Q2 2024 EPS Estimates for Targa Resources Corp. (NYSE:TRGP) Reduced by Analyst

Targa Resources Corp. (NYSE:TRGP) – Research analysts at Capital One Financial dropped their Q2 2024 earnings per share (EPS) estimates for Targa Resources in a report issued on Thursday, May 2nd. Capital One Financial analyst W. Suki now anticipates that the pipeline company will post earnings of $1.27 per share for the quarter, down from their prior forecast of $1.35. The consensus estimate for Targa Resources’ current full-year earnings is $5.72 per share. Capital One Financial also issued estimates for Targa Resources’ Q3 2024 earnings at $1.35 EPS and Q4 2024 earnings at $1.59 EPS.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%.

Several other analysts also recently weighed in on the stock. Citigroup lifted their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. UBS Group cut their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Barclays increased their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Stifel Nicolaus lifted their target price on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, Wells Fargo & Company increased their price target on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.92.

Targa Resources Stock Performance

TRGP stock opened at $112.83 on Monday. The stock’s fifty day moving average is $110.64 and its two-hundred day moving average is $95.34. The stock has a market capitalization of $25.02 billion, a price-to-earnings ratio of 23.22 and a beta of 2.19. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. Targa Resources has a 1 year low of $67.36 and a 1 year high of $117.87.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.66%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,966 shares of company stock worth $7,987,215. 1.44% of the stock is owned by insiders.

Institutional Trading of Targa Resources

Hedge funds have recently modified their holdings of the business. Blackstone Inc. raised its position in Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after buying an additional 3,554,989 shares during the period. Wellington Management Group LLP lifted its position in shares of Targa Resources by 5.1% in the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after purchasing an additional 401,144 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the period. Morgan Stanley grew its position in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Targa Resources by 1.6% in the 3rd quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock valued at $213,229,000 after buying an additional 39,143 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.