Targa Resources Corp (TRGP) Expected to Announce Quarterly Sales of $2.77 Billion

Equities analysts expect Targa Resources Corp (NYSE:TRGP) to report $2.77 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from $2.51 billion to $3.07 billion. Targa Resources posted sales of $2.70 billion during the same quarter last year, which suggests a positive year over year growth rate of 2.6%. The firm is scheduled to report its next quarterly earnings report on Thursday, February 21st.

According to Zacks, analysts expect that Targa Resources will report full-year sales of $10.33 billion for the current fiscal year, with estimates ranging from $9.81 billion to $10.95 billion. For the next financial year, analysts expect that the business will post sales of $10.94 billion, with estimates ranging from $10.03 billion to $12.97 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Targa Resources.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, November 8th. The pipeline company reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.31). The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.67 billion. Targa Resources had a return on equity of 1.31% and a net margin of 3.42%.

A number of brokerages recently commented on TRGP. Stifel Nicolaus reiterated a “buy” rating and set a $57.00 price target (up from $53.00) on shares of Targa Resources in a report on Friday, August 10th. Seaport Global Securities lowered Targa Resources from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $53.00 to $55.00 in a report on Friday, July 27th. Zacks Investment Research lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday, September 13th. ValuEngine lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, July 28th. Finally, Bank of America upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Thursday, October 25th. They noted that the move was a valuation call. Seven equities research 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 company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $58.32.

In other news, Director Chris Tong bought 2,200 shares of the stock in a transaction on Friday, November 16th. The shares were purchased at an average cost of $47.00 per share, for a total transaction of $103,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.76% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. MML Investors Services LLC raised its stake in shares of Targa Resources by 20.2% during the 3rd quarter. MML Investors Services LLC now owns 5,700 shares of the pipeline company’s stock valued at $321,000 after purchasing an additional 958 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Targa Resources by 2.8% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 36,310 shares of the pipeline company’s stock valued at $2,044,000 after purchasing an additional 997 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Targa Resources by 1.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,995 shares of the pipeline company’s stock valued at $3,153,000 after purchasing an additional 1,009 shares during the period. US Bancorp DE raised its stake in shares of Targa Resources by 4.1% during the 3rd quarter. US Bancorp DE now owns 25,532 shares of the pipeline company’s stock valued at $1,437,000 after purchasing an additional 1,014 shares during the period. Finally, Wetherby Asset Management Inc. raised its stake in shares of Targa Resources by 24.5% during the 3rd quarter. Wetherby Asset Management Inc. now owns 5,794 shares of the pipeline company’s stock valued at $326,000 after purchasing an additional 1,142 shares during the period. Institutional investors own 92.66% of the company’s stock.

Targa Resources stock traded up $1.14 during mid-day trading on Friday, reaching $45.99. 2,285,194 shares of the company’s stock were exchanged, compared to its average volume of 2,262,253. The firm has a market capitalization of $10.28 billion, a P/E ratio of -106.95 and a beta of 1.95. Targa Resources has a one year low of $41.13 and a one year high of $59.21. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78.

The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st were paid a $0.91 dividend. The ex-dividend date was Tuesday, October 30th. This represents a $3.64 annualized dividend and a dividend yield of 7.91%. Targa Resources’s payout ratio 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.

Further Reading: How is the S&P 500 index different from the DJIA?

Get a free copy of the Zacks research report on Targa Resources (TRGP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply