$0.33 Earnings Per Share Expected for Targa Resources Corp. (NYSE:TRGP) This Quarter

Wall Street analysts expect that Targa Resources Corp. (NYSE:TRGP) will announce earnings per share (EPS) of $0.33 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from $0.04 to $0.59. Targa Resources reported earnings of $0.16 per share during the same quarter last year, which indicates a positive year over year growth rate of 106.3%. The business is scheduled to issue its next quarterly earnings results on Thursday, November 4th.

According to Zacks, analysts expect that Targa Resources will report full year earnings of $1.51 per share for the current year, with EPS estimates ranging from $0.82 to $1.90. For the next year, analysts anticipate that the firm will post earnings of $2.09 per share, with EPS estimates ranging from $1.15 to $3.03. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Targa Resources.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 5th. The pipeline company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.14). The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.36 billion. Targa Resources had a return on equity of 5.31% and a net margin of 2.60%.

TRGP has been the subject of a number of recent analyst reports. Zacks Investment Research cut Targa Resources from a “strong-buy” rating to a “hold” rating and set a $46.00 price target for the company. in a research note on Tuesday, July 27th. Citigroup reissued a “buy” rating and set a $42.52 target price (down from $45.00) on shares of Targa Resources in a research note on Monday, July 26th. They noted that the move was a valuation call. Truist Securities increased their target price on Targa Resources from $38.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, August 9th. Credit Suisse Group upped their price target on Targa Resources from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 10th. Finally, Morgan Stanley upped their price target on Targa Resources from $52.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, June 18th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average target price of $44.40.

Several hedge funds and other institutional investors have recently modified their holdings of TRGP. FMR LLC boosted its stake in Targa Resources by 13.4% in the first quarter. FMR LLC now owns 1,192,808 shares of the pipeline company’s stock valued at $49,561,000 after buying an additional 140,814 shares in the last quarter. Commonwealth Equity Services LLC acquired a new stake in Targa Resources in the first quarter valued at about $216,000. Sowell Financial Services LLC boosted its stake in Targa Resources by 1,415.5% in the first quarter. Sowell Financial Services LLC now owns 6,653 shares of the pipeline company’s stock valued at $247,000 after buying an additional 6,214 shares in the last quarter. American International Group Inc. boosted its stake in shares of Targa Resources by 1,239.4% during the first quarter. American International Group Inc. now owns 39,284 shares of the pipeline company’s stock valued at $1,247,000 after purchasing an additional 36,351 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Targa Resources by 16.7% during the first quarter. BlackRock Inc. now owns 13,015,055 shares of the pipeline company’s stock valued at $413,227,000 after purchasing an additional 1,857,793 shares in the last quarter. Institutional investors own 87.05% of the company’s stock.

Shares of TRGP stock traded down $0.10 on Tuesday, reaching $49.36. The company had a trading volume of 28,363 shares, compared to its average volume of 1,980,863. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.22. The stock has a market cap of $11.29 billion, a PE ratio of 61.56 and a beta of 3.10. The company has a 50-day moving average of $43.88 and a 200-day moving average of $40.30. Targa Resources has a 12 month low of $13.22 and a 12 month high of $49.71.

The business also recently declared a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Friday, July 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend was Thursday, July 29th. Targa Resources’s payout ratio is currently 38.10%.

About Targa Resources

Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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

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