Targa Resources, Inc. (NYSE:TRGP) Stake Reduced by Kayne Anderson Capital Advisors LP

Kayne Anderson Capital Advisors LP lowered its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,400,135 shares of the pipeline company's stock after selling 68,847 shares during the quarter. Targa Resources accounts for about 6.2% of Kayne Anderson Capital Advisors LP's investment portfolio, making the stock its 7th largest position. Kayne Anderson Capital Advisors LP owned approximately 0.64% of Targa Resources worth $280,685,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bessemer Group Inc. increased its position in Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after purchasing an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Targa Resources by 48.1% during the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after purchasing an additional 823 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources during the first quarter valued at $544,000. Vontobel Holding Ltd. boosted its stake in shares of Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after purchasing an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Targa Resources by 5.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after acquiring an additional 111 shares during the period. Institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research reports. The Goldman Sachs Group lowered their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Barclays boosted 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. TD Securities began coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating for the company. Finally, UBS Group reduced their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $209.86.

Targa Resources Stock Up 0.5%

Shares of TRGP traded up $0.75 during mid-day trading on Thursday, hitting $165.67. 591,412 shares of the company traded hands, compared to its average volume of 1,906,121. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The company has a market capitalization of $35.94 billion, a PE ratio of 30.51, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07. The business has a 50 day moving average of $167.30 and a 200 day moving average of $181.31.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.41%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 73.66%.

About Targa Resources

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.