Kayne Anderson Capital Advisors LP Invests $260.34 Million in Targa Resources, Inc. $TRGP

Kayne Anderson Capital Advisors LP acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 970,898 shares of the pipeline company’s stock, valued at approximately $260,337,000. Targa Resources accounts for about 5.1% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 9th biggest position. Kayne Anderson Capital Advisors LP owned about 0.45% of Targa Resources at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. CoreCap Advisors LLC raised its position in Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 91 shares in the last quarter. Virtus Advisers LLC acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $35,000. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $30,000. Finally, Global Assets Advisory LLC acquired a new stake in Targa Resources during the first quarter valued at approximately $41,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TRGP shares. Mizuho lifted their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. UBS Group reissued a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. JPMorgan Chase & Co. lifted their target price on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Barclays boosted their target price on Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $297.18.

Targa Resources Stock Performance

Targa Resources stock opened at $301.99 on Friday. The firm’s 50 day simple moving average is $271.43 and its 200-day simple moving average is $253.78. The company has a market cap of $64.76 billion, a P/E ratio of 28.87, a price-to-earnings-growth ratio of 1.44 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $306.73.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, equities research analysts predict that Targa Resources, Inc. will post 11.05 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.