Analysts Set Expectations for Targa Resources Q3 Earnings

Targa Resources Corp. (NYSE:TRGP) – Research analysts at Capital One Financial dropped their Q3 2024 earnings per share (EPS) estimates for Targa Resources in a research report issued on Thursday, October 24th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will earn $1.61 per share for the quarter, down from their previous forecast of $1.65. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $6.04 EPS.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the firm posted $1.44 EPS.

A number of other equities analysts have also weighed in on the company. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada upped their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Bank of America started coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Finally, The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $152.79.

Targa Resources Trading Down 1.5 %

Targa Resources stock opened at $165.96 on Friday. The stock has a market cap of $36.36 billion, a P/E ratio of 34.94, a PEG ratio of 1.28 and a beta of 2.25. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $169.92. The firm’s fifty day moving average price is $152.97 and its 200-day moving average price is $133.90. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Buckley Wealth Management LLC boosted its stake in shares of Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 65 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after acquiring an additional 83 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after purchasing an additional 89 shares during the period. Catalina Capital Group LLC boosted its position in shares of Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after purchasing an additional 99 shares in the last quarter. Finally, &PARTNERS grew its stake in Targa Resources by 1.1% in the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after purchasing an additional 107 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,534 shares of company stock worth $26,815,021. Company insiders own 1.39% of the company’s stock.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. Targa Resources’s dividend payout ratio (DPR) is currently 63.16%.

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.