FY2024 EPS Forecast for Targa Resources Increased by Analyst

Targa Resources Corp. (NYSE:TRGP - Free Report) - Analysts at Capital One Financial increased their FY2024 earnings estimates for Targa Resources in a research note issued 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 prior forecast of $6.04. The consensus estimate for Targa Resources' current full-year earnings is $6.19 per share.

A number of other equities analysts have also commented on TRGP. Truist Financial raised their price target on shares of Targa Resources from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a "buy" rating and a $182.00 price target on the stock. Argus raised shares of Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group raised their target price 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 investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and a consensus price target of $159.14.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $2.68 during mid-day trading on Monday, reaching $194.96. 1,231,826 shares of the company were exchanged, compared to its average volume of 1,653,609. The company's 50-day simple moving average is $158.92 and its 200-day simple moving average is $138.39. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. 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 twelve month low of $81.03 and a twelve month high of $196.60.

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

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Thursday, October 31st. Targa Resources's payout ratio is currently 54.25%.

Insider Activity

In related 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 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 $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, 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 value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company's stock, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $23,329,500.00. Following the completion of the sale, the director now directly 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 disclosure for this sale can be found here. Insiders own 1.39% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Targa Resources during the third quarter valued at about $7,006,000. Strategy Asset Managers LLC acquired a new position in shares of Targa Resources during the third quarter valued at about $912,000. Prospera Private Wealth LLC purchased a new position in Targa Resources during the third quarter worth about $35,000. Avior Wealth Management LLC boosted its holdings in Targa Resources by 76.7% during the third quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company's stock worth $349,000 after purchasing an additional 1,025 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Targa Resources during the third quarter worth about $1,175,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.