California State Teachers Retirement System Buys 98,280 Shares of Targa Resources, Inc. $TRGP

California State Teachers Retirement System boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 39.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 347,799 shares of the pipeline company's stock after acquiring an additional 98,280 shares during the quarter. California State Teachers Retirement System owned 0.16% of Targa Resources worth $93,258,824 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Readystate Asset Management LP purchased a new position in Targa Resources during the second quarter valued at $5,282,000. Ameritas Advisory Services LLC acquired a new position in Targa Resources during the 2nd quarter valued at approximately $344,000. HB Wealth Management LLC boosted its holdings in shares of Targa Resources by 0.7% in the second quarter. HB Wealth Management LLC now owns 11,197 shares of the pipeline company's stock worth $3,003,000 after buying an additional 82 shares during the period. Saudi Central Bank lifted its stake in shares of Targa Resources by 85.0% in the second quarter. Saudi Central Bank now owns 14,660 shares of the pipeline company's stock valued at $3,931,000 after buying an additional 6,737 shares during the period. Finally, Compass Financial Management LLC bought a new position in shares of Targa Resources in the second quarter valued at about $33,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 0.3%

TRGP stock traded down $0.86 during mid-day trading on Tuesday, reaching $286.39. The company had a trading volume of 303,760 shares, compared to its average volume of 1,306,684. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a market capitalization of $61.41 billion, a price-to-earnings ratio of 27.36, a PEG ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The stock has a 50 day simple moving average of $280.87 and a two-hundred day simple moving average of $262.58.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its 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. 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 11.32 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. 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 payout ratio is currently 47.80%.

Insider Buying and Selling

In related news, Director Paul W. Chung sold 1,816 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the sale, the director directly owned 44,000 shares of the company's stock, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company's stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TRGP shares. Jefferies Financial Group upped their price objective on shares of Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. Wolfe Research set a $335.00 price target on Targa Resources in a report on Friday, August 7th. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Truist Financial lifted their price target on Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Finally, Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $309.94.

About Targa Resources

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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