Targa Resources (TRGP) Set to Announce Quarterly Earnings on Thursday

Targa Resources (NYSE:TRGPGet Rating) will be announcing its earnings results before the market opens on Thursday, May 5th. Analysts expect the company to announce earnings of $0.75 per share for the quarter. Investors that wish to listen to the company’s conference call can do so using this link.

Targa Resources (NYSE:TRGPGet Rating) last released its quarterly earnings data on Thursday, February 24th. The pipeline company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.14). The company had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $4.88 billion. Targa Resources had a net margin of 0.42% and a return on equity of 9.74%. On average, analysts expect Targa Resources to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

NYSE TRGP opened at $75.16 on Thursday. The stock has a 50-day simple moving average of $71.60 and a two-hundred day simple moving average of $61.07. The firm has a market capitalization of $17.17 billion, a P/E ratio of -683.21 and a beta of 2.68. Targa Resources has a fifty-two week low of $33.87 and a fifty-two week high of $81.50. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.70 and a current ratio of 0.77.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 16th. Shareholders of record on Friday, April 29th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.86%. Targa Resources’s payout ratio is currently -1,272.61%.

Several equities analysts recently weighed in on TRGP shares. Morgan Stanley lifted their price target on Targa Resources from $74.00 to $103.00 and gave the company an “overweight” rating in a research note on Tuesday. Raymond James lifted their price target on Targa Resources from $80.00 to $92.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 20th. Mizuho upgraded Targa Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $58.00 to $85.00 in a research note on Friday, March 18th. TheStreet lowered Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. Finally, Evercore ISI upgraded Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price objective for the company in a research note on Monday, February 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average price target of $73.25.

In other Targa Resources news, Director Joe Bob Perkins sold 27,944 shares of the firm’s stock in a transaction on Thursday, April 14th. The stock was sold at an average price of $78.38, for a total value of $2,190,250.72. Following the sale, the director now directly owns 151,018 shares in the company, valued at $11,836,790.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rene R. Joyce sold 15,000 shares of the stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $67.86, for a total value of $1,017,900.00. The disclosure for this sale can be found here. Insiders have sold 55,094 shares of company stock worth $4,176,872 in the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TRGP. Barclays PLC raised its position in shares of Targa Resources by 54.9% during the 4th quarter. Barclays PLC now owns 524,811 shares of the pipeline company’s stock worth $27,416,000 after acquiring an additional 185,997 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Targa Resources during the fourth quarter worth approximately $708,000. Cetera Investment Advisers increased its position in Targa Resources by 6.3% during the fourth quarter. Cetera Investment Advisers now owns 10,653 shares of the pipeline company’s stock worth $557,000 after buying an additional 630 shares during the period. Marshall Wace LLP acquired a new position in Targa Resources during the fourth quarter worth approximately $8,160,000. Finally, Metropolitan Life Insurance Co NY increased its position in Targa Resources by 9.9% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 40,896 shares of the pipeline company’s stock worth $2,136,000 after buying an additional 3,696 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

About Targa Resources (Get Rating)

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; and gathering, purchasing, storing, terminaling, and selling crude oil.

Further Reading

Earnings History for Targa Resources (NYSE:TRGP)

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