Targa Resources (NYSE:TRGP) is set to issue its quarterly earnings data before the market opens on Thursday, November 8th. Analysts expect the company to announce earnings of $0.07 per share for the quarter.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.40. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. On average, analysts expect Targa Resources to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.
Shares of TRGP stock opened at $51.67 on Thursday. Targa Resources has a 1-year low of $40.57 and a 1-year high of $59.21. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.74. The firm has a market cap of $11.60 billion, a P/E ratio of -120.16 and a beta of 2.08.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the sale, the director now owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John Richard Klein sold 984 shares of Targa Resources stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the sale, the vice president now directly owns 23,988 shares of the company’s stock, valued at approximately $1,334,452.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is currently owned by insiders.
Several brokerages recently weighed in on TRGP. Bank of America upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Thursday, October 25th. They noted that the move was a valuation call. Raymond James boosted their target price on Targa Resources from $58.00 to $64.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 17th. Stifel Nicolaus boosted their target price on Targa Resources from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, October 11th. Credit Suisse Group began coverage on Targa Resources in a research note on Thursday, October 11th. They set a “neutral” rating and a $60.00 target price on the stock. Finally, Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $54.00 to $65.00 in a research note on Wednesday, October 3rd. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $58.53.
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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