Targa Resources Corp (NYSE:TRGP) Expected to Announce Quarterly Sales of $2.40 Billion
Equities analysts predict that Targa Resources Corp (NYSE:TRGP) will report sales of $2.40 billion for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Targa Resources’ earnings. The lowest sales estimate is $1.99 billion and the highest is $3.06 billion. Targa Resources posted sales of $2.99 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 19.7%. The business is expected to announce its next earnings report on Thursday, November 14th.
On average, analysts expect that Targa Resources will report full year sales of $9.12 billion for the current fiscal year, with estimates ranging from $7.47 billion to $11.17 billion. For the next fiscal year, analysts expect that the business will post sales of $10.86 billion, with estimates ranging from $8.14 billion to $15.64 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Targa Resources.
Several research analysts have recently weighed in on TRGP shares. UBS Group set a $54.00 price objective on Targa Resources and gave the stock a “buy” rating in a research report on Friday, August 16th. Evercore ISI reissued a “hold” rating on shares of Targa Resources in a research report on Sunday, August 11th. Royal Bank of Canada lowered their price objective on Targa Resources to $51.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Credit Suisse Group lowered their price objective on Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Finally, SunTrust Banks set a $45.00 price objective on Targa Resources and gave the stock a “buy” rating in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $52.35.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.91 dividend. The ex-dividend date was Tuesday, July 30th. This represents a $3.64 annualized dividend and a dividend yield of 10.23%. Targa Resources’s dividend payout ratio is presently 1,820.00%.
Several institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Targa Resources by 18.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,527,520 shares of the pipeline company’s stock valued at $91,023,000 after buying an additional 387,257 shares during the period. Geode Capital Management LLC raised its stake in Targa Resources by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 2,377,266 shares of the pipeline company’s stock valued at $85,752,000 after buying an additional 241,381 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Targa Resources in the first quarter valued at approximately $382,000. Sciencast Management LP bought a new stake in Targa Resources in the first quarter valued at approximately $207,000. Finally, Nisa Investment Advisors LLC raised its stake in Targa Resources by 370.8% in the first quarter. Nisa Investment Advisors LLC now owns 30,600 shares of the pipeline company’s stock valued at $1,271,000 after buying an additional 24,100 shares during the period. Institutional investors own 90.91% of the company’s stock.
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, 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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