Equities research analysts expect Targa Resources Corp (NYSE:TRGP) to post sales of $2.40 billion for the current quarter, Zacks reports. Six analysts have made estimates for Targa Resources’ earnings, with the highest sales estimate coming in at $2.96 billion and the lowest estimate coming in at $1.96 billion. Targa Resources posted sales of $2.60 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 7.7%. The firm is scheduled to announce its next quarterly earnings report on Friday, March 6th.
On average, analysts expect that Targa Resources will report full-year sales of $8.81 billion for the current year, with estimates ranging from $8.16 billion to $10.08 billion. For the next financial year, analysts expect that the company will post sales of $10.56 billion, with estimates ranging from $8.64 billion to $13.25 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Targa Resources.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, November 7th. The pipeline company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.12). The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Targa Resources had a negative return on equity of 0.45% and a negative net margin of 2.31%.
Several hedge funds have recently modified their holdings of the company. Rational Advisors LLC acquired a new position in shares of Targa Resources during the third quarter worth $341,000. Catalyst Capital Advisors LLC grew its holdings in shares of Targa Resources by 2.7% during the third quarter. Catalyst Capital Advisors LLC now owns 393,334 shares of the pipeline company’s stock valued at $15,800,000 after buying an additional 10,242 shares during the last quarter. Cincinnati Insurance Co. purchased a new stake in shares of Targa Resources during the third quarter valued at $1,229,000. BBVA USA Bancshares Inc. purchased a new stake in Targa Resources in the third quarter valued at $1,383,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Targa Resources in the third quarter valued at $59,358,000. 96.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:TRGP opened at $39.26 on Monday. Targa Resources has a 1 year low of $32.00 and a 1 year high of $48.78. The business has a 50 day simple moving average of $39.74 and a two-hundred day simple moving average of $38.94. The firm has a market capitalization of $8.85 billion, a PE ratio of 196.30 and a beta of 1.78. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.88 and a quick ratio of 0.76.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.27%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is presently 1,820.00%.
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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