FY2023 EPS Estimates for Targa Resources Corp. (NYSE:TRGP) Decreased by US Capital Advisors

Targa Resources Corp. (NYSE:TRGPFree Report) – Analysts at US Capital Advisors dropped their FY2023 earnings per share estimates for shares of Targa Resources in a research note issued to investors on Monday, January 29th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings per share of $3.82 for the year, down from their prior forecast of $3.92. The consensus estimate for Targa Resources’ current full-year earnings is $4.56 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2023 earnings at $1.35 EPS, Q1 2024 earnings at $1.29 EPS, Q2 2024 earnings at $1.08 EPS, Q3 2024 earnings at $1.10 EPS, FY2024 earnings at $4.87 EPS and FY2025 earnings at $5.39 EPS.

Targa Resources (NYSE:TRGPGet Free Report) last released its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.20). Targa Resources had a net margin of 5.33% and a return on equity of 19.08%. The company had revenue of $3.90 billion during the quarter, compared to analyst estimates of $5.13 billion.

Other equities research analysts have also issued reports about the company. UBS Group decreased their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. StockNews.com began coverage on Targa Resources in a research report on Thursday, October 5th. They set a “hold” rating for the company. Truist Financial raised their price objective on Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. The Goldman Sachs Group began coverage on Targa Resources in a research report on Thursday, October 5th. They set a “buy” rating and a $101.00 price objective for the company. Finally, Barclays raised their price objective on Targa Resources from $94.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $105.00.

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Targa Resources Trading Up 1.3 %

NYSE:TRGP opened at $86.03 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 2.81. Targa Resources has a 1-year low of $64.85 and a 1-year high of $91.43. The firm has a market capitalization of $19.18 billion, a price-to-earnings ratio of 22.52 and a beta of 2.19. The stock has a fifty day simple moving average of $85.84 and a 200 day simple moving average of $84.90.

Institutional Trading of Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. grew its holdings in Targa Resources by 75.1% in the 2nd quarter. Bessemer Group Inc. now owns 338 shares of the pipeline company’s stock valued at $26,000 after buying an additional 145 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of Targa Resources by 51.3% during the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 121 shares in the last quarter. Quarry LP acquired a new stake in shares of Targa Resources during the 1st quarter worth approximately $33,000. VisionPoint Advisory Group LLC grew its holdings in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of Targa Resources by 231.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 470 shares of the pipeline company’s stock worth $36,000 after purchasing an additional 328 shares in the last quarter. Institutional investors and hedge funds own 90.21% of the company’s stock.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $85.01, for a total value of $255,030.00. Following the transaction, the director now directly owns 116,524 shares of the company’s stock, valued at approximately $9,905,705.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.39% of the stock is owned by company insiders.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Tuesday, January 30th. Targa Resources’s payout ratio is 52.36%.

Targa Resources Company Profile

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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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.

Further Reading

Earnings History and Estimates for Targa Resources (NYSE:TRGP)

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