Targa Resources, Inc. (NYSE:TRGP) Expected to Announce Earnings of -$0.01 Per Share
Brokerages forecast that Targa Resources, Inc. (NYSE:TRGP) will announce earnings of ($0.01) per share for the current quarter, according to Zacks. Four analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from ($0.07) to $0.07. Targa Resources posted earnings per share of ($0.23) in the same quarter last year, which would suggest a positive year over year growth rate of 95.7%. The company is expected to announce its next quarterly earnings report on Friday, November 3rd.
On average, analysts expect that Targa Resources will report full year earnings of ($0.67) per share for the current fiscal year, with EPS estimates ranging from ($0.96) to ($0.18). For the next year, analysts expect that the firm will report earnings of $0.18 per share, with EPS estimates ranging from ($0.21) to $0.64. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Targa Resources.
A number of analysts have issued reports on TRGP shares. Barclays PLC downgraded shares of Targa Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $55.00 to $47.00 in a report on Tuesday, July 18th. ValuEngine downgraded shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Saturday, June 3rd. BMO Capital Markets restated a “hold” rating and issued a $51.00 target price on shares of Targa Resources in a report on Wednesday, July 12th. Credit Suisse Group set a $56.00 target price on shares of Targa Resources and gave the stock a “neutral” rating in a report on Friday, May 5th. Finally, Wells Fargo & Company upgraded shares of Targa Resources from a “market perform” rating to an “outperform” rating in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $54.16.
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Several institutional investors have recently added to or reduced their stakes in the company. Bollard Group LLC boosted its position in Targa Resources by 0.9% in the first quarter. Bollard Group LLC now owns 2,499 shares of the pipeline company’s stock worth $150,000 after buying an additional 23 shares in the last quarter. Linscomb & Williams Inc. boosted its position in Targa Resources by 0.3% in the first quarter. Linscomb & Williams Inc. now owns 9,639 shares of the pipeline company’s stock worth $577,000 after buying an additional 33 shares in the last quarter. 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 worth $447,000 after buying an additional 51 shares in the last quarter. Hodges Capital Management Inc. boosted its position in Targa Resources by 1.7% in the first quarter. Hodges Capital Management Inc. now owns 5,950 shares of the pipeline company’s stock worth $356,000 after buying an additional 100 shares in the last quarter. Finally, Baldwin Brothers Inc. MA boosted its position in Targa Resources by 0.7% in the second quarter. Baldwin Brothers Inc. MA now owns 15,278 shares of the pipeline company’s stock worth $691,000 after buying an additional 100 shares in the last quarter. 81.55% of the stock is owned by hedge funds and other institutional investors.
Shares of Targa Resources (NYSE:TRGP) traded down 0.51% during mid-day trading on Tuesday, reaching $44.57. The company had a trading volume of 105,536 shares. The company’s market capitalization is $8.83 billion. Targa Resources has a 12-month low of $39.44 and a 12-month high of $61.83. The firm has a 50-day moving average of $44.61 and a 200-day moving average of $52.60.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.13%.
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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