Capital One Financial Analysts Decrease Earnings Estimates for Targa Resources Corp. (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Stock analysts at Capital One Financial cut their Q2 2024 earnings per share (EPS) estimates for shares of Targa Resources in a research report issued to clients and investors on Thursday, May 2nd. Capital One Financial analyst W. Suki now forecasts that the pipeline company will earn $1.27 per share for the quarter, down from their previous forecast of $1.35. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. Capital One Financial also issued estimates for Targa Resources’ Q3 2024 earnings at $1.35 EPS and Q4 2024 earnings at $1.59 EPS.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion.

Several other brokerages have also commented on TRGP. Stifel Nicolaus upped their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Royal Bank of Canada raised their target price on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Mizuho upped their price target on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Barclays increased their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $119.92.

Targa Resources Stock Up 0.0 %

Shares of NYSE:TRGP opened at $112.83 on Monday. Targa Resources has a 1 year low of $67.36 and a 1 year high of $117.87. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The stock’s 50-day moving average is $110.64 and its 200 day moving average is $95.34. The company has a market cap of $25.02 billion, a PE ratio of 23.22 and a beta of 2.19.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Signaturefd LLC boosted its holdings in shares of Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock valued at $464,000 after purchasing an additional 244 shares during the period. Morgan Stanley grew its holdings in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Quadrature Capital Ltd increased its position in Targa Resources by 364.0% during the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after purchasing an additional 69,690 shares during the period. Spirit of America Management Corp NY lifted its position in shares of Targa Resources by 21.6% in the 4th quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock worth $4,995,000 after purchasing an additional 10,200 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of Targa Resources by 32.8% during the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock valued at $1,543,000 after purchasing an additional 4,447 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,966 shares of company stock worth $7,987,215. 1.44% of the stock is owned by insiders.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is 61.73%.

Targa Resources Company Profile

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.