Targa Resources FY2024 EPS Increased by US Capital Advisors

Targa Resources Corp. (NYSE:TRGP) – Stock analysts at US Capital Advisors lifted their FY2024 earnings per share (EPS) estimates for shares of Targa Resources in a report issued on Tuesday, November 26th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will earn $6.25 per share for the year, up from their prior forecast of $5.92. US Capital Advisors has a “Hold” rating on the stock. The consensus estimate for Targa Resources’ current full-year earnings is $6.23 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.88 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $1.87 EPS, Q3 2025 earnings at $1.97 EPS, Q4 2025 earnings at $2.17 EPS, FY2025 earnings at $7.95 EPS and FY2026 earnings at $9.27 EPS.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the firm posted $0.97 earnings per share.

A number of other research analysts have also weighed in on the company. Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. The Goldman Sachs Group upped their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Truist Financial raised their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Morgan Stanley increased their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $201.39 on Wednesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources has a one year low of $81.03 and a one year high of $209.87. The business has a 50-day simple moving average of $172.39 and a 200 day simple moving average of $146.01. The firm has a market capitalization of $43.92 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 0.80 and a beta of 2.24.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 over the last 90 days. 1.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of Targa Resources in the 2nd quarter worth about $72,345,000. American Century Companies Inc. increased its position in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares in the last quarter. Finally, National Bank of Canada FI grew its position in shares of Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after buying an additional 259,776 shares during the period. 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.