Brokers Offer Predictions for Targa Resources Corp.’s Q2 2024 Earnings (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Analysts at US Capital Advisors lowered their Q2 2024 earnings per share estimates for shares of Targa Resources in a note issued to investors on Monday, April 29th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings of $1.14 per share for the quarter, down from their prior forecast of $1.17. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. US Capital Advisors also issued estimates for Targa Resources’ Q3 2024 earnings at $1.23 EPS.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion.

TRGP has been the subject of several other research reports. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Royal Bank of Canada lifted their price target on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. Stifel Nicolaus lifted their price target on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Citigroup lifted their price target on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Barclays lifted their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.92.

Targa Resources Stock Down 0.6 %

TRGP opened at $112.31 on Thursday. The firm has a market capitalization of $24.99 billion, a P/E ratio of 30.60 and a beta of 2.19. Targa Resources has a one year low of $67.36 and a one year high of $117.87. The company has a fifty day moving average price of $109.72 and a 200-day moving average price of $94.71. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is currently 81.74%.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,966 shares of company stock valued at $7,987,215. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Addison Advisors LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Spire Wealth Management increased its stake in shares of Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after buying an additional 264 shares during the period. VisionPoint Advisory Group LLC boosted its position in shares of Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares in the last quarter. EdgeRock Capital LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $42,000. Finally, Rational Advisors LLC bought a new stake in shares of Targa Resources during the third quarter valued at approximately $43,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.