Targa Resources Q4 EPS Boosted by Capital One Financial

Targa Resources Corp. (NYSE:TRGP) – Research analysts at Capital One Financial boosted their Q4 2024 earnings per share estimates for shares of Targa Resources in a report released on Wednesday, November 6th. Capital One Financial analyst W. Suki now expects that the pipeline company will earn $1.97 per share for the quarter, up from their previous forecast of $1.85. The consensus estimate for Targa Resources’ current full-year earnings is $5.96 per share. Capital One Financial also issued estimates for Targa Resources’ FY2025 earnings at $8.35 EPS.

Several other brokerages also recently commented on TRGP. The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Scotiabank lifted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial upped their price target on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $157.21.

Targa Resources Trading Up 2.4 %

NYSE:TRGP opened at $192.34 on Friday. The firm has a fifty day simple moving average of $158.92 and a two-hundred day simple moving average of $138.09. Targa Resources has a 12 month low of $81.03 and a 12 month high of $192.63. The stock has a market capitalization of $41.94 billion, a price-to-earnings ratio of 34.78, a PEG ratio of 1.44 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the prior year, the business earned $0.97 EPS.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Activity at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 157,764 shares of company stock worth $24,421,590. 1.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently bought and sold shares of TRGP. Vanguard Group Inc. lifted its stake in Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Blackstone Inc. increased its position in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after acquiring an additional 252,729 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares during the period. Price T Rowe Associates Inc. MD increased its position in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the period. Finally, Truist Financial Corp increased its position in shares of Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after buying an additional 46,864 shares during the period. 92.13% of the stock is currently owned by 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. 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.