FY2024 EPS Forecast for Targa Resources Raised by Analyst

Targa Resources Corp. (NYSE:TRGP) – Investment analysts at US Capital Advisors raised their FY2024 earnings per share (EPS) estimates for shares of Targa Resources in a research note issued on Tuesday, November 26th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will earn $6.25 per share for the year, up from their prior forecast of $5.92. US Capital Advisors 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 posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the business earned $0.97 earnings per share.

A number of other brokerages have also recently issued reports on TRGP. Wells Fargo & Company boosted their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Stifel Nicolaus boosted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barclays raised their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group increased their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Price Performance

Targa Resources stock opened at $203.42 on Wednesday. The business’s 50 day simple moving average is $171.40 and its 200 day simple moving average is $145.62. Targa Resources has a 12 month low of $81.03 and a 12 month high of $209.87. The company has a market cap of $44.36 billion, a price-to-earnings ratio of 36.78, a PEG ratio of 0.80 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources in the second quarter worth $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at about $29,000. UMB Bank n.a. boosted its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the third quarter worth about $35,000. Finally, Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at about $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock valued at $30,026,712. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. Targa Resources’s dividend payout ratio (DPR) is presently 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.