Research Analysts Offer Predictions for Targa Resources Corp.’s Q2 2024 Earnings (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGPFree Report) – Capital One Financial lowered their Q2 2024 EPS estimates for shares of Targa Resources in a research note issued on Monday, May 20th. Capital One Financial analyst W. Suki now expects that the pipeline company will earn $1.26 per share for the quarter, down from their prior estimate of $1.27. The consensus estimate for Targa Resources’ current full-year earnings is $5.60 per share. Capital One Financial also issued estimates for Targa Resources’ FY2024 earnings at $5.44 EPS and FY2026 earnings at $8.19 EPS.

TRGP has been the topic of several other research reports. Wells Fargo & Company boosted their price target on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Barclays lifted their price target on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. The Goldman Sachs Group increased their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Finally, Stifel Nicolaus raised their target price on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $121.50.

Check Out Our Latest Research Report on Targa Resources

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $114.92 on Tuesday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The business’s 50 day moving average price is $113.42 and its 200 day moving average price is $97.54. The company has a market cap of $25.48 billion, a price-to-earnings ratio of 23.65 and a beta of 2.19. Targa Resources has a one year low of $67.36 and a one year high of $119.68.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently modified their holdings of TRGP. Signaturefd LLC increased its holdings in Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock valued at $464,000 after buying an additional 244 shares during the last quarter. Morgan Stanley raised its position in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Ieq Capital LLC lifted its stake in Targa Resources by 8.5% during the fourth quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock worth $536,000 after purchasing an additional 482 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in Targa Resources by 364.0% in the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after purchasing an additional 69,690 shares in the last quarter. Finally, Natixis Advisors L.P. purchased a new position in Targa Resources in the fourth quarter valued at approximately $1,117,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the sale, the director now owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,691 shares of company stock valued at $5,636,863. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.61%. Targa Resources’s dividend payout ratio is 61.73%.

Targa Resources Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Targa Resources (NYSE:TRGP)

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