Targa Resources, Inc. (TRGP) Expected to Announce Quarterly Sales of $2.05 Billion
Wall Street analysts expect that Targa Resources, Inc. (NYSE:TRGP) will report sales of $2.05 billion for the current fiscal quarter, Zacks reports. Four analysts have issued 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 issue its next earnings results on Friday, November 3rd.
According to Zacks, analysts expect that Targa Resources will report full-year sales of $2.05 billion for the current fiscal year, with estimates ranging from $6.68 billion to $8.53 billion. For the next fiscal year, analysts anticipate that the business will report 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 an average based on a survey of research analysts that cover Targa Resources.
A number of brokerages recently weighed in on TRGP. ValuEngine upgraded shares of Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 target price (down from $50.00) on shares of Targa Resources in a research note on Friday, September 1st. Robert W. Baird cut their target price on Targa Resources from $54.00 to $52.00 and set an “outperform” rating on the stock in a research note on Friday, June 30th. Royal Bank Of Canada reduced their target price on Targa Resources from $67.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, July 14th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $54.00 target price (down previously from $63.00) on shares of Targa Resources in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $54.81.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total transaction of $93,870.00. Following the completion of the sale, the insider now directly owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.93% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Comerica Bank lifted its position in Targa Resources by 4.3% during the first quarter. Comerica Bank now owns 25,835 shares of the pipeline company’s stock valued at $1,451,000 after purchasing an additional 1,071 shares in the last quarter. UBS Asset Management Americas Inc. grew its holdings in Targa Resources by 28.9% during the first quarter. UBS Asset Management Americas Inc. now owns 445,286 shares of the pipeline company’s stock valued at $26,673,000 after purchasing an additional 99,704 shares during the period. Ameriprise Financial Inc. grew its holdings in Targa Resources by 1.7% during the first quarter. Ameriprise Financial Inc. now owns 216,076 shares of the pipeline company’s stock valued at $12,942,000 after purchasing an additional 3,524 shares during the period. Oxford Asset Management bought a new stake in Targa Resources during the first quarter valued at about $323,000. Finally, Nordea Investment Management AB grew its holdings in Targa Resources by 21.2% during the first quarter. Nordea Investment Management AB now owns 5,338 shares of the pipeline company’s stock valued at $320,000 after purchasing an additional 934 shares during the period. 87.43% of the stock is currently owned by institutional investors.
Targa Resources (NYSE TRGP) opened at 47.38 on Wednesday. Targa Resources has a 52-week low of $40.25 and a 52-week high of $61.83. The stock’s market cap is $10.22 billion. The firm has a 50-day moving average price of $45.63 and a 200 day moving average price of $48.58.
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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