Seaport Res Ptn Predicts Targa Resources FY2024 Earnings

Targa Resources Corp. (NYSE:TRGP) – Investment analysts at Seaport Res Ptn issued their FY2024 earnings per share (EPS) estimates for shares of Targa Resources in a research note issued on Wednesday, February 5th. Seaport Res Ptn analyst S. Sibal forecasts that the pipeline company will post earnings per share of $6.13 for the year. The consensus estimate for Targa Resources’ current full-year earnings is $6.41 per share. Seaport Res Ptn also issued estimates for Targa Resources’ Q4 2024 earnings at $1.80 EPS.

Several other equities research analysts have also issued reports on TRGP. Scotiabank assumed coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price for the company. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $189.21.

Targa Resources Trading Up 2.2 %

Shares of TRGP stock opened at $205.87 on Monday. The company has a market cap of $44.89 billion, a PE ratio of 37.23, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29. The stock’s 50 day simple moving average is $193.07 and its two-hundred day simple moving average is $171.43. Targa Resources has a 1 year low of $87.37 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Targa Resources by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after acquiring an additional 97,583 shares in the last quarter. Amundi lifted its position in Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after acquiring an additional 318,261 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Targa Resources by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,464,111 shares of the pipeline company’s stock valued at $261,344,000 after acquiring an additional 38,723 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after purchasing an additional 14,287 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. Targa Resources’s dividend payout ratio is presently 54.25%.

Targa Resources Company Profile

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.