Analysts expect Targa Resources Corp (NYSE:TRGP) to announce ($0.03) earnings per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Targa Resources’ earnings, with estimates ranging from ($0.22) to $0.12. Targa Resources reported earnings of $0.03 per share during the same quarter last year, which would indicate a negative year over year growth rate of 200%. The firm is expected to issue its next earnings results on Friday, February 16th.
On average, analysts expect that Targa Resources will report full-year earnings of ($1.46) per share for the current year, with EPS estimates ranging from ($1.75) to ($0.97). For the next fiscal year, analysts forecast that the company will post earnings of ($0.07) per share, with EPS estimates ranging from ($0.53) to $0.41. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that follow Targa Resources.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Friday, November 3rd. The pipeline company reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.05). Targa Resources had a negative return on equity of 0.52% and a negative net margin of 4.68%.
Several analysts recently issued reports on the company. BidaskClub upgraded Targa Resources from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. Wells Fargo & Co lowered Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a report on Tuesday, November 7th. Barclays reiterated a “hold” rating and set a $50.00 price objective on shares of Targa Resources in a report on Thursday, October 19th. Robert W. Baird reiterated a “buy” rating and set a $53.00 price objective on shares of Targa Resources in a report on Friday, November 3rd. Finally, Zacks Investment Research upgraded Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Targa Resources presently has an average rating of “Buy” and a consensus target price of $54.33.
In other news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.93% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Targa Resources by 17.7% during the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after buying an additional 2,823,104 shares in the last quarter. BlackRock Inc. grew its position in Targa Resources by 13.3% during the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after buying an additional 1,338,025 shares in the last quarter. Tortoise Capital Advisors L.L.C. grew its position in Targa Resources by 3.5% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 6,958,912 shares of the pipeline company’s stock worth $329,157,000 after buying an additional 237,777 shares in the last quarter. Harvest Fund Advisors LLC grew its position in Targa Resources by 40.8% during the third quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after buying an additional 1,446,438 shares in the last quarter. Finally, State Street Corp grew its position in Targa Resources by 12.9% during the second quarter. State Street Corp now owns 4,295,711 shares of the pipeline company’s stock worth $194,165,000 after buying an additional 490,077 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.
Shares of Targa Resources (TRGP) traded up $0.04 during trading hours on Friday, hitting $50.73. The company had a trading volume of 1,500,073 shares, compared to its average volume of 2,071,169. The company has a current ratio of 0.74, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. Targa Resources has a twelve month low of $39.59 and a twelve month high of $61.83. The stock has a market capitalization of $10,940.00, a price-to-earnings ratio of -19.97 and a beta of 2.22.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.18%. Targa Resources’s payout ratio is presently -143.31%.
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About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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