Brokerages forecast that Targa Resources Corp (NYSE:TRGP) will post earnings per share of ($0.25) for the current quarter, according to Zacks. Five analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from ($0.42) to ($0.14). Targa Resources reported earnings per share of $0.35 during the same quarter last year, which suggests a negative year-over-year growth rate of 171.4%. The company is scheduled to issue its next earnings results on Thursday, August 8th.
According to Zacks, analysts expect that Targa Resources will report full-year earnings of ($0.59) per share for the current financial year, with EPS estimates ranging from ($0.94) to ($0.35). For the next year, analysts expect that the business will report earnings of $0.58 per share, with EPS estimates ranging from $0.17 to $1.16. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Targa Resources.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Wednesday, May 8th. The pipeline company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.16). The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.44 billion. Targa Resources had a negative net margin of 0.58% and a positive return on equity of 1.45%.
TRGP has been the subject of a number of recent analyst reports. Evercore ISI reiterated an “in-line” rating on shares of Targa Resources in a report on Wednesday, April 24th. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research downgraded Targa Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, April 25th. Wells Fargo & Co restated a “buy” rating on shares of Targa Resources in a report on Friday, March 8th. Finally, Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, January 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $55.45.
NYSE TRGP traded down $0.09 on Friday, reaching $42.17. The company had a trading volume of 1,688,507 shares, compared to its average volume of 2,448,056. The company has a market capitalization of $9.76 billion, a PE ratio of 210.85 and a beta of 2.01. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97. Targa Resources has a 52 week low of $33.55 and a 52 week high of $59.21.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were issued a $0.91 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $3.64 annualized dividend and a dividend yield of 8.63%. Targa Resources’s dividend payout ratio (DPR) is currently 1,820.00%.
In other news, Director Robert B. Evans acquired 51,420 shares of Targa Resources stock in a transaction dated Friday, May 10th. The stock was bought at an average cost of $39.38 per share, with a total value of $2,024,919.60. Following the completion of the transaction, the director now directly owns 38,506 shares of the company’s stock, valued at $1,516,366.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.86% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of TRGP. Tortoise Capital Advisors L.L.C. boosted its position in shares of Targa Resources by 35.6% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock worth $546,535,000 after buying an additional 3,454,138 shares during the period. Norges Bank acquired a new position in shares of Targa Resources during the fourth quarter worth about $64,408,000. CIBC Private Wealth Group LLC boosted its position in shares of Targa Resources by 54.4% during the first quarter. CIBC Private Wealth Group LLC now owns 3,797,110 shares of the pipeline company’s stock worth $157,770,000 after buying an additional 1,338,009 shares during the period. Vanguard Group Inc boosted its position in shares of Targa Resources by 4.5% during the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock worth $1,131,238,000 after buying an additional 860,247 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in shares of Targa Resources by 20.4% during the first quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock worth $208,523,000 after buying an additional 849,272 shares during the period. 90.70% of the stock is owned by institutional investors.
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, transporting, 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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