FY2024 EPS Estimates for Targa Resources Raised by Analyst

Targa Resources Corp. (NYSE:TRGP) – Investment analysts at US Capital Advisors raised their FY2024 earnings per share (EPS) estimates for shares of Targa Resources in a research note issued to investors on Monday, February 3rd. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings per share of $6.26 for the year, up from their prior estimate of $6.25. US Capital Advisors currently has a “Hold” rating on the stock. The consensus estimate for Targa Resources’ current full-year earnings is $6.41 per share. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.89 EPS, Q1 2025 earnings at $1.96 EPS, Q2 2025 earnings at $1.88 EPS, Q3 2025 earnings at $1.98 EPS, Q4 2025 earnings at $2.18 EPS, FY2025 earnings at $7.99 EPS and FY2026 earnings at $9.31 EPS.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm earned $0.97 earnings per share.

Several other equities research analysts also recently weighed in on the company. Scotiabank initiated coverage on Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays boosted their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company raised their target price on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

Shares of TRGP stock opened at $199.90 on Wednesday. The firm has a 50 day moving average of $193.20 and a two-hundred day moving average of $169.58. The stock has a market capitalization of $43.59 billion, a PE ratio of 36.15, a P/E/G ratio of 0.59 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $84.43 and a 52 week high of $218.51.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.50%. Targa Resources’s payout ratio is 54.25%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the period. National Bank of Canada FI lifted its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after acquiring an additional 259,776 shares during the period. Allianz Asset Management GmbH boosted its stake in shares of Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after acquiring an additional 254,286 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after purchasing an additional 246,762 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after purchasing an additional 202,822 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

About Targa Resources

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.