Targa Resources Corp (NYSE:TRGP) – Equities researchers at US Capital Advisors increased their Q3 2018 earnings per share estimates for shares of Targa Resources in a note issued to investors on Wednesday, October 17th. US Capital Advisors analyst C. Crosby now expects that the pipeline company will post earnings of $0.11 per share for the quarter, up from their previous forecast of $0.09. US Capital Advisors has a “Hold” rating on the stock. US Capital Advisors also issued estimates for Targa Resources’ Q4 2018 earnings at $0.23 EPS and FY2018 earnings at $0.67 EPS.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion.
Several other equities analysts also recently issued reports on TRGP. Stifel Nicolaus lifted their price target on shares of Targa Resources from $57.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, October 11th. Citigroup lifted their price target on shares of Targa Resources from $55.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, July 31st. Royal Bank of Canada lifted their price target on shares of Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, August 10th. Credit Suisse Group initiated coverage on shares of Targa Resources in a research note on Thursday, October 11th. They issued a “neutral” rating and a $60.00 target price for the company. Finally, Barclays boosted their target price on shares of Targa Resources from $52.00 to $54.00 and gave the stock a “hold” rating in a research note on Wednesday, August 29th. Ten equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $59.17.
Shares of TRGP stock opened at $56.56 on Thursday. Targa Resources has a 12-month low of $39.59 and a 12-month high of $59.21. The stock has a market cap of $12.76 billion, a P/E ratio of -131.53 and a beta of 2.08. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 6.44%. The ex-dividend date is Tuesday, October 30th. Targa Resources’s dividend payout ratio is -846.51%.
In other news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the sale, the director now owns 120,105 shares in the company, valued at approximately $6,501,283.65. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO John Richard Klein sold 2,092 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the sale, the chief accounting officer now owns 24,972 shares of the company’s stock, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of TRGP. JPMorgan Chase & Co. grew its position in shares of Targa Resources by 10.9% during the 1st quarter. JPMorgan Chase & Co. now owns 274,915 shares of the pipeline company’s stock worth $12,096,000 after buying an additional 27,018 shares during the period. Cubist Systematic Strategies LLC grew its position in shares of Targa Resources by 202.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 19,407 shares of the pipeline company’s stock worth $854,000 after buying an additional 12,986 shares during the period. Amundi Pioneer Asset Management Inc. grew its position in shares of Targa Resources by 1.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 137,645 shares of the pipeline company’s stock worth $6,057,000 after buying an additional 2,250 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Targa Resources during the 1st quarter worth approximately $553,000. Finally, Royal Bank of Canada grew its position in shares of Targa Resources by 28.2% during the 1st quarter. Royal Bank of Canada now owns 278,003 shares of the pipeline company’s stock worth $12,232,000 after buying an additional 61,090 shares during the period. Institutional investors own 92.25% of the company’s stock.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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