US Capital Advisors Analysts Reduce Earnings Estimates for Targa Resources Corp. (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP - Free Report) - Research analysts at US Capital Advisors dropped their Q2 2024 earnings estimates for shares of Targa Resources in a research report issued on Monday, April 29th. US Capital Advisors analyst J. Carreker now anticipates that the pipeline company will post earnings of $1.14 per share for the quarter, down from their previous estimate of $1.17. The consensus estimate for Targa Resources' current full-year earnings is $5.87 per share. US Capital Advisors also issued estimates for Targa Resources' Q3 2024 earnings at $1.23 EPS.

Other research analysts have also issued reports about the stock. Barclays boosted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an "overweight" rating in a research note on Tuesday, April 9th. Truist Financial upped their price target on shares of Targa Resources from $105.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Stifel Nicolaus upped their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, April 16th. Royal Bank of Canada upped their price target on shares of Targa Resources from $106.00 to $109.00 and gave the stock an "outperform" rating in a research note on Monday, February 26th. Finally, Citigroup upped their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a "buy" rating in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $119.55.

Targa Resources Stock Performance

Targa Resources stock traded up $0.55 during midday trading on Thursday, reaching $112.96. 1,874,547 shares of the stock traded hands, compared to its average volume of 1,738,724. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The firm has a fifty day moving average price of $109.72 and a two-hundred day moving average price of $94.71. The firm has a market cap of $25.14 billion, a price-to-earnings ratio of 30.78 and a beta of 2.19. Targa Resources has a fifty-two week low of $67.36 and a fifty-two week high of $117.87.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%.

Institutional Trading of Targa Resources

Several large investors have recently added to or reduced their stakes in the business. Addison Advisors LLC bought a new stake in shares of Targa Resources during the 4th quarter worth $27,000. Spire Wealth Management boosted its holdings in shares of Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company's stock worth $31,000 after buying an additional 264 shares during the period. VisionPoint Advisory Group LLC boosted its holdings in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company's stock worth $34,000 after buying an additional 209 shares during the period. EdgeRock Capital LLC bought a new stake in shares of Targa Resources during the 4th quarter worth $42,000. Finally, Rational Advisors LLC bought a new stake in shares of Targa Resources during the 3rd quarter worth $43,000. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the company's stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the transaction, the insider now owns 219,451 shares in the company, valued at approximately $21,354,776.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the business's stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the sale, the insider now directly owns 219,451 shares of the company's stock, valued at $21,354,776.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares of the company's stock, valued at $7,012,769.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is currently owned by company insiders.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.66%. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources's previous quarterly dividend of $0.50. Targa Resources's dividend payout ratio is currently 81.74%.

Targa Resources Company Profile

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.