Brokerages Expect Targa Resources Corp (NYSE:TRGP) to Post -$0.17 Earnings Per Share

Equities analysts expect Targa Resources Corp (NYSE:TRGP) to post earnings of ($0.17) per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Targa Resources’ earnings, with the highest EPS estimate coming in at ($0.07) and the lowest estimate coming in at ($0.30). Targa Resources posted earnings per share of ($0.18) in the same quarter last year, which would indicate a positive year over year growth rate of 5.6%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 13th.

On average, analysts expect that Targa Resources will report full-year earnings of ($0.10) per share for the current financial year, with EPS estimates ranging from ($0.54) to $0.36. For the next fiscal year, analysts anticipate that the firm will post earnings of ($0.29) per share, with EPS estimates ranging from ($1.34) to $0.76. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that follow Targa Resources.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.21. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Targa Resources had a negative net margin of 22.66% and a positive return on equity of 2.45%.

TRGP has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on shares of Targa Resources from $6.00 to $8.00 and gave the company an “underweight” rating in a research note on Monday, March 23rd. Zacks Investment Research cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Thursday. Credit Suisse Group cut shares of Targa Resources from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $21.00 to $13.00 in a research note on Wednesday, April 1st. Raymond James cut shares of Targa Resources from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, March 12th. Finally, Royal Bank of Canada dropped their price target on shares of Targa Resources from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $24.96.

TRGP traded up $0.73 during midday trading on Monday, reaching $18.04. The company had a trading volume of 3,250,523 shares, compared to its average volume of 5,400,172. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.93 and a current ratio of 1.02. The stock has a market cap of $4.04 billion, a PE ratio of 57.70 and a beta of 3.13. Targa Resources has a 12-month low of $3.66 and a 12-month high of $43.47. The business has a 50-day moving average price of $10.72 and a two-hundred day moving average price of $27.95.

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is -49.38%.

In other news, Director Rene R. Joyce sold 160,000 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $7.00, for a total value of $1,120,000.00. Following the transaction, the director now owns 281,820 shares of the company’s stock, valued at approximately $1,972,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.54% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. TRUE Private Wealth Advisors purchased a new stake in shares of Targa Resources in the 4th quarter worth about $25,000. Orion Portfolio Solutions LLC bought a new position in Targa Resources during the fourth quarter valued at $25,000. Benjamin F. Edwards & Company Inc. increased its position in Targa Resources by 108.1% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 643 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 334 shares during the last quarter. Birch Capital Management LLC bought a new position in Targa Resources during the first quarter valued at $28,000. Finally, Arlington Partners LLC bought a new position in shares of Targa Resources in the first quarter worth about $28,000. 86.85% of the stock is currently owned by institutional investors and hedge funds.

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, 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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

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