Research Analysts Issue Forecasts for Targa Resources Corp.’s Q1 2024 Earnings (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGPFree Report) – Investment analysts at Seaport Res Ptn issued their Q1 2024 earnings per share (EPS) estimates for Targa Resources in a note issued to investors on Thursday, February 8th. Seaport Res Ptn analyst S. Sibal expects that the pipeline company will post earnings per share of $1.29 for the quarter. The consensus estimate for Targa Resources’ current full-year earnings is $4.56 per share. Seaport Res Ptn also issued estimates for Targa Resources’ Q2 2024 earnings at $1.12 EPS, Q3 2024 earnings at $1.33 EPS, Q4 2024 earnings at $1.48 EPS and FY2027 earnings at $15.22 EPS.

A number of other brokerages have also commented on TRGP. Barclays lifted their price target on Targa Resources from $94.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, January 17th. UBS Group cut their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Finally, Truist Financial raised their price objective on Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $105.00.

View Our Latest Stock Analysis on Targa Resources

Targa Resources Stock Performance

Shares of TRGP stock opened at $88.51 on Monday. The business’s 50-day moving average price is $85.58 and its 200-day moving average price is $85.31. Targa Resources has a 12 month low of $64.85 and a 12 month high of $91.43. The firm has a market capitalization of $19.74 billion, a price-to-earnings ratio of 23.17 and a beta of 2.18. The company has a current ratio of 0.80, a quick ratio of 0.60 and a debt-to-equity ratio of 2.81.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $2.00 dividend on an annualized basis and a yield of 2.26%. Targa Resources’s payout ratio is currently 52.36%.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently added to or reduced their stakes in the business. Cetera Advisor Networks LLC bought a new stake in shares of Targa Resources during the first quarter valued at approximately $250,000. PNC Financial Services Group Inc. increased its holdings in shares of Targa Resources by 5.3% during the first quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock valued at $1,112,000 after acquiring an additional 737 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Targa Resources by 11.6% during the first quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock valued at $14,072,000 after acquiring an additional 19,372 shares in the last quarter. Brighton Jones LLC bought a new stake in shares of Targa Resources during the first quarter valued at approximately $249,000. Finally, Covestor Ltd increased its holdings in shares of Targa Resources by 91.8% during the first quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock valued at $108,000 after acquiring an additional 684 shares in the last quarter. 90.21% of the stock is currently owned by institutional investors.

About Targa Resources

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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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.

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

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