According to Zacks, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas. “
A number of other equities research analysts have also recently commented on the stock. Credit Suisse Group decreased their target price on shares of Targa Resources from $60.00 to $52.00 and set an outperform rating for the company in a research report on Wednesday, March 13th. ValuEngine cut shares of Targa Resources from a buy rating to a hold rating in a research report on Tuesday, April 9th. Wells Fargo & Co reissued a buy rating on shares of Targa Resources in a research report on Thursday, February 21st. BMO Capital Markets decreased their target price on shares of Targa Resources to $50.00 in a research report on Thursday, February 21st. Finally, Raymond James cut shares of Targa Resources from a strong-buy rating to an outperform rating in a research report on Tuesday, April 16th. Eight research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Targa Resources presently has a consensus rating of Buy and a consensus price target of $55.05.
Targa Resources (NYSE:TRGP) last issued its earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.16). The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.44 billion. Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. On average, equities analysts forecast that Targa Resources will post -0.61 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were issued a dividend of $0.91 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.64 annualized dividend and a dividend yield of 9.46%. Targa Resources’s dividend payout ratio (DPR) is presently 1,820.00%.
In other Targa Resources news, Director Robert B. Evans bought 51,420 shares of Targa Resources stock in a transaction that occurred on Friday, May 10th. The stock was purchased at an average price of $39.38 per share, with a total value of $2,024,919.60. Following the completion of the acquisition, the director now directly owns 38,506 shares in the company, valued at approximately $1,516,366.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.86% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc raised its holdings in shares of Targa Resources by 4.5% during the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock worth $1,131,238,000 after purchasing an additional 860,247 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Targa Resources by 1.4% during the first quarter. BlackRock Inc. now owns 13,392,208 shares of the pipeline company’s stock worth $556,448,000 after purchasing an additional 182,798 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Targa Resources by 35.6% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock worth $546,535,000 after purchasing an additional 3,454,138 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in shares of Targa Resources by 8.0% during the first quarter. OppenheimerFunds Inc. now owns 7,415,134 shares of the pipeline company’s stock worth $308,099,000 after purchasing an additional 549,984 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in shares of Targa Resources by 20.4% during the first quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock worth $208,523,000 after purchasing an additional 849,272 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.
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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