Targa Resources Corp. (NYSE:TRGP – Get Rating) – Equities research analysts at Seaport Res Ptn boosted their FY2024 earnings estimates for shares of Targa Resources in a research note issued on Thursday, April 28th. Seaport Res Ptn analyst S. Sibal now forecasts that the pipeline company will post earnings per share of $9.43 for the year, up from their prior forecast of $9.31.
A number of other equities research analysts have also recently issued reports on the company. Mizuho upgraded Targa Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $58.00 to $85.00 in a research note on Friday, March 18th. Bank of America lowered their target price on shares of Targa Resources from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Tuesday, January 18th. Evercore ISI raised shares of Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 target price on the stock in a report on Monday, February 7th. Raymond James boosted their target price on shares of Targa Resources from $80.00 to $92.00 and gave the company a “strong-buy” rating in a report on Wednesday, April 20th. Finally, StockNews.com started coverage on shares of Targa Resources in a report on Thursday, March 31st. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus price target of $73.25.
Targa Resources (NYSE:TRGP – Get Rating) last posted its earnings results on Thursday, February 24th. The pipeline company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.14). Targa Resources had a return on equity of 9.74% and a net margin of 0.42%. The firm had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $4.88 billion.
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 16th. Shareholders of record on Friday, April 29th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.91%. Targa Resources’s payout ratio is -1,272.61%.
In related news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $80.10, for a total transaction of $801,000.00. Following the completion of the transaction, the insider now directly owns 186,947 shares of the company’s stock, valued at $14,974,454.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,094 shares of company stock valued at $4,176,872. Company insiders own 1.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Targa Resources by 7.3% in the fourth quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company’s stock worth $1,147,183,000 after purchasing an additional 1,499,300 shares during the period. Norges Bank purchased a new stake in Targa Resources in the fourth quarter worth about $62,345,000. First Trust Advisors LP grew its holdings in Targa Resources by 324.0% in the fourth quarter. First Trust Advisors LP now owns 1,205,000 shares of the pipeline company’s stock worth $62,949,000 after purchasing an additional 920,818 shares during the period. Millennium Management LLC grew its holdings in Targa Resources by 116.9% in the third quarter. Millennium Management LLC now owns 1,509,843 shares of the pipeline company’s stock worth $74,299,000 after purchasing an additional 813,826 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Targa Resources by 230.5% in the third quarter. Wellington Management Group LLP now owns 954,374 shares of the pipeline company’s stock worth $46,966,000 after purchasing an additional 665,585 shares during the period. 88.49% of the stock is owned by institutional investors.
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.
- Get a free copy of the StockNews.com research report on Targa Resources (TRGP)
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