Equities research analysts expect that Targa Resources Corp (NYSE:TRGP) will report $2.56 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Targa Resources’ earnings, with the highest sales estimate coming in at $3.07 billion and the lowest estimate coming in at $2.18 billion. Targa Resources posted sales of $2.11 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 21.3%. The business is expected to issue its next quarterly earnings results on Thursday, February 15th.
On average, analysts expect that Targa Resources will report full-year sales of $2.56 billion for the current fiscal year, with estimates ranging from $8.76 billion to $12.05 billion. For the next year, analysts anticipate that the firm will post sales of $10.55 billion per share, with estimates ranging from $9.03 billion to $11.98 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Targa Resources.
A number of equities analysts have commented on TRGP shares. Goldman Sachs Group upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Thursday, February 1st. Stifel Nicolaus restated a “buy” rating and issued a $55.00 price target on shares of Targa Resources in a research report on Friday, February 16th. Seaport Global Securities set a $52.00 price target on shares of Targa Resources and gave the company a “buy” rating in a research report on Wednesday, February 14th. Citigroup boosted their price target on shares of Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $54.35.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.79%. The ex-dividend date of this dividend was Wednesday, January 31st. Targa Resources’s dividend payout ratio is presently -224.69%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Starfire Investment Advisers Inc. bought a new position in shares of Targa Resources in the fourth quarter worth about $503,000. Vident Investment Advisory LLC bought a new stake in shares of Targa Resources during the third quarter worth approximately $381,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Targa Resources by 18.7% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,295 shares of the pipeline company’s stock worth $1,765,000 after buying an additional 5,885 shares during the last quarter. Atlantic Trust Group LLC raised its stake in shares of Targa Resources by 4.0% during the third quarter. Atlantic Trust Group LLC now owns 2,611,451 shares of the pipeline company’s stock worth $123,522,000 after buying an additional 99,553 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Targa Resources by 1.1% during the third quarter. Swiss National Bank now owns 793,900 shares of the pipeline company’s stock worth $37,551,000 after buying an additional 8,800 shares during the last quarter. 90.31% of the stock is owned by institutional investors.
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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.
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