Targa Resources Corp. (NYSE:TRGP) Expected to Post Earnings of $1.23 Per Share

Brokerages forecast that Targa Resources Corp. (NYSE:TRGPGet Rating) will announce earnings per share (EPS) of $1.23 for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Targa Resources’ earnings, with the lowest EPS estimate coming in at $0.57 and the highest estimate coming in at $2.61. Targa Resources posted earnings of $0.15 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 720%. The business is scheduled to announce its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Targa Resources will report full year earnings of $3.71 per share for the current year, with EPS estimates ranging from $2.00 to $5.71. For the next fiscal year, analysts anticipate that the firm will report earnings of $4.86 per share, with EPS estimates ranging from $3.94 to $5.68. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Targa Resources.

Targa Resources (NYSE:TRGPGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.83). Targa Resources had a positive return on equity of 8.24% and a negative net margin of 0.22%. The business had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $6.07 billion. During the same quarter in the prior year, the firm earned $0.53 earnings per share.

Several equities research analysts have issued reports on TRGP shares. StockNews.com downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday, May 19th. Truist Financial lifted their price objective on Targa Resources from $69.00 to $78.00 in a report on Wednesday, March 2nd. Morgan Stanley lifted their price objective on Targa Resources from $74.00 to $103.00 and gave the stock an “overweight” rating in a report on Tuesday, April 26th. TheStreet downgraded Targa Resources from a “b-” rating to a “c” rating in a report on Thursday, March 3rd. Finally, Wells Fargo & Company lowered their price target on Targa Resources to $83.00 and set an “overweight” rating for the company in a report on Friday, May 20th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $74.42.

TRGP stock opened at $72.82 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 1.73. Targa Resources has a 52-week low of $38.50 and a 52-week high of $81.50. The stock’s 50 day moving average is $74.11 and its two-hundred day moving average is $63.53. The company has a market capitalization of $16.60 billion, a PE ratio of -125.55 and a beta of 2.52.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 16th. Investors of record on Friday, April 29th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. Targa Resources’s dividend payout ratio is currently -241.38%.

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $71.33, for a total transaction of $1,426,600.00. Following the completion of the transaction, the insider now owns 81,233 shares in the company, valued at approximately $5,794,349.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the business’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 transaction, the insider now owns 186,947 shares of the company’s stock, valued at approximately $14,974,454.70. The disclosure for this sale can be found here. Insiders have sold a total of 78,662 shares of company stock valued at $5,865,149 in the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Zullo Investment Group Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at $25,000. Capital Advisors Ltd. LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at $26,000. Chilton Capital Management LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Masso Torrence Wealth Management Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $29,000. Finally, Herold Advisors Inc. acquired a new stake in shares of Targa Resources during the first quarter worth $29,000. Institutional investors and hedge funds own 91.93% of the company’s stock.

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.

Featured Stories

Get a free copy of the Zacks research report on Targa Resources (TRGP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.