Analysts Anticipate Targa Resources Corp (TRGP) Will Post Quarterly Sales of $2.25 Billion

Wall Street analysts predict that Targa Resources Corp (NYSE:TRGP) will report $2.25 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Targa Resources’ earnings, with the highest sales estimate coming in at $2.41 billion and the lowest estimate coming in at $2.10 billion. Targa Resources reported sales of $2.01 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 11.9%. The business is expected to report its next quarterly earnings report on Friday, February 16th.

According to Zacks, 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 $8.68 billion. For the next year, analysts forecast that the company will report sales of $8.69 billion per share, with estimates ranging from $5.95 billion to $9.64 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Targa Resources.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Friday, November 3rd. The pipeline company reported ($0.15) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.05). Targa Resources had a negative return on equity of 0.52% and a negative net margin of 4.68%.

A number of brokerages have recently commented on TRGP. Barclays raised shares of Targa Resources from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $58.00 in a report on Wednesday. Royal Bank of Canada reissued a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a report on Tuesday, January 16th. BidaskClub lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Jefferies Group lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Monday, October 16th. Finally, Stifel Nicolaus reduced their target price on shares of Targa Resources from $53.00 to $51.00 and set a “buy” rating on the stock in a report on Monday, November 20th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $54.33.

Targa Resources (NYSE TRGP) opened at $50.73 on Friday. The company has a market cap of $10,930.43, a price-to-earnings ratio of -19.07 and a beta of 2.22. Targa Resources has a twelve month low of $39.59 and a twelve month high of $61.83. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 7.18%. Targa Resources’s dividend payout ratio is currently -136.84%.

In related news, VP John Richard Klein sold 2,292 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $41.85, for a total transaction of $95,920.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.93% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. Van ECK Associates Corp boosted its position in 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 buying an additional 524 shares during the period. Searle & CO. purchased a new stake in Targa Resources during the 4th quarter valued at $200,000. Guyasuta Investment Advisors Inc. purchased a new stake in Targa Resources during the 3rd quarter valued at $206,000. QCM Cayman Ltd. purchased a new stake in Targa Resources during the 2nd quarter valued at $207,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in Targa Resources during the 3rd quarter valued at $208,000. 87.40% of the stock is owned by institutional investors and hedge funds.

WARNING: “Analysts Anticipate Targa Resources Corp (TRGP) Will Post Quarterly Sales of $2.25 Billion” was posted by American Banking News and is owned by of American Banking News. If you are viewing this story on another publication, it was stolen and reposted in violation of US & international trademark and copyright laws. The correct version of this story can be read at https://www.americanbankingnews.com/2018/01/21/analysts-anticipate-targa-resources-corp-trgp-will-post-quarterly-sales-of-2-25-billion.html.

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.

Get a free copy of the Zacks research report on Targa Resources (TRGP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply