Targa Resources Corp (TRGP) Expected to Post Quarterly Sales of $2.56 Billion
Analysts forecast that Targa Resources Corp (NYSE:TRGP) will announce sales of $2.56 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Targa Resources’ earnings, with the highest sales estimate coming in at $2.67 billion and the lowest estimate coming in at $2.48 billion. Targa Resources posted sales of $2.13 billion during the same quarter last year, which would indicate a positive year over year growth rate of 20.2%. The business is expected to announce its next quarterly earnings results on Friday, November 2nd.
On average, analysts expect that Targa Resources will report full-year sales of $10.05 billion for the current financial year, with estimates ranging from $9.81 billion to $10.46 billion. For the next year, analysts anticipate that the firm will report sales of $10.37 billion per share, with estimates ranging from $10.18 billion to $10.63 billion. Zacks’ 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 data on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.40. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%.
Shares of NYSE TRGP opened at $55.85 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The company has a market cap of $12.44 billion, a PE ratio of -129.88 and a beta of 2.09. Targa Resources has a 12-month low of $39.59 and a 12-month high of $56.74.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the sale, the director now directly owns 120,105 shares in the company, valued at $6,501,283.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Richard Klein sold 984 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the completion of the sale, the vice president now owns 23,988 shares of the company’s stock, valued at $1,334,452.44. The disclosure for this sale can be found here. Insiders sold 6,176 shares of company stock valued at $334,507 over the last 90 days. 1.76% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. PointState Capital LP increased its holdings in shares of Targa Resources by 92.3% in the second quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock valued at $438,150,000 after buying an additional 4,248,784 shares in the last quarter. Brookfield Asset Management Inc. increased its holdings in shares of Targa Resources by 158.1% in the first quarter. Brookfield Asset Management Inc. now owns 6,702,240 shares of the pipeline company’s stock valued at $294,899,000 after buying an additional 4,105,434 shares in the last quarter. Summit Trail Advisors LLC increased its holdings in shares of Targa Resources by 4,599.0% in the first quarter. Summit Trail Advisors LLC now owns 3,385,039 shares of the pipeline company’s stock valued at $3,385,000 after buying an additional 3,313,002 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Targa Resources in the second quarter valued at $96,070,000. Finally, HITE Hedge Asset Management LLC bought a new position in shares of Targa Resources in the second quarter valued at $34,898,000. 92.22% of the stock is currently owned by institutional investors.
About Targa Resources
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 Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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