Zacks: Analysts Expect Targa Resources Corp. (NYSE:TRGP) Will Post Quarterly Sales of $2.90 Billion

Equities research analysts forecast that Targa Resources Corp. (NYSE:TRGP) will post $2.90 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Targa Resources’ earnings. The lowest sales estimate is $2.53 billion and the highest is $3.14 billion. Targa Resources posted sales of $1.52 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 90.8%. The firm is scheduled to report its next quarterly earnings results on Thursday, August 5th.

According to Zacks, analysts expect that Targa Resources will report full year sales of $12.82 billion for the current financial year, with estimates ranging from $10.23 billion to $14.94 billion. For the next fiscal year, analysts forecast that the company will post sales of $12.13 billion, with estimates ranging from $9.79 billion to $15.53 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Targa Resources.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 6th. The pipeline company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.38. Targa Resources had a net margin of 3.36% and a return on equity of 5.53%. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $2.62 billion.

A number of brokerages have weighed in on TRGP. Royal Bank of Canada increased their price target on shares of Targa Resources from $39.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, May 14th. Barclays increased their price target on shares of Targa Resources from $43.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, June 3rd. Wolfe Research raised shares of Targa Resources from a “peer perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a report on Wednesday, April 14th. Morgan Stanley raised their price objective on shares of Targa Resources from $44.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, May 26th. Finally, Zacks Investment Research raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective for the company in a report on Wednesday, May 19th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $41.06.

In other Targa Resources news, Director Chris Tong sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, May 19th. The shares were sold at an average price of $38.00, for a total value of $304,000.00. Following the completion of the sale, the director now owns 98,268 shares in the company, valued at approximately $3,734,184. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 60,000 shares of the firm’s stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $45.37, for a total transaction of $2,722,200.00. Following the completion of the sale, the director now owns 456,798 shares of the company’s stock, valued at approximately $20,724,925.26. The disclosure for this sale can be found here. Insiders sold a total of 156,221 shares of company stock valued at $6,201,811 in the last 90 days. Corporate insiders own 1.69% of the company’s stock.

Large investors have recently modified their holdings of the company. Zions Bancorporation N.A. grew its position in shares of Targa Resources by 84.1% during the 1st quarter. Zions Bancorporation N.A. now owns 801 shares of the pipeline company’s stock worth $25,000 after buying an additional 366 shares during the period. NEXT Financial Group Inc boosted its stake in Targa Resources by 154.9% during the 4th quarter. NEXT Financial Group Inc now owns 956 shares of the pipeline company’s stock worth $25,000 after acquiring an additional 581 shares during the last quarter. Montag A & Associates Inc. bought a new position in Targa Resources during the 4th quarter worth approximately $25,000. Valley Brook Capital Group bought a new position in Targa Resources during the 4th quarter worth approximately $31,000. Finally, State of Alaska Department of Revenue bought a new position in Targa Resources during the 1st quarter worth approximately $74,000. Institutional investors own 85.05% of the company’s stock.

Targa Resources stock traded up $1.34 during mid-day trading on Friday, reaching $46.55. The company had a trading volume of 2,501,635 shares, compared to its average volume of 2,303,392. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.28. Targa Resources has a 52 week low of $13.08 and a 52 week high of $48.35. The stock’s 50 day simple moving average is $36.47. The stock has a market cap of $10.64 billion, a price-to-earnings ratio of 52.57 and a beta of 3.05.

The company also recently declared a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Friday, April 30th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Thursday, April 29th. Targa Resources’s dividend payout ratio is currently 38.10%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.

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Earnings History and Estimates for Targa Resources (NYSE:TRGP)

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