Targa Resources Q3 EPS Reduced by Capital One Financial

Targa Resources Corp. (NYSE:TRGP) – Equities researchers at Capital One Financial cut their Q3 2024 earnings estimates for Targa Resources in a 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 estimate 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.

TRGP has been the subject of a number of other reports. Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Bank of America began coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $148.36.

Targa Resources Stock Performance

Shares of TRGP stock opened at $168.57 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources has a 52 week low of $81.03 and a 52 week high of $169.59. The firm has a 50 day moving average of $151.99 and a 200-day moving average of $133.31. The company has a market cap of $36.93 billion, a price-to-earnings ratio of 35.49, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25.

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

Targa Resources Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 1.78%. Targa Resources’s payout ratio is 63.16%.

Insider Buying and Selling

In other Targa Resources news, Director Paul W. Chung sold 916 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the sale, the chief accounting officer now directly owns 38,403 shares in the company, valued at approximately $5,165,203.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul W. Chung sold 916 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its stake in Targa Resources by 2.3% during the third quarter. Nisa Investment Advisors LLC now owns 19,885 shares of the pipeline company’s stock valued at $2,943,000 after acquiring an additional 445 shares in the last quarter. Yeomans Consulting Group Inc. bought a new position in Targa Resources in the 3rd quarter valued at $407,000. DekaBank Deutsche Girozentrale grew its position in shares of Targa Resources by 24.6% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company’s stock valued at $10,380,000 after purchasing an additional 14,029 shares in the last quarter. Covenant Partners LLC bought a new position in shares of Targa Resources in the third quarter worth $296,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Targa Resources by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,371 shares of the pipeline company’s stock worth $1,979,000 after buying an additional 1,321 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

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.