Q2 2024 EPS Estimates for Targa Resources Corp. Lowered by Analyst (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Equities research analysts at US Capital Advisors dropped their Q2 2024 earnings estimates for Targa Resources in a report issued on Monday, April 29th. US Capital Advisors analyst J. Carreker now anticipates that the pipeline company will post earnings of $1.14 per share for the quarter, down from their previous estimate of $1.17. The consensus estimate for Targa Resources’ current full-year earnings is $5.87 per share. US Capital Advisors also issued estimates for Targa Resources’ Q3 2024 earnings at $1.23 EPS.

TRGP has been the subject of a number of other reports. The Goldman Sachs Group increased their price target on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Royal Bank of Canada increased their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, February 26th. UBS Group cut their price target on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Stifel Nicolaus lifted their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, Barclays boosted their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $119.55.

Targa Resources Trading Down 1.3 %

NYSE:TRGP opened at $112.53 on Thursday. Targa Resources has a one year low of $67.36 and a one year high of $117.87. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The firm has a 50-day moving average of $109.42 and a 200-day moving average of $94.58. The company has a market cap of $25.04 billion, a PE ratio of 30.66 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TRGP. Massmutual Trust Co. FSB ADV increased its holdings in shares of Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 93 shares during the period. Gulf International Bank UK Ltd increased its stake in Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after acquiring an additional 100 shares during the last quarter. Global Retirement Partners LLC raised its holdings in shares of Targa Resources by 0.5% in the 1st quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after acquiring an additional 116 shares in the last quarter. Greenleaf Trust boosted its position in shares of Targa Resources by 2.2% during the 1st quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock valued at $673,000 after acquiring an additional 128 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 150 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 over the last three months. 1.39% of the stock is currently owned by insiders.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.75 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is currently 81.74%.

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.