Targa Resources Corp (NYSE:TRGP) – Equities researchers at Capital One Financial increased their FY2019 earnings estimates for shares of Targa Resources in a report issued on Wednesday, May 8th, according to Zacks Investment Research. Capital One Financial analyst K. May now anticipates that the pipeline company will post earnings of ($0.35) per share for the year, up from their previous forecast of ($0.38).
Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.16). Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.44 billion.
Several other research firms have also issued reports on TRGP. Credit Suisse Group lowered their target price on shares of Targa Resources from $60.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th. Seaport Global Securities upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a report on Tuesday, January 29th. ValuEngine lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Zacks Investment Research upgraded shares of Targa Resources from a “strong sell” rating to a “hold” rating in a report on Saturday, February 23rd. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Targa Resources in a report on Thursday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $55.45.
Shares of NYSE:TRGP traded up $0.35 on Friday, reaching $40.46. 1,999,787 shares of the company traded hands, compared to its average volume of 2,424,261. Targa Resources has a 52 week low of $33.55 and a 52 week high of $59.21. The stock has a market capitalization of $9.41 billion, a P/E ratio of 202.30 and a beta of 2.01. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were issued a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.64 dividend on an annualized basis and a yield of 9.00%. Targa Resources’s payout ratio is currently 1,820.00%.
In other news, Director Robert B. Evans acquired 51,420 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was bought at an average cost of $39.38 per share, for a total transaction of $2,024,919.60. Following the acquisition, the director now directly owns 38,506 shares in the company, valued at $1,516,366.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.86% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Cerebellum GP LLC bought a new stake in Targa Resources in the 1st quarter worth approximately $27,000. Claybrook Capital LLC purchased a new stake in Targa Resources in the 4th quarter worth $25,000. Kore Private Wealth LLC purchased a new stake in Targa Resources in the 1st quarter worth $31,000. Strategy Asset Managers LLC purchased a new stake in Targa Resources in the 1st quarter worth $36,000. Finally, Lavaca Capital LLC purchased a new stake in Targa Resources in the 4th quarter worth $36,000. 93.31% of the stock is 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 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, 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.