Q3 EPS Estimates for Targa Resources Lowered by Analyst

Targa Resources Corp. (NYSE:TRGP) – Equities researchers at Capital One Financial dropped their Q3 2024 earnings per share estimates for Targa Resources in a research report issued to clients and investors on Thursday, October 24th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will earn $1.61 per share for the quarter, down from their prior estimate of $1.65. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $6.04 EPS.

TRGP has been the topic of a number of other research reports. Barclays raised their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada upped their target price on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $152.79.

Targa Resources Stock Down 1.5 %

Shares of TRGP opened at $165.96 on Friday. The firm has a market capitalization of $36.36 billion, a P/E ratio of 34.94, a P/E/G ratio of 1.28 and a beta of 2.25. Targa Resources has a 12-month low of $81.03 and a 12-month high of $169.92. The firm has a fifty day moving average price of $152.97 and a 200-day moving average price of $133.90. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Insider Transactions at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC acquired a new stake in Targa Resources in the 3rd quarter worth about $29,000. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. acquired a new stake in shares of Targa Resources during the 2nd quarter worth $44,000. Finally, Register Financial Advisors LLC purchased a new position in shares of Targa Resources in the 1st quarter worth about $45,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.