California State Teachers Retirement System Has $25.01 Billion Holdings in Targa Resources, Inc. $TRGP

Key Points

• California State Teachers Retirement System increased its Targa Resources stake by 37,275.4% in the second quarter, acquiring more than 93 million shares. Its 93.26 million shares were valued at approximately $25.01 billion, representing 43.49% of the company.
• Targa Resources reported quarterly earnings of $3.54 per share, exceeding analyst expectations of $2.83, though revenue of $4.44 billion fell short of the $4.90 billion estimate. The company also maintains a $1.25 quarterly dividend, equivalent to a 1.7% yield.
• Analysts remain broadly positive, with an overall “Buy” rating and an average price target of $301.18. Targa shares opened at $290.20, near their 52-week high of $307.94.

California State Teachers Retirement System raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 37,275.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,258,824 shares of the pipeline company's stock after acquiring an additional 93,009,305 shares during the quarter. California State Teachers Retirement System owned approximately 43.49% of Targa Resources worth $25,006,421,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Jones Financial Companies Lllp acquired a new position in Targa Resources in the 2nd quarter valued at approximately $32,000. Compass Financial Management LLC purchased a new stake in Targa Resources in the 2nd quarter worth approximately $33,000. CoreCap Advisors LLC boosted its stake in shares of Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock valued at $34,000 after buying an additional 91 shares during the period. Virtus Advisers LLC acquired a new stake in shares of Targa Resources during the 2nd quarter valued at $35,000. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources during the 4th quarter valued at $27,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Activity at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company's stock.

Targa Resources Trading Up 0.1%

Shares of NYSE:TRGP opened at $290.20 on Tuesday. The stock has a market capitalization of $62.23 billion, a PE ratio of 27.74, a P/E/G ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94. The firm has a fifty day moving average price of $277.89 and a 200 day moving average price of $260.41. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Analysts expect that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Scotiabank boosted their target price on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. UBS Group reaffirmed a "buy" rating and issued a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Barclays raised their price target on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a research note 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. According to MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average price target of $301.18.

About Targa Resources

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.

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