Targa Resources (NYSE:TRGP) Issues Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Targa Resources (NYSE:TRGP) posted its quarterly earnings results on Tuesday. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17, Zacks reports. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the business earned $0.97 earnings per share.

Targa Resources Stock Down 0.6 %

Shares of NYSE:TRGP traded down $1.17 during trading on Thursday, hitting $184.87. 69,138 shares of the company were exchanged, compared to its average volume of 1,646,894. The stock has a market cap of $40.50 billion, a price-to-earnings ratio of 39.17, a P/E/G ratio of 1.31 and a beta of 2.24. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $189.62. The firm has a fifty day moving average price of $157.18 and a two-hundred day moving average price of $137.19. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Insiders Place Their Bets

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s 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 transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 160,764 shares of company stock valued at $24,829,770 in the last 90 days. 1.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

TRGP has been the subject of several analyst reports. Truist Financial boosted their target price on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays boosted their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Royal Bank of Canada boosted their target price on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Bank of America initiated 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. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $157.21.

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.