Equities research analysts expect that Targa Resources Corp (NYSE:TRGP) will announce sales of $2.48 billion for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Targa Resources’ earnings, with estimates ranging from $2.17 billion to $2.72 billion. Targa Resources reported sales of $2.44 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1.6%. The firm is expected to issue its next quarterly earnings results on Thursday, August 8th.
On average, analysts expect that Targa Resources will report full year sales of $9.83 billion for the current fiscal year, with estimates ranging from $7.47 billion to $11.69 billion. For the next fiscal year, analysts expect that the business will post sales of $11.60 billion, with estimates ranging from $8.14 billion to $16.62 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Targa Resources.
Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.16). Targa Resources had a negative net margin of 0.58% and a positive return on equity of 1.45%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.44 billion.
Several analysts have weighed in on the stock. Evercore ISI reiterated an “in-line” rating on shares of Targa Resources in a research note on Wednesday, April 24th. ValuEngine lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. Credit Suisse Group set a $50.00 target price on shares of Targa Resources and gave the company a “buy” rating in a research note on Friday, April 5th. Zacks Investment Research lowered shares of Targa Resources from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 11th. Finally, SunTrust Banks upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Monday, June 3rd. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $55.05.
In related news, Director Robert B. Evans acquired 51,420 shares of Targa Resources stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average price of $39.38 per share, with a total value of $2,024,919.60. Following the completion of the acquisition, the director now directly owns 38,506 shares of the company’s stock, valued at approximately $1,516,366.28. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.86% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Brown Advisory Inc. lifted its holdings in Targa Resources by 1.9% in the 4th quarter. Brown Advisory Inc. now owns 13,403 shares of the pipeline company’s stock valued at $483,000 after acquiring an additional 256 shares during the last quarter. Miles Capital Inc. lifted its holdings in Targa Resources by 1.3% in the 1st quarter. Miles Capital Inc. now owns 22,237 shares of the pipeline company’s stock valued at $924,000 after acquiring an additional 287 shares during the last quarter. Utah Retirement Systems lifted its holdings in Targa Resources by 0.7% in the 4th quarter. Utah Retirement Systems now owns 41,600 shares of the pipeline company’s stock valued at $1,499,000 after acquiring an additional 300 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in Targa Resources by 21.9% in the 4th quarter. Baillie Gifford & Co. now owns 1,783 shares of the pipeline company’s stock valued at $64,000 after acquiring an additional 320 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in Targa Resources by 0.8% in the 4th quarter. Amalgamated Bank now owns 42,038 shares of the pipeline company’s stock valued at $1,514,000 after acquiring an additional 344 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.
TRGP stock traded down $0.93 during trading on Tuesday, hitting $36.91. 593,486 shares of the company’s stock traded hands, compared to its average volume of 2,226,566. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.58 and a quick ratio of 0.48. Targa Resources has a 52 week low of $33.55 and a 52 week high of $59.21. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of 184.55 and a beta of 1.88.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 9.86%. The ex-dividend date of this dividend was Tuesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 1,820.00%.
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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