New York State Teachers Retirement System Increases Stake in Targa Resources, Inc. $TRGP

Key Points

• The New York State Teachers Retirement System increased its stake in Targa Resources, Inc. by 12.2% during Q2, owning approximately 166,918 shares worth $29 million.
• Targa Resources reported a Q2 EPS of $2.87, surpassing analyst estimates of $1.95, although its revenue was lower than expected at $4.26 billion.
• In November, Targa Resources will pay a quarterly dividend of $1.00 per share, resulting in an annualized yield of 2.7%.

New York State Teachers Retirement System grew its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 12.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,918 shares of the pipeline company's stock after acquiring an additional 18,118 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Targa Resources worth $29,057,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Planning Group LLC raised its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 110 shares during the period. Disciplina Capital Management LLC purchased a new stake in shares of Targa Resources in the first quarter valued at $46,000. Olde Wealth Management LLC purchased a new stake in shares of Targa Resources in the first quarter valued at $52,000. Wolff Wiese Magana LLC raised its stake in shares of Targa Resources by 376.2% in the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock valued at $60,000 after acquiring an additional 237 shares during the period. Finally, Hilltop National Bank purchased a new stake in shares of Targa Resources in the second quarter valued at $63,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 1.5%

NYSE TRGP opened at $148.51 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a market capitalization of $31.96 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 0.87 and a beta of 1.12. The company's 50-day simple moving average is $163.54 and its two-hundred day simple moving average is $166.23. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent analyst reports. Barclays increased their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Mizuho cut their price target on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, August 29th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $214.00 to $215.00 and gave the stock an "overweight" rating in a report on Tuesday, October 7th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $209.50.

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.

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