FY2024 EPS Estimate for Targa Resources Increased by Analyst

Targa Resources Corp. (NYSE:TRGP) – Capital One Financial boosted their FY2024 earnings estimates for shares of Targa Resources in a research report issued to clients and investors on Wednesday, November 6th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will post earnings per share of $6.29 for the year, up from their previous forecast of $6.04. The consensus estimate for Targa Resources’ current full-year earnings is $6.19 per share.

Other analysts also recently issued reports about the stock. 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 report on Wednesday, July 17th. Royal Bank of Canada lifted their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $159.14.

Targa Resources Stock Down 0.3 %

Shares of TRGP opened at $194.31 on Monday. The business’s 50 day moving average is $159.88 and its 200 day moving average is $138.94. 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 has a 12-month low of $81.03 and a 12-month high of $197.14. The company has a market capitalization of $42.37 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 1.49 and a beta of 2.24.

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

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.54%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is owned by insiders.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $29,000. UMB Bank n.a. lifted its position in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. purchased a new stake in Targa Resources in the 2nd quarter worth $44,000. Institutional investors and hedge funds 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.