FY2024 EPS Estimate for Targa Resources Raised by Analyst

Targa Resources Corp. (NYSE:TRGP) – Analysts at US Capital Advisors raised their FY2024 EPS estimates for shares of Targa Resources in a research report issued to clients and investors on Monday, October 28th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings of $5.92 per share for the year, up from their prior estimate of $5.90. The consensus estimate for Targa Resources’ current full-year earnings is $5.92 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.80 EPS, Q1 2025 earnings at $1.83 EPS, Q2 2025 earnings at $1.79 EPS, Q3 2025 earnings at $1.92 EPS, Q4 2025 earnings at $2.09 EPS, FY2025 earnings at $7.62 EPS and FY2026 earnings at $8.82 EPS.

A number of other equities research analysts have also recently issued reports on TRGP. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Wells Fargo & Company boosted their target price on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Barclays boosted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada boosted their target price on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus target price of $152.79.

Targa Resources Trading Down 0.2 %

NYSE:TRGP opened at $164.41 on Tuesday. The firm’s 50 day moving average is $153.83 and its 200 day moving average is $134.87. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources has a 12 month low of $81.03 and a 12 month high of $169.92. The stock has a market capitalization of $36.02 billion, a PE ratio of 34.61, a price-to-earnings-growth ratio of 1.29 and a beta of 2.25.

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

Hedge Funds Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources in the third quarter worth approximately $29,000. UMB Bank n.a. raised its position in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. bought a new stake in shares of Targa Resources during the 2nd quarter valued at $44,000. Finally, Rogco LP bought a new stake in shares of Targa Resources during the 1st quarter valued at $56,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 over the last three months. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

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.