Targa Resources (NYSE:TRGP) Posts Quarterly Earnings Results, Misses Expectations By $0.46 EPS

Targa Resources (NYSE:TRGP) announced its earnings results on Thursday. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46), Zacks reports. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion.

Targa Resources Stock Down 2.2 %

Shares of TRGP traded down $4.50 during midday trading on Friday, hitting $200.20. The company had a trading volume of 218,746 shares, compared to its average volume of 1,438,025. The company’s 50 day moving average price is $195.58 and its 200 day moving average price is $175.41. The stock has a market cap of $43.66 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 0.62 and a beta of 2.29. Targa Resources has a 52 week low of $95.88 and a 52 week high of $218.51. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday. The Goldman Sachs Group increased their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Scotiabank started coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price objective for the company. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $197.21.

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.