Targa Resources, Inc. (NYSE:TRGP) Expected to Post Quarterly Sales of $1.99 Billion
Equities analysts expect Targa Resources, Inc. (NYSE:TRGP) to report sales of $1.99 billion for the current quarter, according to Zacks. Four analysts have made estimates for Targa Resources’ earnings, with the highest sales estimate coming in at $2.15 billion and the lowest estimate coming in at $1.68 billion. Targa Resources reported sales of $1.58 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 25.9%. The firm is expected to issue its next earnings report before the market opens on Thursday, August 3rd.
According to Zacks, analysts expect that Targa Resources will report full year sales of $1.99 billion for the current fiscal year, with estimates ranging from $5.99 billion to $8.85 billion. For the next year, analysts expect that the firm will post sales of $8.30 billion per share, with estimates ranging from $5.94 billion to $10.13 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Targa Resources.
TRGP has been the subject of several recent analyst reports. ValuEngine upgraded Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday. Robert W. Baird lowered their price target on Targa Resources from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Friday, June 30th. Credit Suisse Group lowered their price target on Targa Resources from $66.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, May 15th. J P Morgan Chase & Co restated a “neutral” rating and issued a $53.00 price target (down from $65.00) on shares of Targa Resources in a report on Monday, June 5th. Finally, Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a report on Tuesday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $54.16.
Shares of Targa Resources (NYSE TRGP) traded down 1.14% during trading on Friday, hitting $45.86. 1,644,540 shares of the stock were exchanged. Targa Resources has a 12-month low of $35.35 and a 12-month high of $61.83. The company’s market cap is $9.09 billion. The firm has a 50 day moving average of $44.33 and a 200-day moving average of $53.31.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $3.64 annualized dividend and a dividend yield of 7.94%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Private Trust Co. NA boosted its position in Targa Resources by 0.7% in the first quarter. Private Trust Co. NA now owns 7,463 shares of the pipeline company’s stock valued at $447,000 after buying an additional 51 shares in the last quarter. Capstone Asset Management Co. bought a new position in shares of Targa Resources during the first quarter valued at approximately $254,000. Spirit of America Management Corp NY boosted its position in shares of Targa Resources by 13.2% in the first quarter. Spirit of America Management Corp NY now owns 265,789 shares of the pipeline company’s stock valued at $15,920,000 after buying an additional 31,084 shares during the period. Bank of Montreal Can boosted its position in shares of Targa Resources by 24.8% in the first quarter. Bank of Montreal Can now owns 173,398 shares of the pipeline company’s stock valued at $10,387,000 after buying an additional 34,404 shares during the period. Finally, National Pension Service bought a new position in shares of Targa Resources during the first quarter valued at approximately $10,891,000. 79.94% of the stock is owned by institutional investors.
About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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