Targa Resources Corp. Forecasted to Post Q2 2024 Earnings of $1.14 Per Share (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – US Capital Advisors lowered their Q2 2024 earnings estimates for shares of Targa Resources in a note issued to investors on Monday, April 29th. US Capital Advisors analyst J. Carreker now anticipates that the pipeline company will post earnings per share of $1.14 for the quarter, down from their previous estimate of $1.17. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. US Capital Advisors also issued estimates for Targa Resources’ Q3 2024 earnings at $1.23 EPS.

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

TRGP has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Royal Bank of Canada lifted their price target on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, UBS Group lowered their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Trading Down 0.6 %

Shares of NYSE:TRGP opened at $112.31 on Thursday. Targa Resources has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The company’s fifty day simple moving average is $109.72 and its 200 day simple moving average is $94.71. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 30.60 and a beta of 2.19.

Targa Resources Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.67%. Targa Resources’s dividend payout ratio (DPR) is currently 81.74%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction 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 completion of the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction 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 completion of the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRGP. Signaturefd LLC lifted its holdings in shares of Targa Resources by 34.6% during the first quarter. Signaturefd LLC now owns 7,774 shares of the pipeline company’s stock worth $871,000 after buying an additional 1,998 shares in the last quarter. Catalina Capital Group LLC lifted its holdings in shares of Targa Resources by 16.4% during the first quarter. Catalina Capital Group LLC now owns 2,944 shares of the pipeline company’s stock worth $330,000 after buying an additional 414 shares in the last quarter. Mediolanum International Funds Ltd acquired a new stake in shares of Targa Resources during the first quarter worth $756,000. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Targa Resources by 12.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,806 shares of the pipeline company’s stock worth $1,434,000 after buying an additional 1,466 shares in the last quarter. Finally, FORA Capital LLC lifted its holdings in shares of Targa Resources by 49.1% during the first quarter. FORA Capital LLC now owns 58,427 shares of the pipeline company’s stock worth $6,543,000 after buying an additional 19,233 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

About Targa Resources

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.