Targa Resources Corp. (NYSE:TRGP – Free Report) – Equities researchers at Capital One Financial reduced their Q4 2023 EPS estimates for Targa Resources in a research report issued on Monday, November 6th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will post earnings of $1.46 per share for the quarter, down from their prior forecast of $1.57. The consensus estimate for Targa Resources’ current full-year earnings is $5.05 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $6.55 EPS.
Several other analysts have also commented on the stock. Mizuho increased their price target on shares of Targa Resources from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, September 20th. Citigroup lifted their price objective on shares of Targa Resources from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Royal Bank of Canada lifted their target price on Targa Resources from $104.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. The Goldman Sachs Group initiated coverage on Targa Resources in a research note on Thursday, October 5th. They issued a “buy” rating and a $101.00 price target on the stock. Finally, StockNews.com began coverage on shares of Targa Resources in a research report on Thursday, October 5th. They set a “hold” rating on the stock. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus target price of $104.00.
Targa Resources Stock Performance
Shares of TRGP opened at $83.71 on Thursday. Targa Resources has a 1 year low of $64.85 and a 1 year high of $90.64. The stock has a market capitalization of $18.67 billion, a P/E ratio of 22.69 and a beta of 2.27. The company has a debt-to-equity ratio of 2.81, a quick ratio of 0.60 and a current ratio of 0.80. The company’s fifty day moving average is $85.27 and its two-hundred day moving average is $79.30.
Targa Resources Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Monday, October 30th. Targa Resources’s dividend payout ratio (DPR) is 54.20%.
Insider Buying and Selling at Targa Resources
In other Targa Resources news, CAO Julie H. Boushka sold 2,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $90.00, for a total value of $180,000.00. Following the sale, the chief accounting officer now directly owns 58,066 shares in the company, valued at $5,225,940. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $90.03, for a total transaction of $900,300.00. Following the completion of the sale, the insider now owns 187,021 shares of the company’s stock, valued at $16,837,500.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,000 shares of the business’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 transaction, the chief accounting officer now owns 58,066 shares in the company, valued at approximately $5,225,940. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.
Institutional Trading of Targa Resources
Hedge funds and other institutional investors have recently modified their holdings of the business. Moneta Group Investment Advisors LLC increased its position in shares of Targa Resources by 104,219.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock valued at $1,855,224,000 after acquiring an additional 25,216,947 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after acquiring an additional 3,720,270 shares in the last quarter. Wellington Management Group LLP boosted its stake in Targa Resources by 424.5% in the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after purchasing an additional 3,057,486 shares during the period. Norges Bank purchased a new position in Targa Resources during the fourth quarter valued at $99,690,000. Finally, State Street Corp lifted its position in shares of Targa Resources by 14.4% in the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after buying an additional 986,283 shares in the last quarter. 90.21% of the stock is owned by hedge funds and other institutional investors.
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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