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

Targa Resources Corp. (NYSE:TRGP) – Equities research analysts at Capital One Financial decreased their Q2 2024 earnings per share (EPS) estimates for Targa Resources in a research report issued to clients and investors on Thursday, May 2nd. Capital One Financial analyst W. Suki now forecasts that the pipeline company will earn $1.27 per share for the quarter, down from their prior forecast of $1.35. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. Capital One Financial also issued estimates for Targa Resources’ Q3 2024 earnings at $1.35 EPS and Q4 2024 earnings at $1.59 EPS.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion.

A number of other brokerages also recently commented on TRGP. Barclays lifted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group upped their price objective on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Truist Financial raised their target price on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Royal Bank of Canada upped their price target on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, JPMorgan Chase & Co. raised their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Trading Up 0.4 %

Shares of TRGP stock opened at $112.80 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources has a twelve month low of $67.36 and a twelve month high of $117.87. The company’s 50-day moving average price is $110.33 and its 200-day moving average price is $95.16. The stock has a market cap of $25.01 billion, a price-to-earnings ratio of 23.21 and a beta of 2.19.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Blackstone Inc. lifted 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 last quarter. Wellington Management Group LLP raised its position in shares of Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after acquiring an additional 401,144 shares in the last quarter. Deutsche Bank AG lifted its stake in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the last quarter. Morgan Stanley lifted its stake in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after purchasing an additional 524,794 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in Targa Resources by 1.6% in the third quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock valued at $213,229,000 after purchasing an additional 39,143 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the completion of the transaction, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at $22,165,269.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is 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 2.66%. Targa Resources’s dividend payout ratio is 61.73%.

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.