Brokers Issue Forecasts for Targa Resources Corp’s FY2017 Earnings (TRGP)

Targa Resources Corp (NYSE:TRGP) – US Capital Advisors issued their FY2017 earnings estimates for Targa Resources in a report released on Wednesday. US Capital Advisors analyst B. Followill expects that the pipeline company will earn ($1.64) per share for the year. US Capital Advisors also issued estimates for Targa Resources’ Q4 2017 earnings at ($0.10) EPS, Q1 2018 earnings at ($0.16) EPS, Q2 2018 earnings at ($0.20) EPS, Q3 2018 earnings at ($0.17) EPS, Q4 2018 earnings at ($0.13) EPS, FY2018 earnings at ($0.65) EPS and FY2019 earnings at ($0.33) EPS.

Targa Resources (NYSE:TRGP) last announced its earnings results on Friday, November 3rd. The pipeline company reported ($0.15) earnings per share 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%.

Other equities research analysts also recently issued research reports about the company. Citigroup raised Targa Resources from a “neutral” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Thursday, November 2nd. Stifel Nicolaus reduced their price target on Targa Resources from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Monday, November 20th. Credit Suisse Group began coverage on Targa Resources in a research report on Thursday, January 4th. They set a “neutral” rating and a $46.00 price target on the stock. Royal Bank of Canada reissued a “buy” rating and set a $60.00 price target on shares of Targa Resources in a research report on Tuesday, January 16th. Finally, Barclays raised 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 research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $54.33.

Targa Resources (NYSE TRGP) opened at $50.73 on Monday. The firm has a market capitalization of $10,940.00, a P/E ratio of -19.97 and a beta of 2.22. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74. Targa Resources has a 52 week low of $39.59 and a 52 week high of $61.83.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.18%. Targa Resources’s dividend payout ratio is presently -143.31%.

In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.93% of the company’s stock.

Several hedge funds have recently modified their holdings of TRGP. Van ECK Associates Corp boosted its holdings in shares of 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 in the last quarter. Searle & CO. acquired a new stake in shares of Targa Resources during the 4th quarter valued at $200,000. Guyasuta Investment Advisors Inc. acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $206,000. QCM Cayman Ltd. acquired a new stake in shares of Targa Resources during the 2nd quarter valued at $207,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $208,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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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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