Targa Resources, Inc. (TRGP) Expected to Post Quarterly Sales of $2.05 Billion
Brokerages forecast that Targa Resources, Inc. (NYSE:TRGP) will post $2.05 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Targa Resources’ earnings, with the lowest sales estimate coming in at $1.90 billion and the highest estimate coming in at $2.18 billion. Targa Resources reported sales of $1.65 billion during the same quarter last year, which indicates a positive year over year growth rate of 24.2%. The firm is scheduled to report its next earnings results on Friday, November 3rd.
On average, analysts expect that Targa Resources will report full-year sales of $2.05 billion for the current year, with estimates ranging from $6.68 billion to $8.53 billion. For the next financial year, analysts expect that the firm will post sales of $8.09 billion per share, with estimates ranging from $5.91 billion to $9.21 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Targa Resources.
A number of analysts have issued reports on the stock. UBS AG reissued a “buy” rating and issued a $59.00 price objective (down previously from $62.00) on shares of Targa Resources in a report on Thursday, June 22nd. BidaskClub raised shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Saturday. Guggenheim raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Monday, August 14th. Credit Suisse Group set a $54.00 price objective on shares of Targa Resources and gave the company a “hold” rating in a report on Sunday, May 28th. Finally, BMO Capital Markets set a $51.00 price objective on shares of Targa Resources and gave the company a “hold” rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources has an average rating of “Buy” and an average price target of $54.33.
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In related news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total value of $93,870.00. Following the completion of the transaction, the insider now owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.93% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Shine Investment Advisory Services Inc. bought a new position in Targa Resources in the 2nd quarter valued at approximately $105,000. Bollard Group LLC lifted its stake in Targa Resources by 1.1% in the 2nd quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after purchasing an additional 27 shares during the last quarter. Ffcm LLC lifted its stake in Targa Resources by 237.0% in the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after purchasing an additional 1,910 shares during the last quarter. Van ECK Associates Corp lifted its stake in Targa Resources by 24.0% in the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock valued at $122,000 after purchasing an additional 524 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its stake in Targa Resources by 20.6% in the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock valued at $192,000 after purchasing an additional 726 shares during the last quarter. 87.85% of the stock is owned by institutional investors and hedge funds.
Shares of Targa Resources (TRGP) traded down 1.59% on Friday, reaching $46.93. 2,021,652 shares of the company’s stock were exchanged. The company’s market cap is $10.12 billion. The firm’s 50-day moving average price is $44.85 and its 200 day moving average price is $49.50. Targa Resources has a 12 month low of $40.25 and a 12 month high of $61.83.
Targa Resources Company Profile
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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