Brokerages Expect Targa Resources Corp (NYSE:TRGP) to Post -$0.17 Earnings Per Share
Equities analysts expect Targa Resources Corp (NYSE:TRGP) to post earnings of ($0.17) per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Targa Resources’ earnings, with the highest EPS estimate coming in at ($0.07) and the lowest estimate coming in at ($0.30). Targa Resources posted earnings per share of ($0.18) in the same quarter last year, which would indicate a positive year over year growth rate of 5.6%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 13th.
On average, analysts expect that Targa Resources will report full-year earnings of ($0.10) per share for the current financial year, with EPS estimates ranging from ($0.54) to $0.36. For the next fiscal year, analysts anticipate that the firm will post earnings of ($0.29) per share, with EPS estimates ranging from ($1.34) to $0.76. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that follow Targa Resources.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.21. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Targa Resources had a negative net margin of 22.66% and a positive return on equity of 2.45%.
TRGP traded up $0.73 during midday trading on Monday, reaching $18.04. The company had a trading volume of 3,250,523 shares, compared to its average volume of 5,400,172. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.93 and a current ratio of 1.02. The stock has a market cap of $4.04 billion, a PE ratio of 57.70 and a beta of 3.13. Targa Resources has a 12-month low of $3.66 and a 12-month high of $43.47. The business has a 50-day moving average price of $10.72 and a two-hundred day moving average price of $27.95.
The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is -49.38%.
In other news, Director Rene R. Joyce sold 160,000 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $7.00, for a total value of $1,120,000.00. Following the transaction, the director now owns 281,820 shares of the company’s stock, valued at approximately $1,972,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.54% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. TRUE Private Wealth Advisors purchased a new stake in shares of Targa Resources in the 4th quarter worth about $25,000. Orion Portfolio Solutions LLC bought a new position in Targa Resources during the fourth quarter valued at $25,000. Benjamin F. Edwards & Company Inc. increased its position in Targa Resources by 108.1% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 643 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 334 shares during the last quarter. Birch Capital Management LLC bought a new position in Targa Resources during the first quarter valued at $28,000. Finally, Arlington Partners LLC bought a new position in shares of Targa Resources in the first quarter worth about $28,000. 86.85% of the stock is currently owned by institutional investors and hedge funds.
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.
Recommended Story: Diversification in Investing
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.