$2.30 Billion in Sales Expected for Targa Resources Corp (TRGP) This Quarter
Equities research analysts expect Targa Resources Corp (NYSE:TRGP) to announce sales of $2.30 billion for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Targa Resources’ earnings. The lowest sales estimate is $2.18 billion and the highest is $2.41 billion. Targa Resources reported sales of $2.01 billion in the same quarter last year, which would suggest a positive year over year growth rate of 14.4%. The company is expected to announce its next quarterly earnings report before the market opens on Thursday, February 15th.
On average, analysts expect that Targa Resources will report full-year sales of $2.30 billion for the current fiscal year, with estimates ranging from $7.62 billion to $8.81 billion. For the next fiscal year, analysts expect that the business will report sales of $9.34 billion per share, with estimates ranging from $6.30 billion to $12.05 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that cover Targa Resources.
Several brokerages have recently issued reports on TRGP. Royal Bank of Canada reiterated a “buy” rating and issued a $60.00 price objective on shares of Targa Resources in a research note on Tuesday, January 16th. Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $50.00 to $58.00 in a research note on Wednesday, January 17th. Credit Suisse Group began coverage on Targa Resources in a research note on Thursday, January 4th. They issued a “neutral” rating and a $46.00 price objective on the stock. ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Finally, Bank of America began coverage on Targa Resources in a research note on Tuesday, January 9th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.94.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 7.75%. The ex-dividend date of this dividend was Wednesday, January 31st. Targa Resources’s dividend payout ratio is presently -224.69%.
Institutional investors have recently bought and sold shares of the business. Starfire Investment Advisers Inc. purchased a new position in shares of Targa Resources during the fourth quarter worth about $503,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Targa Resources by 18.7% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,295 shares of the pipeline company’s stock worth $1,765,000 after purchasing an additional 5,885 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Targa Resources during the third quarter worth about $381,000. Atlantic Trust Group LLC grew its holdings in shares of Targa Resources by 4.0% during the third quarter. Atlantic Trust Group LLC now owns 2,611,451 shares of the pipeline company’s stock worth $123,522,000 after purchasing an additional 99,553 shares during the last quarter. Finally, Advantus Capital Management Inc grew its holdings in shares of Targa Resources by 19.2% during the third quarter. Advantus Capital Management Inc now owns 53,900 shares of the pipeline company’s stock worth $2,549,000 after purchasing an additional 8,700 shares during the last quarter. Institutional investors own 88.69% of the company’s stock.
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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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