Targa Resources Corp. to Post Q2 2024 Earnings of $1.27 Per Share, Capital One Financial Forecasts (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Research analysts at Capital One Financial reduced their Q2 2024 EPS estimates for shares of Targa Resources in a report issued on Thursday, May 2nd. Capital One Financial analyst W. Suki now forecasts that the pipeline company will earn $1.27 per share for the quarter, down from their prior estimate of $1.35. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. Capital One Financial also issued estimates for Targa Resources’ Q3 2024 earnings at $1.35 EPS and Q4 2024 earnings at $1.59 EPS.

A number of other brokerages have also recently commented on TRGP. UBS Group reduced their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Stifel Nicolaus upped their price target on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. The Goldman Sachs Group raised their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Scotiabank boosted their price target on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. Finally, Mizuho increased their price target on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Stock Down 0.6 %

Shares of Targa Resources stock opened at $112.31 on Monday. The company has a fifty day moving average price of $110.02 and a 200 day moving average price of $94.98. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. Targa Resources has a twelve month low of $67.36 and a twelve month high of $117.87. The stock has a market cap of $24.99 billion, a price-to-earnings ratio of 23.11 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 24.50% and a net margin of 6.86%. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.67%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently made changes to their positions in the business. Team Hewins LLC acquired a new position in Targa Resources during the 1st quarter valued at about $205,000. Signaturefd LLC increased its holdings in shares of Targa Resources by 34.6% in the 1st quarter. Signaturefd LLC now owns 7,774 shares of the pipeline company’s stock valued at $871,000 after purchasing an additional 1,998 shares during the period. Catalina Capital Group LLC increased its holdings in shares of Targa Resources by 16.4% in the 1st quarter. Catalina Capital Group LLC now owns 2,944 shares of the pipeline company’s stock valued at $330,000 after purchasing an additional 414 shares during the period. Mediolanum International Funds Ltd purchased a new stake in shares of Targa Resources in the first quarter worth approximately $756,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Targa Resources by 12.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,806 shares of the pipeline company’s stock worth $1,434,000 after purchasing an additional 1,466 shares during the period. Institutional investors own 92.13% of the company’s stock.

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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, storing, terminaling, purchasing, and selling crude oil.