Wall Street brokerages expect Targa Resources Corp (NYSE:TRGP) to post $0.11 earnings per share (EPS) for the current quarter, Zacks reports. Five analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from ($0.04) to $0.24. Targa Resources reported earnings per share of ($0.07) in the same quarter last year, which suggests a positive year-over-year growth rate of 257.1%. The company is scheduled to issue its next earnings report on Thursday, February 21st.
According to Zacks, analysts expect that Targa Resources will report full year earnings of $0.31 per share for the current financial year, with EPS estimates ranging from $0.12 to $0.67. For the next year, analysts anticipate that the firm will post earnings of $0.54 per share, with EPS estimates ranging from $0.32 to $0.97. Zacks’ earnings per share calculations are an average based on a survey of research firms that that provide coverage for Targa Resources.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.31). The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.67 billion. Targa Resources had a net margin of 3.42% and a return on equity of 1.31%.
A number of analysts recently issued reports on TRGP shares. Raymond James lifted their target price on Targa Resources from $58.00 to $64.00 and gave the company a “strong-buy” rating in a research report on Wednesday, October 17th. Wells Fargo & Co raised Targa Resources from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $55.00 to $63.00 in a research report on Tuesday, September 18th. Zacks Investment Research downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Thursday, September 6th. Morgan Stanley boosted their price target on Targa Resources from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Friday, August 17th. Finally, SunTrust Banks set a $56.00 price target on Targa Resources and gave the stock a “hold” rating in a research report on Friday, August 17th. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $58.20.
In other news, Director Chris Tong acquired 2,200 shares of Targa Resources stock in a transaction dated Friday, November 16th. The stock was bought at an average price of $47.00 per share, for a total transaction of $103,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.76% of the company’s stock.
Large investors have recently modified their holdings of the company. Aperio Group LLC lifted its holdings in shares of Targa Resources by 20.1% during the second quarter. Aperio Group LLC now owns 119,414 shares of the pipeline company’s stock worth $5,910,000 after purchasing an additional 19,956 shares during the period. Alps Advisors Inc. lifted its holdings in Targa Resources by 16.5% in the second quarter. Alps Advisors Inc. now owns 148,776 shares of the pipeline company’s stock valued at $7,204,000 after acquiring an additional 21,090 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Targa Resources by 19.6% in the second quarter. Commonwealth Equity Services LLC now owns 13,138 shares of the pipeline company’s stock valued at $650,000 after acquiring an additional 2,151 shares during the period. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Targa Resources by 17.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 52,805 shares of the pipeline company’s stock valued at $2,613,000 after acquiring an additional 7,790 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Targa Resources by 6.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 681,271 shares of the pipeline company’s stock valued at $33,716,000 after acquiring an additional 39,643 shares during the period. Institutional investors own 93.25% of the company’s stock.
Shares of NYSE:TRGP traded up $0.91 during midday trading on Friday, reaching $44.55. The company had a trading volume of 3,219,677 shares, compared to its average volume of 2,038,192. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.68. The company has a market cap of $10.36 billion, a P/E ratio of -103.60 and a beta of 1.91. Targa Resources has a 1-year low of $41.75 and a 1-year high of $59.21.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend was Tuesday, October 30th. Targa Resources’s dividend payout ratio is presently -846.51%.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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