Targa Resources Corp (NYSE:TRGP) – Analysts at US Capital Advisors decreased their Q2 2020 earnings per share estimates for shares of Targa Resources in a research report issued on Wednesday, April 17th. US Capital Advisors analyst J. Carreker now anticipates that the pipeline company will post earnings per share of $0.01 for the quarter, down from their previous forecast of $0.05. US Capital Advisors also issued estimates for Targa Resources’ Q3 2020 earnings at $0.07 EPS and Q4 2020 earnings at $0.11 EPS.
TRGP has been the subject of several other reports. Wells Fargo & Co reissued a “buy” rating on shares of Targa Resources in a research note on Thursday, February 21st. Evercore ISI began coverage on Targa Resources in a research note on Tuesday, February 5th. They set a $46.00 price objective for the company. Credit Suisse Group set a $50.00 price objective on Targa Resources and gave the stock a “buy” rating in a research note on Friday, April 5th. Zacks Investment Research cut Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 12th. Finally, ValuEngine cut Targa Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $55.19.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Friday, March 1st. The pipeline company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.08. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.71 billion. Targa Resources had a return on equity of 2.32% and a net margin of 0.02%.
Several large investors have recently made changes to their positions in the stock. Prudential Financial Inc. raised its holdings in Targa Resources by 12.2% during the third quarter. Prudential Financial Inc. now owns 24,802 shares of the pipeline company’s stock valued at $1,397,000 after buying an additional 2,700 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in Targa Resources by 3.9% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 8,744,388 shares of the pipeline company’s stock valued at $492,396,000 after buying an additional 330,132 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Targa Resources by 3.1% during the third quarter. Bank of New York Mellon Corp now owns 4,543,801 shares of the pipeline company’s stock valued at $255,862,000 after buying an additional 136,890 shares in the last quarter. Renaissance Technologies LLC bought a new position in Targa Resources during the third quarter valued at about $16,864,000. Finally, Paloma Partners Management Co bought a new position in Targa Resources during the third quarter valued at about $232,000. Institutional investors and hedge funds own 91.98% of the company’s stock.
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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