Targa Resources Corp. (NYSE:TRGP) Expected to Announce Quarterly Sales of $5.94 Billion

Wall Street brokerages predict that Targa Resources Corp. (NYSE:TRGPGet Rating) will announce $5.94 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Targa Resources’ earnings, with the lowest sales estimate coming in at $5.04 billion and the highest estimate coming in at $7.26 billion. Targa Resources reported sales of $3.42 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 73.7%. The firm is expected to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Targa Resources will report full-year sales of $23.93 billion for the current fiscal year, with estimates ranging from $19.90 billion to $29.48 billion. For the next year, analysts forecast that the firm will report sales of $23.61 billion, with estimates ranging from $18.81 billion to $29.65 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Targa Resources.

Targa Resources (NYSE:TRGPGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The pipeline company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.69). Targa Resources had a positive return on equity of 7.74% and a negative net margin of 0.22%. During the same period last year, the company posted $0.53 EPS.

Several brokerages recently issued reports on TRGP. TheStreet lowered Targa Resources from a “b-” rating to a “c” rating in a research report on Thursday, March 3rd. Evercore ISI upgraded Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price target for the company in a report on Monday, February 7th. StockNews.com began coverage on Targa Resources in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Barclays raised their price target on shares of Targa Resources from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, January 20th. Finally, Citigroup raised their price target on shares of Targa Resources from $66.00 to $67.00 in a research report on Monday, January 10th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus target price of $73.25.

In other news, Director Joe Bob Perkins sold 2,150 shares of the stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $78.01, for a total transaction of $167,721.50. Following the transaction, the director now owns 213,868 shares of the company’s stock, valued at approximately $16,683,842.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $80.10, for a total value of $801,000.00. Following the sale, the insider now owns 186,947 shares of the company’s stock, valued at $14,974,454.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,094 shares of company stock worth $4,176,872. Corporate insiders own 1.10% of the company’s stock.

Several large investors have recently made changes to their positions in TRGP. Quadrant Capital Group LLC grew its holdings in Targa Resources by 2.0% in the first quarter. Quadrant Capital Group LLC now owns 8,085 shares of the pipeline company’s stock valued at $610,000 after purchasing an additional 162 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its position in Targa Resources by 0.5% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 37,957 shares of the pipeline company’s stock worth $1,983,000 after buying an additional 185 shares in the last quarter. National Asset Management Inc. raised its position in Targa Resources by 2.4% in the first quarter. National Asset Management Inc. now owns 8,175 shares of the pipeline company’s stock valued at $617,000 after purchasing an additional 193 shares during the period. TCI Wealth Advisors Inc. raised its position in Targa Resources by 47.4% in the first quarter. TCI Wealth Advisors Inc. now owns 628 shares of the pipeline company’s stock valued at $47,000 after purchasing an additional 202 shares during the period. Finally, Eaton Vance Management grew its stake in shares of Targa Resources by 0.9% in the fourth quarter. Eaton Vance Management now owns 22,439 shares of the pipeline company’s stock valued at $1,120,000 after buying an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 91.93% of the company’s stock.

Shares of NYSE:TRGP opened at $75.47 on Monday. The business’s 50 day simple moving average is $73.42 and its 200 day simple moving average is $62.16. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.77 and a quick ratio of 0.70. Targa Resources has a 1 year low of $36.25 and a 1 year high of $81.50. The company has a market capitalization of $17.24 billion, a P/E ratio of -130.12 and a beta of 2.52.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 16th. Stockholders of record on Friday, April 29th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.86%. Targa Resources’s dividend payout ratio (DPR) is -241.38%.

Targa Resources Company Profile (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.

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Earnings History and Estimates for Targa Resources (NYSE:TRGP)

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