FY2024 EPS Estimate for Targa Resources Raised by Analyst

Targa Resources Corp. (NYSE:TRGP) – Equities researchers at US Capital Advisors increased their FY2024 earnings per share estimates for shares of Targa Resources in a research note issued to investors on Monday, October 28th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings per share of $5.92 for the year, up from their prior estimate of $5.90. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.80 EPS, Q1 2025 earnings at $1.83 EPS, Q2 2025 earnings at $1.79 EPS, Q3 2025 earnings at $1.92 EPS, Q4 2025 earnings at $2.09 EPS, FY2025 earnings at $7.62 EPS and FY2026 earnings at $8.82 EPS.

A number of other brokerages have also recently commented on TRGP. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. 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 note on Friday, October 25th. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $152.79.

Targa Resources Trading Down 0.2 %

Shares of TRGP stock opened at $164.41 on Tuesday. The stock’s fifty day moving average price is $153.83 and its two-hundred day moving average price is $134.87. The company has a market cap of $36.02 billion, a PE ratio of 34.61, a P/E/G ratio of 1.29 and a beta of 2.25. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $169.92. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last issued its earnings results 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. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the business posted $1.44 EPS.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

Insider Transactions at Targa Resources

In other news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other 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 value of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,534 shares of company stock valued at $26,815,021. Corporate insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

Several large investors have recently made changes to their positions in the company. Buckley Wealth Management LLC boosted its stake in Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 65 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after purchasing an additional 83 shares during the last quarter. Fifth Third Bancorp boosted its stake in Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after purchasing an additional 89 shares during the last quarter. Catalina Capital Group LLC boosted its stake in Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after purchasing an additional 99 shares during the last quarter. Finally, &PARTNERS boosted its stake in Targa Resources by 1.1% during the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock valued at $1,302,000 after purchasing an additional 107 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.