$2.05 Billion in Sales Expected for Targa Resources, Inc. (TRGP) This Quarter
Brokerages expect Targa Resources, Inc. (NYSE:TRGP) to announce sales of $2.05 billion for the current quarter, Zacks Investment Research reports. Four analysts have made 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 posted sales of $1.65 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 24.2%. The firm is scheduled to announce its next earnings report before the market opens on Thursday, November 2nd.
According to Zacks, analysts expect that Targa Resources will report full year sales of $2.05 billion for the current financial year, with estimates ranging from $6.77 billion to $8.53 billion. For the next fiscal year, analysts anticipate that the business will post sales of $8.10 billion per share, with estimates ranging from $5.85 billion to $9.22 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Targa Resources.
TRGP has been the topic of a number of recent analyst reports. ValuEngine lowered Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Citigroup Inc. decreased their target price on Targa Resources from $64.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, June 28th. Royal Bank Of Canada decreased their target price on Targa Resources from $67.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, July 14th. Zacks Investment Research lowered Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, Deutsche Bank AG lowered Targa Resources from a “buy” rating to a “hold” rating and decreased their target price for the stock from $69.00 to $47.00 in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Targa Resources presently has a consensus rating of “Hold” and a consensus price target of $54.67.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was 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 approximately $2,273,129.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.93% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Shine Investment Advisory Services Inc. bought a new stake in shares of Targa Resources during the 2nd quarter valued at $105,000. Bollard Group LLC lifted its position in shares of Targa Resources by 1.1% during the 2nd quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after acquiring an additional 27 shares during the period. Ffcm LLC lifted its position in shares of Targa Resources by 237.0% during the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 1,910 shares during the period. Van ECK Associates Corp lifted its position in shares of Targa Resources by 24.0% during the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 524 shares during the period. Finally, Penserra Capital Management LLC lifted its position in shares of Targa Resources by 20.6% during the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock valued at $192,000 after acquiring an additional 726 shares during the period. Hedge funds and other institutional investors own 87.43% of the company’s stock.
Shares of Targa Resources (NYSE:TRGP) opened at 43.78 on Monday. Targa Resources has a 52 week low of $40.25 and a 52 week high of $61.83. The stock has a 50 day moving average price of $46.70 and a 200-day moving average price of $47.68. The firm’s market capitalization is $9.44 billion.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.31%. Targa Resources’s payout ratio is -183.84%.
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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