Zacks: Brokerages Anticipate Targa Resources Corp (TRGP) Will Post Quarterly Sales of $2.25 Billion
Wall Street analysts forecast that Targa Resources Corp (NYSE:TRGP) will announce sales of $2.25 billion for the current quarter, Zacks reports. Four analysts have issued estimates for Targa Resources’ earnings. The highest sales estimate is $2.41 billion and the lowest is $2.10 billion. Targa Resources reported sales of $2.01 billion in the same quarter last year, which would suggest a positive year over year growth rate of 11.9%. The business is scheduled to announce its next quarterly earnings report on Friday, February 16th.
On average, analysts expect that Targa Resources will report full-year sales of $2.25 billion for the current fiscal year, with estimates ranging from $7.59 billion to $8.52 billion. For the next year, analysts forecast that the firm will report sales of $8.23 billion per share, with estimates ranging from $5.95 billion to $9.64 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Targa Resources.
A number of research analysts recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of Targa Resources in a research note on Thursday. They issued a “neutral” rating and a $46.00 price objective for the company. Citigroup upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Thursday, November 2nd. Stifel Nicolaus reduced their price objective on shares of Targa Resources from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Monday, November 20th. Goldman Sachs Group lowered shares of Targa Resources from a “buy” rating to a “neutral” rating and set a $53.00 price objective for the company. in a research note on Tuesday, October 17th. Finally, BidaskClub upgraded shares of Targa Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Targa Resources has an average rating of “Hold” and an average target price of $53.89.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Comerica Bank grew its position in Targa Resources by 10.4% in the second quarter. Comerica Bank now owns 28,520 shares of the pipeline company’s stock worth $1,320,000 after acquiring an additional 2,685 shares in the last quarter. Pacer Advisors Inc. grew its position in Targa Resources by 28.5% in the second quarter. Pacer Advisors Inc. now owns 4,587 shares of the pipeline company’s stock worth $207,000 after acquiring an additional 1,017 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Targa Resources by 19.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,579 shares of the pipeline company’s stock worth $1,337,000 after acquiring an additional 4,829 shares in the last quarter. Keybank National Association OH grew its position in Targa Resources by 3.9% in the second quarter. Keybank National Association OH now owns 14,517 shares of the pipeline company’s stock worth $656,000 after acquiring an additional 546 shares in the last quarter. Finally, Swiss National Bank grew its position in Targa Resources by 22.5% in the second quarter. Swiss National Bank now owns 785,100 shares of the pipeline company’s stock worth $35,487,000 after acquiring an additional 144,100 shares in the last quarter. Hedge funds and other institutional investors own 87.43% of the company’s stock.
Targa Resources (TRGP) traded down $1.92 during trading on Friday, reaching $48.45. 3,067,833 shares of the company were exchanged, compared to its average volume of 2,345,567. Targa Resources has a fifty-two week low of $39.59 and a fifty-two week high of $61.83. The stock has a market cap of $10,550.00, a price-to-earnings ratio of -19.07 and a beta of 2.22. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.57.
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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