Targa Resources Corp. (NYSE:TRGP) Shares Sold by Kayne Anderson Capital Advisors LP

Kayne Anderson Capital Advisors LP lessened its holdings in Targa Resources Corp. (NYSE:TRGP) by 22.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,926,251 shares of the pipeline company’s stock after selling 558,611 shares during the quarter. Targa Resources makes up approximately 7.3% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 5th biggest holding. Kayne Anderson Capital Advisors LP owned about 0.88% of Targa Resources worth $285,104,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of TRGP. DT Investment Partners LLC acquired a new position in Targa Resources in the third quarter valued at about $29,000. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources during the 2nd quarter worth approximately $29,000. UMB Bank n.a. raised its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the period. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter worth approximately $44,000. Finally, Huntington National Bank lifted 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 buying an additional 89 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TRGP. UBS Group increased their target price on Targa Resources from $182.00 to $246.00 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 report on Monday, November 11th. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $169.79.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by corporate insiders.

Targa Resources Price Performance

Targa Resources stock opened at $196.04 on Monday. The company has a market capitalization of $42.75 billion, a price-to-earnings ratio of 35.45, a PEG ratio of 0.78 and a beta of 2.24. The stock’s 50 day moving average is $163.51 and its 200-day moving average is $140.95. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14.

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

Targa Resources Dividend Announcement

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

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.