Wall Street analysts forecast that Targa Resources Corp (NYSE:TRGP) will report sales of $2.48 billion for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Targa Resources’ earnings. The lowest sales estimate is $2.17 billion and the highest is $2.72 billion. Targa Resources reported sales of $2.44 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1.6%. The firm is expected to report its next earnings results on Thursday, August 8th.
On average, analysts expect that Targa Resources will report full-year sales of $9.83 billion for the current fiscal year, with estimates ranging from $7.47 billion to $11.69 billion. For the next financial year, analysts forecast that the firm will post sales of $11.60 billion, with estimates ranging from $8.14 billion to $16.62 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Targa Resources.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.16). The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.44 billion. Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%.
Several equities research analysts have recently weighed in on the company. Credit Suisse Group set a $230.00 price objective on Constellation Brands and gave the stock a “buy” rating in a research note on Friday, April 5th. SunTrust Banks assumed coverage on Corteva in a research note on Monday, June 3rd. They set a “hold” rating and a $29.00 price objective for the company. Mizuho reduced their price objective on Targa Resources from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, April 18th. Evercore ISI lowered DHT from an “outperform” rating to an “in-line” rating and set a $5.17 price objective for the company. in a research note on Wednesday, April 24th. Finally, Raymond James assumed coverage on Solar Capital in a research note on Tuesday, April 16th. They set an “outperform” rating and a $22.50 price objective for the company. Eight research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Targa Resources currently has a consensus rating of “Buy” and an average price target of $55.05.
NYSE TRGP traded up $0.31 on Thursday, reaching $41.95. 90,675 shares of the stock traded hands, compared to its average volume of 2,380,101. The stock’s fifty day moving average price is $38.97. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.48 and a current ratio of 0.58. The company has a market capitalization of $9.51 billion, a P/E ratio of 211.20 and a beta of 1.78. Targa Resources has a 12 month low of $33.55 and a 12 month high of $59.21.
In other news, Director Robert B. Evans acquired 51,420 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average cost of $39.38 per share, for a total transaction of $2,024,919.60. Following the completion of the acquisition, the director now owns 38,506 shares in the company, valued at $1,516,366.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.86% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the stock. Cerebellum GP LLC acquired a new position in Targa Resources during the first quarter worth $27,000. Claybrook Capital LLC acquired a new position in Targa Resources during the fourth quarter worth $25,000. Arlington Partners LLC acquired a new position in Targa Resources during the second quarter worth $29,000. Strategy Asset Managers LLC acquired a new position in Targa Resources during the first quarter worth $36,000. Finally, Valeo Financial Advisors LLC increased its position in Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after buying an additional 495 shares during the last quarter. Institutional investors and hedge funds own 91.15% of the company’s stock.
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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