Q3 EPS Estimates for Targa Resources Cut by Analyst

Targa Resources Corp. (NYSE:TRGP) – Equities research analysts at Capital One Financial dropped their Q3 2024 earnings per share estimates for shares of Targa Resources in a research note issued on Thursday, October 24th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will post earnings of $1.61 per share for the quarter, down from their previous forecast of $1.65. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $6.04 EPS.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share.

Several other analysts have also recently issued reports on the company. Royal Bank of Canada upped their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Scotiabank upped their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Truist Financial increased their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $152.79.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $165.96 on Friday. The firm has a market cap of $36.36 billion, a PE ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. Targa Resources has a 1 year low of $81.03 and a 1 year high of $169.92. The firm’s 50-day simple moving average is $152.97 and its 200-day simple moving average is $133.90. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. Targa Resources’s dividend payout ratio is presently 63.16%.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated 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 transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock valued at $26,815,021 in the last three months. 1.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurich Insurance Group Ltd FI purchased a new stake in Targa Resources during the second quarter valued at about $72,345,000. American Century Companies Inc. boosted its stake in Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD grew 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 worth $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the period. Finally, Blackstone Inc. lifted its holdings 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 purchasing an additional 252,729 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

About Targa Resources

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.