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

Targa Resources Corp. (NYSE:TRGP) – Equities researchers at US Capital Advisors lifted their Q2 2024 earnings estimates for Targa Resources in a research report issued on Monday, July 29th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings of $1.35 per share for the quarter, up from their prior estimate of $1.20. The consensus estimate for Targa Resources’ current full-year earnings is $5.43 per share. US Capital Advisors also issued estimates for Targa Resources’ Q3 2024 earnings at $1.45 EPS, Q4 2024 earnings at $1.75 EPS, FY2024 earnings at $5.77 EPS, Q1 2025 earnings at $1.75 EPS, Q2 2025 earnings at $1.65 EPS and Q4 2025 earnings at $2.00 EPS.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%.

A number of other research firms have also recently commented on TRGP. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Stifel Nicolaus boosted their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Truist Financial boosted their target price on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, The Goldman Sachs Group upped their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $132.15.

Targa Resources Stock Up 0.6 %

TRGP stock opened at $136.10 on Wednesday. The stock has a market capitalization of $30.18 billion, a P/E ratio of 28.00, a P/E/G ratio of 0.71 and a beta of 2.27. The firm has a 50-day simple moving average of $127.15 and a 200-day simple moving average of $111.86. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. Targa Resources has a 52 week low of $77.97 and a 52 week high of $139.35.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds have recently made changes to their positions in TRGP. Blackstone Inc. boosted its position in shares of Targa Resources by 60.4% during the 4th 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 during the period. Norges Bank purchased a new position in Targa Resources in the 4th quarter valued at approximately $187,123,000. Price T Rowe Associates Inc. MD boosted its position in Targa Resources by 231.3% in the 4th 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 during the period. abrdn plc boosted its position in Targa Resources by 802.0% in the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after buying an additional 431,156 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Targa Resources by 71.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after buying an additional 428,276 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the sale, the insider now owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the transaction, the insider now owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The disclosure for this sale can be found here. Insiders sold a total of 52,691 shares of company stock valued at $6,197,632 in the last 90 days. Company insiders own 1.39% of the company’s stock.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 2.20%. Targa Resources’s dividend payout ratio (DPR) 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.