Equities research analysts expect Targa Resources Corp (NYSE:TRGP) to announce sales of $2.30 billion for the current quarter, according to Zacks. Three analysts have provided estimates for Targa Resources’ earnings. The highest sales estimate is $2.41 billion and the lowest is $2.19 billion. Targa Resources posted sales of $2.01 billion in the same quarter last year, which suggests a positive year over year growth rate of 14.4%. The business is expected to issue its next quarterly earnings results on Friday, February 16th.
On average, analysts expect that Targa Resources will report full year sales of $2.30 billion for the current financial year, with estimates ranging from $7.59 billion to $8.68 billion. For the next financial year, analysts anticipate that the firm will report sales of $8.65 billion per share, with estimates ranging from $5.95 billion to $9.64 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Targa Resources.
TRGP has been the topic of several recent analyst reports. Robert W. Baird reaffirmed a “buy” rating and issued a $53.00 price target on shares of Targa Resources in a research note on Friday, November 3rd. Citigroup raised Targa Resources from a “neutral” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Thursday, November 2nd. Stifel Nicolaus decreased their price target on Targa Resources from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Monday, November 20th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a research note on Tuesday, January 16th. Finally, Goldman Sachs Group raised Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $55.33.
In related news, VP John Richard Klein sold 2,292 shares of the business’s stock in a transaction on 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 filing with the SEC, which is accessible through this link. 1.93% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. Ameriprise Financial Inc. increased its holdings in Targa Resources by 20.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 261,211 shares of the pipeline company’s stock worth $11,808,000 after purchasing an additional 45,135 shares during the period. Nordea Investment Management AB increased its holdings in Targa Resources by 2.9% during the 2nd quarter. Nordea Investment Management AB now owns 5,493 shares of the pipeline company’s stock worth $248,000 after purchasing an additional 155 shares during the period. Parametric Portfolio Associates LLC increased its holdings in Targa Resources by 17.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 237,144 shares of the pipeline company’s stock worth $10,719,000 after purchasing an additional 35,442 shares during the period. Voya Investment Management LLC increased its holdings in Targa Resources by 2.0% during the 2nd quarter. Voya Investment Management LLC now owns 65,939 shares of the pipeline company’s stock worth $2,980,000 after purchasing an additional 1,295 shares during the period. Finally, Stifel Financial Corp increased its holdings in Targa Resources by 22.0% during the 2nd quarter. Stifel Financial Corp now owns 65,262 shares of the pipeline company’s stock worth $2,933,000 after purchasing an additional 11,762 shares during the period. Institutional investors own 87.63% of the company’s stock.
Targa Resources (NYSE TRGP) opened at $46.48 on Wednesday. Targa Resources has a 12 month low of $39.59 and a 12 month high of $61.83. The company has a market capitalization of $10,164.93, a price-to-earnings ratio of -17.47 and a beta of 2.07. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be issued a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $3.64 annualized dividend and a dividend yield of 7.83%. Targa Resources’s dividend payout ratio is presently -136.84%.
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Targa Resources Company Profile
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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