Targa Resources Q3 EPS Estimate Boosted by Seaport Res Ptn

Targa Resources Corp. (NYSE:TRGP) – Investment analysts at Seaport Res Ptn lifted their Q3 2024 earnings per share estimates for Targa Resources in a report released on Tuesday, October 29th. Seaport Res Ptn analyst S. Sibal now anticipates that the pipeline company will earn $1.65 per share for the quarter, up from their prior estimate of $1.56. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. Seaport Res Ptn also issued estimates for Targa Resources’ Q4 2024 earnings at $1.78 EPS, FY2024 earnings at $5.99 EPS, FY2025 earnings at $7.73 EPS, FY2026 earnings at $9.29 EPS and FY2027 earnings at $11.23 EPS.

TRGP has been the subject of a number of other reports. Morgan Stanley lifted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Truist Financial boosted their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Scotiabank increased their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Finally, Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $152.79.

Targa Resources Price Performance

Shares of TRGP stock opened at $167.06 on Thursday. The firm has a fifty day moving average of $154.81 and a two-hundred day moving average of $135.32. The firm has a market cap of $36.60 billion, a P/E ratio of 35.17, a P/E/G ratio of 1.29 and a beta of 2.25. Targa Resources has a 1-year low of $81.03 and a 1-year high of $169.92. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

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

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.80%. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was 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 owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

Large investors have recently made changes to their positions in the business. DT Investment Partners LLC acquired a new stake in shares of Targa Resources during the third quarter worth $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter worth about $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new position in shares of Targa Resources in the second quarter worth about $44,000. Finally, Rogco LP purchased a new position in shares of Targa Resources in the first quarter worth approximately $56,000. 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.