Targa Resources (NYSE:TRGP) Announces Quarterly Earnings Results

Targa Resources (NYSE:TRGP) released its earnings results on Thursday. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46), Zacks reports. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%.

Targa Resources Stock Down 2.6 %

NYSE:TRGP traded down $5.37 during midday trading on Thursday, reaching $204.93. 2,811,900 shares of the stock traded hands, compared to its average volume of 1,456,264. The stock has a market capitalization of $44.69 billion, a PE ratio of 37.06, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29. Targa Resources has a 12-month low of $95.88 and a 12-month high of $218.51. 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 business has a 50-day moving average of $195.20 and a two-hundred day moving average of $175.21.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TRGP. Wells Fargo & Company raised their price target on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. 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. Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, The Goldman Sachs Group increased their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $196.07.

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.