Targa Resources (NYSE:TRGP) – Analysts at US Capital Advisors reduced their Q2 2018 earnings estimates for shares of Targa Resources in a research note issued to investors on Monday, May 14th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings per share of ($0.14) for the quarter, down from their previous estimate of ($0.13). US Capital Advisors also issued estimates for Targa Resources’ Q3 2018 earnings at ($0.11) EPS, Q4 2018 earnings at ($0.05) EPS, FY2018 earnings at ($0.33) EPS, FY2019 earnings at ($0.32) EPS and FY2020 earnings at $0.39 EPS.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.04). The firm had revenue of $2.70 billion during the quarter, compared to analyst estimates of $2.30 billion. Targa Resources had a net margin of 1.82% and a return on equity of 0.88%.
TRGP has been the subject of several other research reports. Deutsche Bank initiated coverage on Targa Resources in a report on Thursday, April 19th. They issued a “hold” rating and a $50.00 price target for the company. ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Robert W. Baird reaffirmed a “buy” rating and issued a $58.00 price target on shares of Targa Resources in a report on Monday, April 23rd. Citigroup upped their price target on Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Finally, Stifel Nicolaus set a $53.00 price target on Targa Resources and gave the company a “buy” rating in a report on Friday, May 4th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Targa Resources currently has an average rating of “Hold” and an average price target of $54.00.
Targa Resources stock opened at $48.34 on Thursday. The company has a quick ratio of 0.77, a current ratio of 0.84 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of -112.42 and a beta of 1.97. Targa Resources has a 12 month low of $39.59 and a 12 month high of $52.08.
Several institutional investors and hedge funds have recently modified their holdings of the company. IFP Advisors Inc increased its holdings in Targa Resources by 6.5% during the 4th quarter. IFP Advisors Inc now owns 18,968 shares of the pipeline company’s stock valued at $918,000 after purchasing an additional 1,152 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Targa Resources by 1.3% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 90,635 shares of the pipeline company’s stock valued at $3,988,000 after purchasing an additional 1,200 shares in the last quarter. Raymond James Trust N.A. increased its holdings in Targa Resources by 21.5% during the 4th quarter. Raymond James Trust N.A. now owns 7,321 shares of the pipeline company’s stock valued at $354,000 after purchasing an additional 1,295 shares in the last quarter. Toronto Dominion Bank increased its holdings in Targa Resources by 6.8% during the 1st quarter. Toronto Dominion Bank now owns 20,938 shares of the pipeline company’s stock valued at $922,000 after purchasing an additional 1,333 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its holdings in Targa Resources by 3.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,529 shares of the pipeline company’s stock valued at $1,817,000 after purchasing an additional 1,351 shares in the last quarter. 90.67% of the stock is owned by institutional investors and hedge funds.
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 15th. Stockholders of record on Tuesday, May 1st were issued a $0.91 dividend. The ex-dividend date of this dividend was Monday, April 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.53%. 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.
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