FY2024 EPS Estimates for Targa Resources Raised by Analyst

Targa Resources Corp. (NYSE:TRGP) – Equities researchers at US Capital Advisors upped their FY2024 earnings per share estimates for shares of Targa Resources in a research note issued to investors on Monday, February 3rd. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings of $6.26 per share for the year, up from their previous estimate of $6.25. US Capital Advisors has a “Hold” rating on the stock. The consensus estimate for Targa Resources’ current full-year earnings is $6.41 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.89 EPS, Q1 2025 earnings at $1.96 EPS, Q2 2025 earnings at $1.88 EPS, Q3 2025 earnings at $1.98 EPS, Q4 2025 earnings at $2.18 EPS, FY2025 earnings at $7.99 EPS and FY2026 earnings at $9.31 EPS.

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

A number of other research analysts have also commented on TRGP. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Stifel Nicolaus upped their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada raised their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $189.21.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $198.72 on Wednesday. Targa Resources has a 12 month low of $85.73 and a 12 month high of $218.51. The stock has a 50 day moving average of $193.19 and a 200-day moving average of $170.26. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $43.33 billion, a P/E ratio of 35.93, a P/E/G ratio of 0.59 and a beta of 2.29.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently added to or reduced their stakes in TRGP. Raymond James Financial Inc. bought a new stake in Targa Resources in the 4th quarter valued at about $150,372,000. Promus Capital LLC bought a new position in Targa Resources in the 4th quarter valued at about $98,000. Cullen Frost Bankers Inc. purchased a new stake in Targa Resources in the 4th quarter valued at $71,000. Aigen Investment Management LP grew its position in Targa Resources by 253.2% in the 4th quarter. Aigen Investment Management LP now owns 12,592 shares of the pipeline company’s stock worth $2,248,000 after purchasing an additional 9,027 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Targa Resources during the fourth quarter valued at about $231,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

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.