Kayne Anderson Capital Advisors LP Sells 457,269 Shares of Targa Resources Corp. (NYSE:TRGP)

Kayne Anderson Capital Advisors LP cut its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 23.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,468,982 shares of the pipeline company's stock after selling 457,269 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 holding. Kayne Anderson Capital Advisors LP owned approximately 0.67% of Targa Resources worth $262,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Crossmark Global Holdings Inc. grew its holdings in Targa Resources by 3.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 10,920 shares of the pipeline company's stock valued at $1,616,000 after buying an additional 344 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Targa Resources in the third quarter valued at about $159,000. Venturi Wealth Management LLC grew its holdings in shares of Targa Resources by 36.1% in the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company's stock valued at $79,000 after purchasing an additional 141 shares during the period. Entropy Technologies LP increased its position in Targa Resources by 78.0% during the third quarter. Entropy Technologies LP now owns 38,425 shares of the pipeline company's stock worth $5,687,000 after purchasing an additional 16,836 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Targa Resources by 9.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,163 shares of the pipeline company's stock worth $76,693,000 after purchasing an additional 45,590 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Scotiabank dropped their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Truist Financial lowered their price objective on Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a research report on Friday, December 13th. Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Finally, Stifel Nicolaus raised their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus price target of $206.43.

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Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. 1.44% of the stock is owned by company insiders.

Targa Resources Trading Up 1.5 %

Shares of TRGP stock opened at $181.06 on Wednesday. Targa Resources Corp. has a fifty-two week low of $104.24 and a fifty-two week high of $218.51. The company has a 50 day moving average price of $198.83 and a 200 day moving average price of $180.73. The stock has a market capitalization of $39.49 billion, a P/E ratio of 31.54, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. Equities research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.66%. Targa Resources's payout ratio is 52.26%.

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.

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