Targa Resources Corp. (NYSE:TRGP – Get Rating) – Capital One Financial reduced their Q1 2023 earnings per share estimates for Targa Resources in a research note issued on Monday, February 27th. Capital One Financial analyst P. Johnston now expects that the pipeline company will post earnings of $1.32 per share for the quarter, down from their prior estimate of $1.51. The consensus estimate for Targa Resources’ current full-year earnings is $5.90 per share. Capital One Financial also issued estimates for Targa Resources’ Q2 2023 earnings at $1.31 EPS, Q3 2023 earnings at $1.46 EPS, FY2023 earnings at $5.65 EPS and FY2024 earnings at $6.34 EPS.
TRGP has been the topic of a number of other reports. Seaport Res Ptn reaffirmed a “buy” rating on shares of Targa Resources in a research report on Thursday, February 16th. UBS Group dropped their price target on shares of Targa Resources from $107.00 to $106.00 and set a “buy” rating on the stock in a research note on Thursday, December 15th. Scotiabank initiated coverage on Targa Resources in a report on Thursday. They set an “outperform” rating and a $115.00 price objective for the company. TheStreet downgraded Targa Resources from a “b-” rating to a “c” rating in a research note on Monday, December 5th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $89.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources has an average rating of “Buy” and an average price target of $97.91.
Targa Resources Price Performance
Institutional Trading of Targa Resources
Several hedge funds have recently added to or reduced their stakes in the business. Ellevest Inc. boosted its position in shares of Targa Resources by 122.9% in the fourth quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 193 shares during the period. EdgeRock Capital LLC bought a new stake in Targa Resources in the 3rd quarter valued at $28,000. Chilton Capital Management LLC bought a new position in shares of Targa Resources during the 2nd quarter worth about $31,000. MinichMacGregor Wealth Management LLC acquired a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Finally, Royal London Asset Management Ltd. acquired a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Institutional investors own 88.29% of the company’s stock.
Insider Transactions at Targa Resources
In related news, insider Robert Muraro sold 5,000 shares of Targa Resources stock in a transaction on Monday, December 5th. The shares were sold at an average price of $74.95, for a total value of $374,750.00. Following the transaction, the insider now owns 176,947 shares in the company, valued at approximately $13,262,177.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.
Targa Resources Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 31st were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, January 30th. Targa Resources’s dividend payout ratio is 35.99%.
About Targa Resources
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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