Targa Resources Corp (NYSE:TRGP) – US Capital Advisors lowered their Q3 2020 earnings estimates for Targa Resources in a report issued on Monday, November 25th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will earn $0.03 per share for the quarter, down from their previous estimate of $0.06. US Capital Advisors also issued estimates for Targa Resources’ Q4 2020 earnings at $0.08 EPS and FY2021 earnings at $0.37 EPS.
Several other research analysts also recently issued reports on TRGP. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a research note on Sunday, August 11th. Capital One Financial downgraded Targa Resources from an “overweight” rating to an “equal weight” rating and set a $42.00 price target for the company. in a research note on Thursday, November 21st. UBS Group set a $54.00 price target on Targa Resources and gave the stock a “buy” rating in a research note on Friday, August 16th. Bank of America set a $44.00 price target on Targa Resources and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, Piper Jaffray Companies started coverage on Targa Resources in a research note on Monday, November 4th. They set a “neutral” rating and a $43.00 price target for the company. Ten research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $47.35.
Targa Resources stock opened at $36.90 on Wednesday. The company has a market cap of $8.74 billion, a P/E ratio of 184.50 and a beta of 1.78. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.76 and a current ratio of 0.88. Targa Resources has a one year low of $32.00 and a one year high of $48.78. The business has a fifty day moving average of $39.29 and a two-hundred day moving average of $38.82.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, November 7th. The pipeline company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). Targa Resources had a negative net margin of 2.31% and a negative return on equity of 0.45%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $2.25 billion.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 9.86%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 1,820.00%.
A number of institutional investors have recently bought and sold shares of TRGP. Vanguard Group Inc. grew its holdings in Targa Resources by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 21,984,956 shares of the pipeline company’s stock valued at $863,130,000 after buying an additional 646,776 shares during the period. Tortoise Capital Advisors L.L.C. grew its holdings in Targa Resources by 7.7% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 14,168,008 shares of the pipeline company’s stock valued at $556,236,000 after buying an additional 1,014,330 shares during the period. Invesco Ltd. grew its holdings in Targa Resources by 3,746.3% in the 2nd quarter. Invesco Ltd. now owns 9,579,054 shares of the pipeline company’s stock valued at $376,074,000 after buying an additional 9,330,008 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 4,739.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,653,440 shares of the pipeline company’s stock valued at $300,474,000 after buying an additional 7,495,281 shares during the period. Finally, Chickasaw Capital Management LLC grew its holdings in Targa Resources by 10.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 6,798,908 shares of the pipeline company’s stock valued at $273,112,000 after buying an additional 669,310 shares during the period. Hedge funds and other institutional investors own 95.42% of the company’s stock.
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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