Q2 2024 Earnings Estimate for Targa Resources Corp. Issued By US Capital Advisors (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Equities research analysts at US Capital Advisors lowered their Q2 2024 earnings per share (EPS) estimates for Targa Resources in a report released on Monday, April 29th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings per share of $1.14 for the quarter, down from their previous forecast of $1.17. The consensus estimate for Targa Resources’ current full-year earnings is $5.87 per share. US Capital Advisors also issued estimates for Targa Resources’ Q3 2024 earnings at $1.23 EPS.

TRGP has been the topic of several other research reports. Royal Bank of Canada increased their target price on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Mizuho lifted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. UBS Group lowered their target price on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Citigroup lifted their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus upped their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $119.55.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $112.53 on Thursday. Targa Resources has a 52 week low of $67.36 and a 52 week high of $117.87. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a market capitalization of $25.04 billion, a price-to-earnings ratio of 30.66 and a beta of 2.19. The firm has a fifty day moving average of $109.42 and a two-hundred day moving average of $94.58.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion.

Institutional Trading of Targa Resources

Hedge funds have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV raised its stake in Targa Resources by 17.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 93 shares during the period. Gulf International Bank UK Ltd raised its position in shares of Targa Resources by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after purchasing an additional 100 shares during the period. Global Retirement Partners LLC lifted its stake in shares of Targa Resources by 0.5% during the 1st quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock worth $2,745,000 after buying an additional 116 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Targa Resources by 2.2% during the 1st quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock worth $673,000 after buying an additional 128 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its stake in Targa Resources by 36.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after buying an additional 150 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the transaction, the insider now directly owns 219,451 shares of the company’s stock, valued at approximately $21,354,776.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the transaction, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the sale, the chief accounting officer now directly 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 three months, insiders sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is owned by corporate insiders.

Targa Resources Increases Dividend

The company 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 boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio is currently 81.74%.

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.