Q2 2024 Earnings Estimate for Targa Resources Corp. (NYSE:TRGP) Issued By Capital One Financial

Targa Resources Corp. (NYSE:TRGP) – Capital One Financial dropped their Q2 2024 earnings per share estimates for shares of Targa Resources in a research report issued to clients and investors on Monday, May 20th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will post earnings of $1.26 per share for the quarter, down from their prior estimate of $1.27. The consensus estimate for Targa Resources’ current full-year earnings is $5.60 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $5.44 EPS and FY2026 earnings at $8.19 EPS.

Several other equities analysts have also recently issued reports on TRGP. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Truist Financial upped their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group raised their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Finally, Mizuho boosted their target price on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $121.50.

Targa Resources Price Performance

NYSE:TRGP opened at $114.92 on Tuesday. Targa Resources has a 52-week low of $67.36 and a 52-week high of $119.68. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The firm has a market cap of $25.48 billion, a P/E ratio of 23.65 and a beta of 2.19. The business’s 50-day moving average price is $113.42 and its 200 day moving average price is $97.54.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. The ex-dividend date was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.61%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now directly owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. Insiders have sold a total of 52,691 shares of company stock valued at $5,636,863 in the last 90 days. 1.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently made changes to their positions in the company. Deutsche Bank AG grew its position in Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares in the last quarter. Blackstone Inc. boosted its holdings in Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares in the last quarter. Norges Bank acquired a new position in Targa Resources during the fourth quarter worth $187,123,000. Price T Rowe Associates Inc. MD raised its holdings in Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after buying an additional 962,073 shares in the last quarter. Finally, Truist Financial Corp lifted its position in shares of Targa Resources by 11,513.7% in the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after buying an additional 630,949 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

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.