Targa Resources Corp (NYSE:TRGP) Expected to Announce Earnings of -$0.11 Per Share

Equities research analysts expect Targa Resources Corp (NYSE:TRGP) to post earnings per share of ($0.11) for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Targa Resources’ earnings. The lowest EPS estimate is ($0.22) and the highest is $0.11. Targa Resources posted earnings per share of $0.13 in the same quarter last year, which suggests a negative year-over-year growth rate of 184.6%. The business is scheduled to announce its next quarterly earnings results on Friday, March 6th.

On average, analysts expect that Targa Resources will report full-year earnings of ($0.92) per share for the current fiscal year, with EPS estimates ranging from ($1.08) to ($0.71). For the next year, analysts expect that the company will post earnings of ($0.06) per share, with EPS estimates ranging from ($0.52) to $0.41. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Targa Resources.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $2.25 billion. Targa Resources had a negative net margin of 2.31% and a negative return on equity of 0.45%.

A number of equities analysts have issued reports on the company. Capital One Financial cut Targa Resources from an “overweight” rating to an “equal weight” rating and set a $42.00 target price on the stock. in a report on Thursday, November 21st. Piper Jaffray Companies assumed coverage on Targa Resources in a report on Monday, November 4th. They set a “neutral” rating and a $43.00 target price on the stock. Barclays set a $49.00 target price on Targa Resources and gave the stock a “buy” rating in a report on Tuesday, October 15th. Bank of America set a $44.00 target price on Targa Resources and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources currently has an average rating of “Buy” and a consensus price target of $46.58.

Targa Resources stock traded down $0.05 during mid-day trading on Monday, hitting $37.11. The stock had a trading volume of 1,791,026 shares, compared to its average volume of 1,774,865. The stock has a 50-day simple moving average of $38.36 and a two-hundred day simple moving average of $38.43. Targa Resources has a 12 month low of $32.00 and a 12 month high of $48.78. 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 business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 9.81%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 1,820.00%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRGP. Invesco Ltd. raised its position in shares of Targa Resources by 3,746.3% during the second quarter. Invesco Ltd. now owns 9,579,054 shares of the pipeline company’s stock worth $376,074,000 after purchasing an additional 9,330,008 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Targa Resources by 4,739.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 7,653,440 shares of the pipeline company’s stock worth $300,474,000 after purchasing an additional 7,495,281 shares during the period. Nuveen Asset Management LLC raised its position in shares of Targa Resources by 4,024.1% during the second quarter. Nuveen Asset Management LLC now owns 2,454,846 shares of the pipeline company’s stock worth $96,377,000 after purchasing an additional 2,395,322 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Targa Resources during the third quarter worth about $59,358,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Targa Resources during the third quarter worth about $47,754,000. 95.43% of the stock is currently owned by institutional investors.

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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