Kayne Anderson Capital Advisors LP Reduces Position in Targa Resources Corp. (NYSE:TRGP)

Kayne Anderson Capital Advisors LP decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 22.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,926,251 shares of the pipeline company's stock after selling 558,611 shares during the period. Targa Resources comprises approximately 7.3% of Kayne Anderson Capital Advisors LP's investment portfolio, making the stock its 5th biggest holding. Kayne Anderson Capital Advisors LP owned about 0.88% of Targa Resources worth $285,104,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Thrivent Financial for Lutherans grew its holdings in shares of Targa Resources by 51.1% during the third quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company's stock valued at $2,087,000 after buying an additional 4,769 shares during the last quarter. Natixis Advisors LLC raised its position in shares of Targa Resources by 81.0% in the third quarter. Natixis Advisors LLC now owns 45,818 shares of the pipeline company's stock worth $6,782,000 after acquiring an additional 20,501 shares during the period. Empirical Finance LLC raised its position in shares of Targa Resources by 6.7% during the 3rd quarter. Empirical Finance LLC now owns 4,007 shares of the pipeline company's stock worth $593,000 after purchasing an additional 252 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Targa Resources by 7.5% during the 3rd quarter. CIBC Asset Management Inc now owns 32,182 shares of the pipeline company's stock worth $4,763,000 after purchasing an additional 2,248 shares during the last quarter. Finally, Metis Global Partners LLC raised its holdings in Targa Resources by 12.7% in the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company's stock valued at $3,784,000 after acquiring an additional 2,890 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

TRGP stock traded up $2.96 during trading on Monday, reaching $199.00. 1,747,153 shares of the company were exchanged, compared to its average volume of 1,649,320. The company has a market cap of $43.39 billion, a P/E ratio of 35.45, a PEG ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $199.76. The stock's 50 day moving average price is $163.51 and its 200 day moving average price is $141.15. 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 announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during 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 business posted $0.97 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. Targa Resources's payout ratio is 54.25%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a "buy" rating and a $182.00 target price on the stock. Truist Financial raised their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a report on Friday. Royal Bank of Canada lifted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Finally, UBS Group lifted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research note on Friday. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and a consensus target price of $169.79.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated 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 of the company's stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company's stock, valued at $17,181,399.10. This represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 over the last ninety days. 1.39% of the stock is owned by company insiders.

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.