Targa Resources Q3 EPS Reduced by Capital One Financial

Targa Resources Corp. (NYSE:TRGP) – Stock analysts at Capital One Financial cut their Q3 2024 earnings estimates for shares of Targa Resources in a research note issued to investors on Thursday, October 24th. Capital One Financial analyst W. Suki now expects that the pipeline company will earn $1.61 per share for the quarter, down from their prior forecast of $1.65. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $6.04 EPS.

Several other research firms also recently weighed in on TRGP. Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. increased their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Scotiabank lifted their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $148.36.

Targa Resources Trading Up 1.6 %

Shares of TRGP opened at $168.57 on Friday. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $169.59. The firm has a market cap of $36.93 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 1.28 and a beta of 2.25. The firm has a 50 day moving average price of $151.99 and a 200-day moving average price of $133.31. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the company posted $1.44 EPS.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is presently 63.16%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares in the company, valued at approximately $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last ninety days. 1.39% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Buckley Wealth Management LLC boosted its holdings in shares of Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after acquiring an additional 65 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Targa Resources by 9.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after purchasing an additional 83 shares during the last quarter. Fifth Third Bancorp grew its position in Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the period. Catalina Capital Group LLC raised its stake in Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after buying an additional 99 shares during the last quarter. Finally, &PARTNERS raised its stake in Targa Resources by 1.1% during the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock valued at $1,302,000 after buying an additional 107 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

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.