resources 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.