Targa Resources Corp. (NYSE: TRGP – Get Rating) – Equities research analysts at Capital One Financial lifted their Q3 2022 earnings per share estimates for shares of Targa Resources in a report released on Wednesday, June 22nd. Capital One Financial analyst K. May now anticipates that the pipeline company will earn $ 1.18 per share for the quarter, up from their prior forecast of $ 1.10. The consensus estimate for Targa Resources’ current full-year earnings is $ 4.02 per share. Capital One Financial also issued estimates for Targa Resources’ FY2022 earnings at $ 3.84 EPS, Q1 2023 earnings at $ 1.36 EPS, Q2 2023 earnings at $ 1.45 EPS, Q3 2023 earnings at $ 1.53 EPS, Q4 2023 earnings at $ 1.61 EPS, FY2023 earnings at $ 5.95 EPS and FY2024 earnings at $ 6.11 EPS.
TRGP has been the subject of several other reports. Mizuho raised Targa Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $ 58.00 to $ 85.00 in a report on Friday, March 18th. Wells Fargo & Company reduced their target price on Targa Resources to $ 83.00 and set an “overweight” rating for the company in a report on Friday, May 20th. StockNews.com downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday, May 19th. Raymond James upped their target price on Targa Resources from $ 80.00 to $ 92.00 and gave the company a “strong-buy” rating in a report on Wednesday, April 20th. Finally, TheStreet downgraded Targa Resources from a “b-” rating to a “c” rating in a report on Thursday, March 3rd. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $ 77.00.
Shares of Targa Resources stock opened at $ 58.15 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 1.73. The firm has a market cap of $ 13.26 billion, a price-to-earnings ratio of -100.26 and a beta of 2.53. The business has a fifty day simple moving average of $ 71.87 and a 200-day simple moving average of $ 65.58. Targa Resources has a fifty-two week low of $ 38.81 and a fifty-two week high of $ 81.50.
Targa Resources (NYSE: TRGP – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The pipeline company reported $ 0.06 earnings per share for the quarter, missing the consensus estimate of $ 0.89 by ($ 0.83). The firm had revenue of $ 4.96 billion during the quarter, compared to analyst estimates of $ 6.07 billion. Targa Resources had a negative net margin of 0.22% and a positive return on equity of 8.24%. During the same quarter last year, the company earned $ 0.53 EPS.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 16th. Investors of record on Friday, April 29th were given a dividend of $ 0.35 per share. This represents a $ 1.40 annualized dividend and a yield of 2.41%. Targa Resources’s payout ratio is -241.38%.
In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $ 71.33, for a total value of $ 1,426,600.00. Following the transaction, the insider now directly owns 81,233 shares of the company’s stock, valued at approximately $ 5,794,349.89. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Joe Bob Perkins sold 27,944 shares of the company’s stock in a transaction dated Thursday, April 14th. The stock was sold at an average price of $ 78.38, for a total value of $ 2,190,250.72. Following the completion of the transaction, the director now directly owns 151,018 shares in the company, valued at $ 11,836,790.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,662 shares of company stock worth $ 4,847,249. Insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of TRGP. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 424.5% during the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline’s stock valued at $ 285,110,000 after acquiring an additional 3,057,486 shares during the last quarter. BlackRock Inc. boosted its stake in Targa Resources by 7.3% during the 4th quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline’s stock valued at $ 1,147,183,000 after purchasing an additional 1,499,300 shares during the period. State Street Corp boosted its stake in Targa Resources by 14.4% during the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline’s stock valued at $ 591,455,000 after purchasing an additional 986,283 shares during the period. First Trust Advisors LP boosted its stake in Targa Resources by 324.0% during the 4th quarter. First Trust Advisors LP now owns 1,205,000 shares of the pipeline’s stock valued at $ 62,949,000 after purchasing an additional 920,818 shares during the period. Finally, Bank of America Corp DE boosted its stake in Targa Resources by 126.3% during the 1st quarter. Bank of America Corp DE now owns 1,518,911 shares of the pipeline’s stock valued at $ 114,633,000 after purchasing an additional 847,667 shares during the period. 91.93% of the stock is currently owned by institutional investors and hedge funds.
Targa Resources Company Profile (Get Rating)
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.
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