Targa Resources (NYSE:TRGP) Announces Earnings Results, Misses Expectations By $0.02 EPS

Targa Resources (NYSE:TRGP) posted its quarterly earnings data on Wednesday. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02), Zacks reports. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%.

Targa Resources Price Performance

TRGP traded up $0.19 during midday trading on Friday, reaching $170.07. 187,695 shares of the company’s stock were exchanged, compared to its average volume of 1,771,346. The firm has a market capitalization of $36.60 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources has a one year low of $144.14 and a one year high of $218.51. The business has a 50-day simple moving average of $161.11 and a two-hundred day simple moving average of $164.71.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be paid a dividend of $1.00 per share. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources’s payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TRGP shares. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Barclays upped their price target on Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Wells Fargo & Company reiterated an “overweight” rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Finally, Royal Bank Of Canada upped their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.50.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of TRGP. Merewether Investment Management LP grew its position in shares of Targa Resources by 52.9% in the 2nd quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock valued at $172,789,000 after acquiring an additional 343,319 shares during the period. Ameriprise Financial Inc. raised its position in shares of Targa Resources by 20.2% during the second quarter. Ameriprise Financial Inc. now owns 598,368 shares of the pipeline company’s stock worth $104,116,000 after purchasing an additional 100,577 shares during the period. Man Group plc lifted its position in shares of Targa Resources by 98.8% during the second quarter. Man Group plc now owns 440,408 shares of the pipeline company’s stock valued at $76,666,000 after purchasing an additional 218,843 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Targa Resources by 13.6% during the 2nd quarter. Alliancebernstein L.P. now owns 269,328 shares of the pipeline company’s stock valued at $46,885,000 after acquiring an additional 32,343 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Targa Resources by 10.0% in the second quarter. CANADA LIFE ASSURANCE Co now owns 255,156 shares of the pipeline company’s stock worth $44,490,000 after acquiring an additional 23,135 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.