FY2024 EPS Estimates for Targa Resources Boosted by Analyst

Targa Resources Corp. (NYSE:TRGP) – Equities research analysts at Capital One Financial increased their FY2024 EPS estimates for Targa Resources in a research note issued to investors on Wednesday, November 6th. Capital One Financial analyst W. Suki now anticipates that the pipeline company will post earnings per share of $6.29 for the year, up from their previous estimate of $6.04. The consensus estimate for Targa Resources’ current full-year earnings is $6.19 per share.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Truist Financial lifted their price target on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley lifted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada lifted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $159.14.

Targa Resources Trading Up 1.4 %

Shares of TRGP stock opened at $194.96 on Monday. The firm’s 50 day moving average is $158.92 and its 200 day moving average is $138.39. The stock has a market capitalization of $42.51 billion, a P/E ratio of 34.88, a P/E/G ratio of 1.49 and a beta of 2.24. Targa Resources has a 12-month low of $81.03 and a 12-month high of $196.60. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company posted $0.97 earnings per share.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.54%. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on 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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on 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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction 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 completion of the sale, 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 disclosure for this sale can be found here. 1.39% of the stock is currently owned by insiders.

Institutional Trading of Targa Resources

Large investors have recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the 2nd quarter worth about $29,000. DT Investment Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth about $29,000. UMB Bank n.a. increased its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter worth about $44,000. 92.13% of the stock is currently 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.