US Capital Advisors Analysts Lift Earnings Estimates for Targa Resources Corp. (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) – Equities researchers at US Capital Advisors boosted their Q1 2024 earnings estimates for shares of Targa Resources in a note issued to investors on Monday, April 29th. US Capital Advisors analyst J. Carreker now anticipates that the pipeline company will post earnings per share of $1.34 for the quarter, up from their previous estimate of $1.32. The consensus estimate for Targa Resources’ current full-year earnings is $5.80 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.54 EPS, FY2024 earnings at $5.25 EPS, Q1 2025 earnings at $1.53 EPS, Q3 2025 earnings at $1.46 EPS, Q4 2025 earnings at $1.74 EPS, FY2025 earnings at $6.09 EPS and FY2026 earnings at $6.89 EPS.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%.

TRGP has been the topic of a number of other research reports. Scotiabank boosted their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday, April 15th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Royal Bank of Canada lifted their target price on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. Finally, Barclays lifted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $119.55.

Targa Resources Stock Down 1.3 %

TRGP stock opened at $112.53 on Wednesday. The company has a market cap of $25.04 billion, a P/E ratio of 30.66 and a beta of 2.21. Targa Resources has a 52 week low of $67.36 and a 52 week high of $117.87. The company’s 50-day moving average price is $109.42 and its 200 day moving average price is $94.58. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 2.67%. Targa Resources’s dividend payout ratio is 81.74%.

Insiders Place Their Bets

In other news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jennifer R. Kneale sold 26,061 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the completion of the sale, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock worth $7,987,215 over the last ninety days. 1.44% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Large investors have recently added to or reduced their stakes in the company. Addison Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth $27,000. Spire Wealth Management grew its holdings in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares in the last quarter. VisionPoint Advisory Group LLC grew its holdings in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares in the last quarter. EdgeRock Capital LLC acquired a new position in Targa Resources during the 4th quarter worth $42,000. Finally, Rational Advisors LLC acquired a new position in Targa Resources during the 3rd quarter worth $43,000. 92.13% 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 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.