Targa Resources Corp (TRGP) Expected to Announce Earnings of $0.05 Per Share

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Wall Street brokerages expect Targa Resources Corp (NYSE:TRGP) to announce earnings of $0.05 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Targa Resources’ earnings, with estimates ranging from ($0.11) to $0.18. Targa Resources reported earnings per share of ($0.15) during the same quarter last year, which would suggest a positive year-over-year growth rate of 133.3%. The business is scheduled to issue its next earnings report on Friday, November 2nd.

On average, analysts expect that Targa Resources will report full year earnings of $0.27 per share for the current year, with EPS estimates ranging from ($0.72) to $0.72. For the next year, analysts anticipate that the company will report earnings of $0.53 per share, with EPS estimates ranging from ($0.16) to $1.21. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Targa Resources.

Several brokerages have commented on TRGP. Zacks Investment Research upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Tuesday. Barclays boosted their target price on shares of Targa Resources from $52.00 to $54.00 and gave the stock a “hold” rating in a research report on Wednesday. UBS Group boosted their target price on shares of Targa Resources from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Friday, August 10th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, August 10th. Finally, SunTrust Banks set a $56.00 target price on shares of Targa Resources and gave the stock a “hold” rating in a research report on Friday, August 17th. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Targa Resources presently has a consensus rating of “Hold” and a consensus price target of $56.00.

In other Targa Resources news, CAO John Richard Klein sold 2,092 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $53.52, for a total value of $111,963.84. Following the transaction, the chief accounting officer now directly owns 24,972 shares in the company, valued at approximately $1,336,501.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold a total of 6,176 shares of company stock worth $334,507 over the last quarter. Insiders own 1.76% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Raymond James Trust N.A. increased its stake in shares of Targa Resources by 15.2% during the 2nd quarter. Raymond James Trust N.A. now owns 8,591 shares of the pipeline company’s stock valued at $425,000 after acquiring an additional 1,135 shares during the last quarter. Sigma Planning Corp increased its stake in shares of Targa Resources by 16.1% during the 2nd quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock valued at $415,000 after acquiring an additional 1,162 shares during the last quarter. KBC Group NV increased its stake in shares of Targa Resources by 0.8% during the 2nd quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock valued at $7,149,000 after acquiring an additional 1,162 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of 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 acquiring an additional 1,200 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its stake in shares of Targa Resources by 121.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after acquiring an additional 1,246 shares during the last quarter. Institutional investors own 92.23% of the company’s stock.

Shares of TRGP opened at $55.30 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73. The firm has a market capitalization of $12.60 billion, a price-to-earnings ratio of -128.60 and a beta of 2.02. Targa Resources has a 1 year low of $39.59 and a 1 year high of $56.42.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Wednesday, August 1st were given a $0.91 dividend. The ex-dividend date was Tuesday, July 31st. This represents a $3.64 annualized dividend and a dividend yield of 6.58%. 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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