Kayne Anderson Capital Advisors LP Makes New Investment in Targa Resources, Inc. $TRGP

Kayne Anderson Capital Advisors LP bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, HoldingsChannel reports. The firm bought 970,898 shares of the pipeline company’s stock, valued at approximately $260,337,000. Targa Resources comprises approximately 5.1% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 9th largest position.

Other large investors also recently made changes to their positions in the company. Woodline Partners LP boosted its holdings in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth increased its stake in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after buying an additional 2,404 shares during the period. Baird Financial Group Inc. increased its stake in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after buying an additional 219 shares during the period. Brown Advisory Inc. lifted its position in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after buying an additional 524 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after buying an additional 3,163 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $301.99 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The stock has a market capitalization of $64.76 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 1.44 and a beta of 0.72. The company has a 50 day moving average price of $271.43 and a two-hundred day moving average price of $253.78. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $306.73.

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

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TRGP. TD Cowen boosted their price target on shares of Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 7th. UBS Group reiterated a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a report on Thursday, July 9th. Scotiabank lifted their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Morgan Stanley lifted their price objective on Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $297.18.

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.