Targa Resources Corp (NYSE:TRGP) – Stock analysts at Jefferies Financial Group issued their Q3 2018 earnings per share estimates for Targa Resources in a research note issued to investors on Tuesday, October 16th. Jefferies Financial Group analyst C. Sighinolfi expects that the pipeline company will post earnings per share of $0.08 for the quarter. Jefferies Financial Group currently has a “$51.76” rating and a $55.00 target price on the stock. Jefferies Financial Group also issued estimates for Targa Resources’ Q4 2018 earnings at $0.11 EPS, FY2019 earnings at $0.60 EPS, FY2020 earnings at $1.33 EPS, FY2021 earnings at $1.42 EPS and FY2022 earnings at $1.53 EPS.
Several other equities analysts have also weighed in on TRGP. Stifel Nicolaus increased their price target on shares of Targa Resources from $57.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, October 11th. Citigroup increased their price target on shares of Targa Resources from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Raymond James increased their price target on shares of Targa Resources from $58.00 to $64.00 and gave the company a “strong-buy” rating in a research report on Wednesday. Credit Suisse Group began coverage on shares of Targa Resources in a research report on Thursday, October 11th. They set a “neutral” rating and a $60.00 price target for the company. Finally, Royal Bank of Canada increased their price target on shares of Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, August 10th. Ten investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $59.17.
NYSE TRGP opened at $56.57 on Thursday. Targa Resources has a 1 year low of $39.59 and a 1 year high of $59.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The firm has a market capitalization of $12.70 billion, a PE ratio of -131.56 and a beta of 2.08.
Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping 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.
Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in shares of Targa Resources by 10.9% during the first quarter. JPMorgan Chase & Co. now owns 274,915 shares of the pipeline company’s stock worth $12,096,000 after purchasing an additional 27,018 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in shares of Targa Resources by 202.2% during the first quarter. Cubist Systematic Strategies LLC now owns 19,407 shares of the pipeline company’s stock worth $854,000 after purchasing an additional 12,986 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in shares of Targa Resources by 1.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 137,645 shares of the pipeline company’s stock worth $6,057,000 after purchasing an additional 2,250 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Targa Resources in the 1st quarter worth $553,000. Finally, Royal Bank of Canada raised its position in shares of Targa Resources by 28.2% in the 1st quarter. Royal Bank of Canada now owns 278,003 shares of the pipeline company’s stock worth $12,232,000 after buying an additional 61,090 shares during the period. 92.25% of the stock is currently owned by hedge funds and other institutional investors.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the transaction, the director now owns 120,105 shares in the company, valued at $6,501,283.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John Richard Klein sold 2,092 shares of the stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the transaction, the chief accounting officer now owns 24,972 shares of the company’s stock, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. Insiders have sold 6,176 shares of company stock valued at $334,507 in the last quarter. Company insiders own 1.76% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 6.43%. Targa Resources’s dividend payout ratio is presently -846.51%.
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, 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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