FY2024 EPS Estimate for Targa Resources Increased by Analyst

Targa Resources Corp. (NYSE:TRGP) – Equities research analysts at US Capital Advisors increased their FY2024 earnings per share (EPS) estimates for Targa Resources in a research note issued on Tuesday, November 26th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings of $6.25 per share for the year, up from their previous estimate of $5.92. US Capital Advisors has a “Hold” rating on the stock. The consensus estimate for Targa Resources’ current full-year earnings is $6.23 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.88 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $1.87 EPS, Q3 2025 earnings at $1.97 EPS, Q4 2025 earnings at $2.17 EPS, FY2025 earnings at $7.95 EPS and FY2026 earnings at $9.27 EPS.

A number of other brokerages have also commented on TRGP. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada boosted their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company increased their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Stock Performance

Shares of TRGP opened at $201.39 on Wednesday. The firm has a market cap of $43.92 billion, a P/E ratio of 36.42, a PEG ratio of 0.80 and a beta of 2.24. Targa Resources has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm’s 50 day moving average price is $173.37 and its two-hundred day moving average price is $146.40.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the firm earned $0.97 EPS.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in Targa Resources by 10.2% in the 3rd quarter. Franklin Resources Inc. now owns 524,336 shares of the pipeline company’s stock valued at $77,607,000 after acquiring an additional 48,600 shares during the period. Tidal Investments LLC grew its position in shares of Targa Resources by 326.3% in the third quarter. Tidal Investments LLC now owns 13,572 shares of the pipeline company’s stock valued at $2,009,000 after purchasing an additional 10,388 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Targa Resources during the third quarter worth approximately $145,000. Sfmg LLC lifted its holdings in Targa Resources by 3.3% during the 3rd quarter. Sfmg LLC now owns 3,131 shares of the pipeline company’s stock worth $463,000 after purchasing an additional 100 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its stake in Targa Resources by 9.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 16,933 shares of the pipeline company’s stock valued at $2,506,000 after purchasing an additional 1,463 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.44% of the stock is owned by corporate insiders.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is presently 54.25%.

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.