Targa Resources (NYSE:TRGP) Announces Earnings Results, Misses Expectations By $0.02 EPS

Targa Resources (NYSE:TRGP) posted its quarterly earnings data on Wednesday. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02), Zacks reports. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion.

Targa Resources Stock Performance

Shares of TRGP stock traded up $7.28 on Thursday, hitting $169.97. The company had a trading volume of 2,442,429 shares, compared to its average volume of 1,778,659. The firm has a market cap of $36.58 billion, a P/E ratio of 24.04, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a 50-day moving average price of $161.11 and a 200-day moving average price of $164.71. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources has a twelve month low of $144.14 and a twelve month high of $218.51.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s payout ratio is 56.58%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Cfra Research upgraded shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Royal Bank Of Canada lifted their target price on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $209.50.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Headlands Technologies LLC lifted its holdings in Targa Resources by 338.2% in the second quarter. Headlands Technologies LLC now owns 5,885 shares of the pipeline company’s stock valued at $1,024,000 after acquiring an additional 4,542 shares during the period. Great Valley Advisor Group Inc. lifted its stake in shares of Targa Resources by 133.4% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 4,618 shares of the pipeline company’s stock valued at $803,000 after purchasing an additional 2,639 shares during the period. Focus Partners Wealth lifted its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the period. Brown Advisory Inc. lifted its stake in shares of Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after purchasing an additional 524 shares during the period. Finally, Curi Capital LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at $757,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.