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

Targa Resources Corp. (NYSE:TRGPGet Rating) – Investment analysts at Capital One Financial lifted their Q3 2022 EPS estimates for Targa Resources in a research report issued to clients and investors on Friday, June 17th. Capital One Financial analyst K. May now anticipates that the pipeline company will post earnings per share of $1.10 for the quarter, up from their prior forecast of $1.07. The consensus estimate for Targa Resources’ current full-year earnings is $4.02 per share. Capital One Financial also issued estimates for Targa Resources’ Q4 2022 earnings at $1.20 EPS, FY2022 earnings at $3.65 EPS, Q1 2023 earnings at $1.30 EPS, Q2 2023 earnings at $1.37 EPS, Q3 2023 earnings at $1.45 EPS and Q4 2023 earnings at $1.52 EPS.

Several other analysts have also issued reports on TRGP. Truist Financial upped their price target on shares of Targa Resources from $69.00 to $78.00 in a research report on Wednesday, March 2nd. TheStreet lowered shares of Targa Resources from a “b-” rating to a “c” rating in a report on Thursday, March 3rd. Mizuho upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and increased their target price for the stock from $58.00 to $85.00 in a report on Friday, March 18th. Wells Fargo & Company dropped their target price on shares of Targa Resources to $83.00 and set an “overweight” rating for the company in a report on Friday, May 20th. Finally, Raymond James increased their target price on shares of Targa Resources from $80.00 to $92.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 20th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $77.00.

NYSE TRGP opened at $60.65 on Monday. The company has a 50-day simple moving average of $73.22 and a two-hundred day simple moving average of $65.53. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 1.73. Targa Resources has a 12-month low of $38.81 and a 12-month high of $81.50. The firm has a market cap of $13.83 billion, a price-to-earnings ratio of -104.57 and a beta of 2.53.

Targa Resources (NYSE:TRGPGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.83). Targa Resources had a negative net margin of 0.22% and a positive return on equity of 8.24%. The business had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $6.07 billion. During the same quarter in the previous year, the company earned $0.53 earnings per share.

The company also recently declared a quarterly dividend, which was paid on Monday, May 16th. Investors of record on Friday, April 29th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.31%. Targa Resources’s dividend payout ratio (DPR) is currently -241.38%.

In related news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $71.33, for a total value of $1,426,600.00. Following the sale, the insider now owns 81,233 shares in the company, valued at $5,794,349.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joe Bob Perkins sold 2,150 shares of the firm’s stock in a transaction that occurred on Tuesday, April 12th. The stock was sold at an average price of $78.01, for a total transaction of $167,721.50. Following the completion of the sale, the director now owns 213,868 shares in the company, valued at approximately $16,683,842.68. The disclosure for this sale can be found here. Insiders have sold 63,662 shares of company stock valued at $4,847,249 in the last three months. 1.10% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Herold Advisors Inc. purchased a new stake in Targa Resources in the first quarter worth about $29,000. Allworth Financial LP grew its position in shares of Targa Resources by 403.3% during the first quarter. Allworth Financial LP now owns 453 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 363 shares in the last quarter. Prospera Financial Services Inc purchased a new stake in shares of Targa Resources during the first quarter worth about $36,000. Zullo Investment Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth about $25,000. Finally, Capital Advisors Ltd. LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth about $26,000. Institutional investors and hedge funds own 91.93% of the company’s stock.

About Targa Resources (Get Rating)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.

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Earnings History and Estimates for Targa Resources (NYSE:TRGP)

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