Targa Resources Corp (NYSE:TRGP) – Equities research analysts at Jefferies Group upped their Q4 2017 earnings estimates for shares of Targa Resources in a report issued on Wednesday. Jefferies Group analyst C. Sighinolfi now forecasts that the pipeline company will post earnings of ($0.02) per share for the quarter, up from their previous estimate of ($0.07). Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Targa Resources’ Q1 2018 earnings at ($0.10) EPS, Q2 2018 earnings at ($0.14) EPS, Q3 2018 earnings at ($0.09) EPS, Q4 2018 earnings at ($0.03) EPS, FY2018 earnings at ($0.37) EPS, FY2019 earnings at ($0.07) EPS, FY2020 earnings at $0.30 EPS and FY2021 earnings at $0.60 EPS.
A number of other equities analysts have also issued reports on the company. Stifel Nicolaus reduced their target price on Targa Resources from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Monday, November 20th. TheStreet cut Targa Resources from a “c-” rating to a “d+” rating in a report on Monday, November 13th. Wells Fargo & Company cut Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a report on Tuesday, November 7th. Robert W. Baird restated a “buy” rating and set a $53.00 target price on shares of Targa Resources in a report on Friday, November 3rd. Finally, BidaskClub raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $54.33.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Targa Resources by 17.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after buying an additional 2,823,104 shares during the period. BlackRock Inc. increased its stake in Targa Resources by 13.3% during the 2nd quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after buying an additional 1,338,025 shares during the period. Tortoise Capital Advisors L.L.C. increased its stake in Targa Resources by 3.5% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 6,958,912 shares of the pipeline company’s stock worth $329,157,000 after buying an additional 237,777 shares during the period. Harvest Fund Advisors LLC grew its holdings in Targa Resources by 40.8% during the 3rd quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after acquiring an additional 1,446,438 shares in the last quarter. Finally, State Street Corp grew its holdings in Targa Resources by 12.9% during the 2nd quarter. State Street Corp now owns 4,295,711 shares of the pipeline company’s stock worth $194,165,000 after acquiring an additional 490,077 shares in the last quarter. 87.43% of the stock is currently owned by institutional investors and hedge funds.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.93% of the stock is owned by company insiders.
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About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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