Zacks: Brokerages Expect Targa Resources, Inc. (TRGP) Will Announce Quarterly Sales of $2.02 Billion
Wall Street brokerages expect Targa Resources, Inc. (NYSE:TRGP) to post sales of $2.02 billion for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from $1.76 billion to $2.18 billion. Targa Resources reported sales of $1.65 billion in the same quarter last year, which indicates a positive year over year growth rate of 22.4%. The company is expected to issue its next earnings report on Friday, November 3rd.
According to Zacks, analysts expect that Targa Resources will report full year sales of $2.02 billion for the current year, with estimates ranging from $5.99 billion to $8.53 billion. For the next fiscal year, analysts forecast that the firm will report sales of $8.04 billion per share, with estimates ranging from $5.94 billion to $9.21 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Targa Resources.
Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $67.00 price target on shares of Targa Resources in a research note on Monday, May 8th. UBS AG reissued a “buy” rating and issued a $65.00 target price (down from $68.00) on shares of Targa Resources in a research note on Tuesday, May 30th. Seaport Global Securities raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Tuesday, May 2nd. Stifel Nicolaus set a $63.00 price objective on shares of Targa Resources and gave the stock a “buy” rating in a research report on Monday, June 26th. Finally, Citigroup Inc. reduced their price objective on shares of Targa Resources from $64.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, June 28th. Ten analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $54.16.
Targa Resources (NYSE TRGP) opened at 44.86 on Thursday. The company’s 50-day moving average is $44.94 and its 200-day moving average is $52.07. Targa Resources has a 12 month low of $40.25 and a 12 month high of $61.83. The stock’s market capitalization is $8.89 billion.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 8.11%. The ex-dividend date is Friday, July 28th.
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A number of hedge funds have recently made changes to their positions in TRGP. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 11.9% in the first quarter. Vanguard Group Inc. now owns 15,945,628 shares of the pipeline company’s stock valued at $955,142,000 after buying an additional 1,693,292 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Targa Resources by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 14,347,747 shares of the pipeline company’s stock valued at $859,430,000 after buying an additional 1,097,748 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Targa Resources by 2,928.1% in the first quarter. BlackRock Inc. now owns 10,090,553 shares of the pipeline company’s stock valued at $604,426,000 after buying an additional 9,757,325 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in shares of Targa Resources by 7.3% in the first quarter. OppenheimerFunds Inc. now owns 8,956,121 shares of the pipeline company’s stock valued at $536,472,000 after buying an additional 611,465 shares during the last quarter. Finally, Chickasaw Capital Management LLC boosted its stake in shares of Targa Resources by 3.2% in the second quarter. Chickasaw Capital Management LLC now owns 7,921,492 shares of the pipeline company’s stock valued at $358,051,000 after buying an additional 244,459 shares during the last quarter. Institutional investors and hedge funds own 81.55% of the company’s stock.
About Targa Resources
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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