Targa Resources Corp. (NYSE:TRGP) Expected to Announce Quarterly Sales of $2.62 Billion


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Wall Street analysts expect that Targa Resources Corp. (NYSE:TRGP) will report sales of $2.62 billion for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Targa Resources’ earnings. The highest sales estimate is $3.09 billion and the lowest is $2.23 billion. Targa Resources reported sales of $2.05 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 27.8%. The company is scheduled to report its next earnings results before the market opens on Thursday, May 6th.

On average, analysts expect that Targa Resources will report full-year sales of $11.62 billion for the current year, with estimates ranging from $8.92 billion to $14.90 billion. For the next year, analysts anticipate that the company will post sales of $11.87 billion, with estimates ranging from $9.38 billion to $14.70 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Targa Resources.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 18th. The pipeline company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.27). The firm had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.29 billion. Targa Resources had a positive return on equity of 5.97% and a negative net margin of 20.83%.

A number of analysts have recently issued reports on the company. Wolfe Research raised Targa Resources from a “peer perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research note on Tuesday, April 20th. Wells Fargo & Company lifted their price objective on Targa Resources from $29.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 24th. Stifel Nicolaus upgraded Targa Resources from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Friday, January 22nd. TheStreet upgraded Targa Resources from a “d+” rating to a “c-” rating in a research report on Monday, March 22nd. Finally, Mizuho lifted their price objective on Targa Resources from $33.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 2nd. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $33.05.

In related news, Director Joe Bob Perkins sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 14th. The stock was sold at an average price of $32.58, for a total value of $651,600.00. Following the sale, the director now owns 636,798 shares in the company, valued at approximately $20,746,878.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James W. Whalen sold 10,000 shares of the business’s stock in a transaction on Monday, March 8th. The shares were sold at an average price of $35.00, for a total value of $350,000.00. Following the completion of the sale, the director now owns 171,878 shares in the company, valued at approximately $6,015,730. The disclosure for this sale can be found here. Insiders sold a total of 36,796 shares of company stock worth $1,239,528 in the last quarter. Company insiders own 1.54% of the company’s stock.

Several hedge funds have recently bought and sold shares of TRGP. Eagle Global Advisors LLC grew its stake in Targa Resources by 51.6% during the 4th quarter. Eagle Global Advisors LLC now owns 1,238,016 shares of the pipeline company’s stock worth $32,659,000 after purchasing an additional 421,642 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Targa Resources by 17.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,487,267 shares of the pipeline company’s stock worth $39,235,000 after purchasing an additional 215,872 shares in the last quarter. Crescent Capital Consulting LLC acquired a new position in Targa Resources during the 4th quarter worth $121,000. Childress Capital Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth $1,002,000. Finally, Federated Hermes Inc. acquired a new position in Targa Resources during the 4th quarter worth $255,000. Hedge funds and other institutional investors own 84.51% of the company’s stock.

Shares of NYSE:TRGP traded down $0.06 during trading on Thursday, reaching $35.48. The stock had a trading volume of 1,853,928 shares, compared to its average volume of 1,804,575. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.86 and a current ratio of 1.05. The business has a fifty day moving average price of $32.70 and a 200-day moving average price of $27.94. The stock has a market cap of $8.11 billion, a PE ratio of -4.52 and a beta of 2.99. Targa Resources has a 1-year low of $11.60 and a 1-year high of $36.07.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Investors of record on Friday, April 30th will be issued a $0.10 dividend. The ex-dividend date is Thursday, April 29th. This represents a $0.40 annualized dividend and a dividend yield of 1.13%. Targa Resources’s dividend payout ratio is presently -49.38%.

Targa Resources Company Profile

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 Transportation. 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; and gathering, purchasing, storing, terminaling, and selling crude oil.

Further Reading: Net Margin

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Earnings History and Estimates for Targa Resources (NYSE:TRGP)

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