Equities research analysts expect Targa Resources, Inc. (NYSE:TRGP) to announce earnings of ($0.01) per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Targa Resources’ earnings. The lowest EPS estimate is ($0.11) and the highest is $0.19. Targa Resources posted earnings per share of $0.03 in the same quarter last year, which indicates a negative year-over-year growth rate of 133.3%. The business is expected to announce its next quarterly earnings report on Friday, February 16th.
On average, analysts expect that Targa Resources will report full-year earnings of ($0.86) per share for the current year, with EPS estimates ranging from ($1.40) to ($0.46). For the next financial year, analysts forecast that the business will report earnings of ($0.12) per share, with EPS estimates ranging from ($0.56) to $0.41. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Targa Resources.
A number of equities research analysts recently commented on the company. Wells Fargo & Company cut Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research note on Tuesday, November 7th. Robert W. Baird reaffirmed a “buy” rating and set a $53.00 price objective on shares of Targa Resources in a research note on Friday, November 3rd. BidaskClub raised Targa Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Citigroup Inc. raised Targa Resources from a “neutral” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Thursday, November 2nd. Finally, Zacks Investment Research raised Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $54.44.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Vanguard Group Inc. raised its holdings in Targa Resources by 17.7% during the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after acquiring an additional 2,823,104 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in Targa Resources by 30.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock worth $303,795,000 after acquiring an additional 1,566,961 shares in the last quarter. Boston Partners bought a new stake in Targa Resources during the second quarter worth about $65,883,000. Harvest Fund Advisors LLC raised its holdings in Targa Resources by 40.8% during the third quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after acquiring an additional 1,446,438 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Targa Resources by 13.3% during the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after acquiring an additional 1,338,025 shares in the last quarter. Institutional investors and hedge funds own 86.84% of the company’s stock.
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Shares of Targa Resources (TRGP) traded down $0.23 during trading on Friday, hitting $44.13. The company had a trading volume of 1,611,500 shares, compared to its average volume of 2,197,730. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Targa Resources has a twelve month low of $39.59 and a twelve month high of $61.83.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.91 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $3.64 annualized dividend and a yield of 8.25%. Targa Resources’s payout ratio is presently -136.84%.
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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