Targa Resources FY2024 EPS Lifted by US Capital Advisors

Targa Resources Corp. (NYSE:TRGP) – Analysts at US Capital Advisors raised their FY2024 earnings estimates for shares of Targa Resources in a research report issued to clients and investors on Tuesday, November 26th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings of $6.25 per share for the year, up from their previous estimate of $5.92. US Capital Advisors currently has a “Hold” rating on the stock. The consensus estimate for Targa Resources’ current full-year earnings is $6.23 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.88 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $1.87 EPS, Q3 2025 earnings at $1.97 EPS, Q4 2025 earnings at $2.17 EPS, FY2025 earnings at $7.95 EPS and FY2026 earnings at $9.27 EPS.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the firm earned $0.97 earnings per share.

Several other brokerages have also issued reports on TRGP. The Goldman Sachs Group raised their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. Truist Financial increased their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Stifel Nicolaus lifted their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $176.50.

Targa Resources Trading Up 1.2 %

Shares of TRGP opened at $203.42 on Wednesday. The stock’s fifty day simple moving average is $171.40 and its 200-day simple moving average is $145.62. The firm has a market capitalization of $44.36 billion, a PE ratio of 36.78, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24. Targa Resources has a 12-month low of $81.03 and a 12-month high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently added to or reduced their stakes in the company. DT Investment Partners LLC acquired a new position in Targa Resources during the third quarter worth $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources in the 2nd quarter worth about $29,000. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in Targa Resources during the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources during the 2nd quarter worth approximately $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. 1.44% of the stock is currently owned by company insiders.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

About Targa Resources

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.