Capital One Financial Weighs in on Targa Resources Corp.’s Q2 2024 Earnings (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Analysts at Capital One Financial lowered their Q2 2024 EPS estimates for Targa Resources in a report released on Thursday, May 2nd. Capital One Financial analyst W. Suki now expects that the pipeline company will post earnings of $1.27 per share for the quarter, down from their previous estimate of $1.35. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. Capital One Financial also issued estimates for Targa Resources’ Q3 2024 earnings at $1.35 EPS and Q4 2024 earnings at $1.59 EPS.

A number of other research firms have also commented on TRGP. Stifel Nicolaus upped their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. UBS Group cut their target price on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Barclays raised their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Finally, Scotiabank upped their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $119.92.

Targa Resources Trading Up 0.4 %

NYSE:TRGP opened at $112.80 on Monday. The stock has a fifty day simple moving average of $110.33 and a 200 day simple moving average of $95.16. The firm has a market capitalization of $25.01 billion, a price-to-earnings ratio of 23.21 and a beta of 2.19. Targa Resources has a 1-year low of $67.36 and a 1-year high of $117.87. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%.

Institutional Trading of Targa Resources

Large investors have recently made changes to their positions in the stock. Signaturefd LLC lifted its position in Targa Resources by 4.7% during the 3rd quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after acquiring an additional 244 shares during the last quarter. Morgan Stanley boosted its stake in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the period. Quadrature Capital Ltd grew its holdings in Targa Resources by 364.0% in the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after buying an additional 69,690 shares during the last quarter. Spirit of America Management Corp NY lifted its holdings in shares of Targa Resources by 21.6% during the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock worth $4,995,000 after buying an additional 10,200 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock valued at $1,543,000 after acquiring an additional 4,447 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Jennifer R. Kneale sold 26,061 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total value of $2,537,298.96. Following the completion of the sale, the chief financial officer now owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock worth $7,987,215 in the last three months. 1.44% of the stock is owned by insiders.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. The ex-dividend date is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.66%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Targa Resources Company Profile

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.