Brokerages Expect Targa Resources Corp (TRGP) Will Post Earnings of $0.07 Per Share
Brokerages forecast that Targa Resources Corp (NYSE:TRGP) will report $0.07 earnings per share (EPS) for the current quarter, according to Zacks. Five analysts have made estimates for Targa Resources’ earnings, with the lowest EPS estimate coming in at ($0.07) and the highest estimate coming in at $0.18. Targa Resources posted earnings per share of ($0.15) during the same quarter last year, which would suggest a positive year-over-year growth rate of 146.7%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, November 8th.
According to Zacks, analysts expect that Targa Resources will report full year earnings of $0.30 per share for the current fiscal year, with EPS estimates ranging from ($0.72) to $0.72. For the next year, analysts expect that the business will report earnings of $0.49 per share, with EPS estimates ranging from ($0.57) to $1.11. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Targa Resources.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 9th. The pipeline company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion.
In related news, Director Charles R. Crisp sold 3,100 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the transaction, the director now directly owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Richard Klein sold 984 shares of the firm’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 transaction of $54,739.92. Following the completion of the transaction, the vice president now directly owns 23,988 shares of the company’s stock, valued at $1,334,452.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Targa Resources by 3.2% in the 2nd quarter. BlackRock Inc. now owns 12,607,535 shares of the pipeline company’s stock worth $623,947,000 after buying an additional 395,927 shares during the period. PointState Capital LP boosted its holdings in Targa Resources by 92.3% in the 2nd quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after buying an additional 4,248,784 shares during the period. Tortoise Capital Advisors L.L.C. boosted its holdings in Targa Resources by 7.0% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock worth $416,422,000 after buying an additional 549,161 shares during the period. Kayne Anderson Capital Advisors LP boosted its holdings in Targa Resources by 4.0% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 7,889,261 shares of the pipeline company’s stock valued at $390,424,000 after purchasing an additional 301,000 shares during the period. Finally, Morgan Stanley boosted its holdings in Targa Resources by 7.8% in the 2nd quarter. Morgan Stanley now owns 2,155,252 shares of the pipeline company’s stock valued at $106,664,000 after purchasing an additional 155,742 shares during the period. 91.92% of the stock is owned by institutional investors.
Shares of Targa Resources stock traded down $1.01 on Friday, reaching $51.44. 1,349,619 shares of the company traded hands, compared to its average volume of 1,678,056. Targa Resources has a 52 week low of $40.42 and a 52 week high of $59.21. The company has a market capitalization of $11.60 billion, a P/E ratio of 514.40 and a beta of 2.08. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 7.08%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
Targa Resources Company Profile
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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