Targa Resources (NYSE:TRGP) posted its earnings results on Thursday. The pipeline company reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.31), MarketWatch Earnings reports. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.67 billion.
TRGP stock traded down $1.69 during trading on Friday, hitting $50.55. The stock had a trading volume of 2,644,536 shares, compared to its average volume of 1,891,200. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.74. Targa Resources has a twelve month low of $40.57 and a twelve month high of $59.21. The stock has a market cap of $11.95 billion, a price-to-earnings ratio of -117.56 and a beta of 1.95.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 7.20%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s payout ratio is -846.51%.
In related news, CAO John Richard Klein sold 2,092 shares of Targa Resources stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total value of $111,963.84. Following the sale, the chief accounting officer now directly owns 24,972 shares in the company, valued at approximately $1,336,501.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the sale, the director now owns 120,105 shares in the company, valued at $6,501,283.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,176 shares of company stock worth $334,507. 1.76% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of TRGP. Proficio Capital Partners LLC lifted its stake in Targa Resources by 121.0% in the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after purchasing an additional 1,246 shares in the last quarter. James Hambro & Partners purchased a new position in Targa Resources in the 2nd quarter worth approximately $113,000. Sit Investment Associates Inc. purchased a new position in Targa Resources in the 2nd quarter worth approximately $127,000. Westbourne Investment Advisors Inc. purchased a new position in Targa Resources in the 3rd quarter worth approximately $168,000. Finally, Checchi Capital Advisers LLC purchased a new position in Targa Resources in the 3rd quarter worth approximately $208,000. Institutional investors own 91.98% of the company’s stock.
A number of equities research analysts have recently commented on TRGP shares. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, July 14th. BMO Capital Markets restated a “hold” rating and set a $54.00 target price on shares of Targa Resources in a research report on Friday, July 13th. Wolfe Research started coverage on Targa Resources in a research report on Monday, July 16th. They set a “peer perform” rating on the stock. Jefferies Financial Group restated a “$51.76” rating and set a $55.00 target price on shares of Targa Resources in a research report on Wednesday, July 18th. Finally, US Capital Advisors restated a “hold” rating on shares of Targa Resources in a research report on Tuesday, July 17th. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources has a consensus rating of “Buy” and an average price target of $58.32.
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Targa Resources Company Profile
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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