Brokerages predict that Targa Resources, Inc. (NYSE:TRGP) will report $2.16 billion in sales for the current quarter, according to Zacks. Four analysts have made estimates for Targa Resources’ earnings, with the highest sales estimate coming in at $2.41 billion and the lowest estimate coming in at $1.94 billion. Targa Resources posted sales of $2.01 billion during the same quarter last year, which suggests a positive year over year growth rate of 7.5%. The firm is expected to issue its next quarterly earnings report on Friday, February 16th.
According to Zacks, analysts expect that Targa Resources will report full year sales of $2.16 billion for the current fiscal year, with estimates ranging from $6.77 billion to $8.66 billion. For the next year, analysts anticipate that the company will report sales of $8.43 billion per share, with estimates ranging from $5.85 billion to $9.50 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Targa Resources.
TRGP has been the subject of several research analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $49.00 price objective (down from $50.00) on shares of Targa Resources in a research note on Friday, September 1st. Citigroup Inc. cut Targa Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $54.00 to $52.00 in a research note on Tuesday, October 10th. Wells Fargo & Company upgraded Targa Resources from a “market perform” rating to an “outperform” rating in a research note on Monday, July 17th. Stifel Nicolaus restated a “buy” rating and issued a $54.00 price objective (down from $63.00) on shares of Targa Resources in a research note on Monday, July 17th. Finally, ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Targa Resources currently has a consensus rating of “Hold” and a consensus target price of $54.44.
Shares of Targa Resources (NYSE:TRGP) opened at $44.13 on Friday. Targa Resources has a 12 month low of $39.59 and a 12 month high of $61.83. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.51.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.25%. The ex-dividend date of this dividend is Tuesday, October 31st. Targa Resources’s dividend payout ratio is presently -136.84%.
Large investors have recently modified their holdings of the company. Aviva PLC boosted its stake in shares of Targa Resources by 8.9% in the second quarter. Aviva PLC now owns 128,243 shares of the pipeline company’s stock worth $5,797,000 after acquiring an additional 10,500 shares during the last quarter. Andra AP fonden boosted its stake in shares of Targa Resources by 46.2% in the second quarter. Andra AP fonden now owns 46,500 shares of the pipeline company’s stock worth $2,102,000 after acquiring an additional 14,700 shares during the last quarter. Stonepeak GP Investors Manager LLC purchased a new position in Targa Resources during the second quarter worth approximately $15,551,000. Usca Ria LLC lifted its position in Targa Resources by 3.7% during the second quarter. Usca Ria LLC now owns 4,997 shares of the pipeline company’s stock worth $226,000 after buying an additional 178 shares in the last quarter. Finally, GAM Holding AG lifted its position in Targa Resources by 63.5% during the second quarter. GAM Holding AG now owns 28,325 shares of the pipeline company’s stock worth $1,280,000 after buying an additional 11,000 shares in the last quarter. 87.36% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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