Targa Resources Corp. (NYSE:TRGP – Free Report) – Equities research analysts at Capital One Financial cut their FY2023 earnings per share estimates for shares of Targa Resources in a research note issued on Monday, November 6th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will post earnings per share of $3.92 for the year, down from their prior forecast of $4.21. The consensus estimate for Targa Resources’ current full-year earnings is $5.05 per share.
A number of other brokerages have also weighed in on TRGP. The Goldman Sachs Group assumed coverage on shares of Targa Resources in a research note on Thursday, October 5th. They issued a “buy” rating and a $101.00 price target on the stock. TheStreet raised shares of Targa Resources from a “c+” rating to a “b” rating in a research note on Tuesday, September 5th. Citigroup raised their target price on shares of Targa Resources from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Truist Financial raised their price target on shares of Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Monday. Finally, Barclays raised their price target on shares of Targa Resources from $89.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $104.00.
Targa Resources Price Performance
NYSE:TRGP opened at $83.71 on Wednesday. The stock has a market capitalization of $18.67 billion, a PE ratio of 22.69 and a beta of 2.27. Targa Resources has a 52 week low of $64.85 and a 52 week high of $90.64. The stock’s 50-day moving average price is $85.27 and its 200-day moving average price is $79.30. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 2.81.
Institutional Trading of Targa Resources
Institutional investors and hedge funds have recently modified their holdings of the business. Bessemer Group Inc. lifted its holdings in shares of Targa Resources by 75.1% in the second quarter. Bessemer Group Inc. now owns 338 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 145 shares in the last quarter. Quarry LP purchased a new stake in shares of Targa Resources in the first quarter valued at about $33,000. Headlands Technologies LLC purchased a new position in shares of Targa Resources during the first quarter valued at approximately $36,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Targa Resources by 231.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 470 shares of the pipeline company’s stock valued at $36,000 after buying an additional 328 shares during the period. Finally, BOKF NA purchased a new position in shares of Targa Resources during the first quarter valued at approximately $42,000. Hedge funds and other institutional investors own 90.21% of the company’s stock.
Insider Activity at Targa Resources
In other news, CAO Julie H. Boushka sold 2,000 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $90.00, for a total value of $180,000.00. Following the completion of the sale, the chief accounting officer now directly owns 58,066 shares of the company’s stock, valued at $5,225,940. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $90.03, for a total value of $900,300.00. Following the sale, the insider now owns 187,021 shares of the company’s stock, valued at $16,837,500.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,000 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $90.00, for a total transaction of $180,000.00. Following the completion of the sale, the chief accounting officer now directly owns 58,066 shares in the company, valued at approximately $5,225,940. The disclosure for this sale can be found here. 1.39% of the stock is owned by corporate insiders.
Targa Resources Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. Targa Resources’s dividend payout ratio (DPR) is presently 54.20%.
Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.
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