Wall Street analysts expect Targa Resources Corp. (NYSE:TRGP) to post earnings per share (EPS) of $0.22 for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Targa Resources’ earnings. The lowest EPS estimate is ($0.12) and the highest is $0.46. Targa Resources reported earnings of $0.14 per share in the same quarter last year, which would indicate a positive year over year growth rate of 57.1%. The firm is expected to report its next earnings report on Thursday, February 18th.
On average, analysts expect that Targa Resources will report full-year earnings of ($6.93) per share for the current year, with EPS estimates ranging from ($7.12) to ($6.76). For the next financial year, analysts anticipate that the business will report earnings of $0.45 per share, with EPS estimates ranging from ($0.59) to $1.26. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Targa Resources.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, November 5th. The pipeline company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07. Targa Resources had a negative net margin of 22.86% and a positive return on equity of 3.89%.
TRGP has been the subject of several research reports. Raymond James raised shares of Targa Resources from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $25.00 to $26.00 in a research note on Friday, October 2nd. Credit Suisse Group raised shares of Targa Resources from a “neutral” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Monday. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Friday, August 14th. Piper Sandler increased their price target on shares of Targa Resources from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. Finally, Bank of America initiated coverage on shares of Targa Resources in a research note on Wednesday, August 19th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $23.68.
A number of institutional investors have recently added to or reduced their stakes in TRGP. First Horizon Advisors Inc. increased its position in Targa Resources by 211.4% during the second quarter. First Horizon Advisors Inc. now owns 1,557 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 1,057 shares during the period. CWM LLC boosted its stake in shares of Targa Resources by 9,938.9% during the second quarter. CWM LLC now owns 1,807 shares of the pipeline company’s stock valued at $36,000 after purchasing an additional 1,789 shares in the last quarter. Nachman Norwood & Parrott Inc acquired a new stake in shares of Targa Resources during the third quarter valued at about $40,000. CX Institutional acquired a new stake in shares of Targa Resources during the third quarter valued at about $45,000. Finally, Cerebellum GP LLC boosted its stake in shares of Targa Resources by 173.4% during the third quarter. Cerebellum GP LLC now owns 3,778 shares of the pipeline company’s stock valued at $53,000 after purchasing an additional 2,396 shares in the last quarter. Institutional investors own 80.94% of the company’s stock.
NYSE TRGP traded up $0.26 during trading hours on Tuesday, hitting $21.84. 20,819 shares of the company’s stock traded hands, compared to its average volume of 3,869,692. Targa Resources has a 52-week low of $3.66 and a 52-week high of $42.13. The company has a market capitalization of $4.94 billion, a PE ratio of -2.60 and a beta of 2.95. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.93 and a quick ratio of 0.76. The firm’s 50-day moving average is $16.73 and its 200-day moving average is $17.55.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 16th. Shareholders of record on Friday, October 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.83%. Targa Resources’s dividend payout ratio (DPR) is presently -49.38%.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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