Q3 2024 Earnings Estimate for Targa Resources Corp. (NYSE:TRGP) Issued By Capital One Financial

Targa Resources Corp. (NYSE:TRGP) – Stock analysts at Capital One Financial boosted their Q3 2024 earnings per share (EPS) estimates for shares of Targa Resources in a research report issued on Monday, May 20th. Capital One Financial analyst W. Suki now forecasts that the pipeline company will post earnings of $1.36 per share for the quarter, up from their previous forecast of $1.35. The consensus estimate for Targa Resources’ current full-year earnings is $5.60 per share. Capital One Financial also issued estimates for Targa Resources’ FY2025 earnings at $7.24 EPS.

A number of other brokerages have also recently issued reports on TRGP. Barclays increased their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $105.00 to $117.00 and gave the company 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 stock a “buy” rating in a research note on Tuesday, April 16th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Finally, Mizuho upped their target price on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $121.50.

Targa Resources Stock Performance

NYSE:TRGP opened at $118.20 on Wednesday. The firm has a market capitalization of $26.21 billion, a PE ratio of 24.32 and a beta of 2.19. The business’s fifty day moving average price is $113.25 and its 200 day moving average price is $97.42. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources has a 12 month low of $67.36 and a 12 month high of $119.68.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC purchased a new stake in shares of Targa Resources during the 1st quarter worth approximately $1,151,000. Vista Investment Partners LLC acquired a new stake in Targa Resources in the 1st quarter valued at $229,000. Tidal Investments LLC grew its stake in shares of Targa Resources by 8.0% during the first quarter. Tidal Investments LLC now owns 10,117 shares of the pipeline company’s stock valued at $1,133,000 after acquiring an additional 751 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Targa Resources by 6.5% during the first quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock worth $49,783,000 after purchasing an additional 27,164 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Targa Resources by 54.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 7,574 shares of the pipeline company’s stock worth $848,000 after purchasing an additional 2,664 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,096 shares of company stock valued at $8,899,529. Company insiders own 1.44% of the company’s stock.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.75 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.54%. The ex-dividend date was Monday, April 29th. Targa Resources’s dividend payout ratio is currently 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.