Equities research analysts expect Targa Resources Corp (NYSE:TRGP) to announce sales of $2.48 billion for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Targa Resources’ earnings. The highest sales estimate is $2.72 billion and the lowest is $2.17 billion. Targa Resources posted sales of $2.44 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.6%. The business is expected to report its next quarterly earnings report on Thursday, August 8th.
On average, analysts expect that Targa Resources will report full-year sales of $9.83 billion for the current fiscal year, with estimates ranging from $7.47 billion to $11.69 billion. For the next fiscal year, analysts anticipate that the company will post sales of $11.60 billion, with estimates ranging from $8.14 billion to $16.62 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Targa Resources.
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 firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Targa Resources had a negative net margin of 0.58% and a positive return on equity of 1.45%.
NYSE TRGP traded up $0.31 during trading hours on Thursday, reaching $41.95. The stock had a trading volume of 90,675 shares, compared to its average volume of 2,380,101. The company’s fifty day moving average is $38.97. The stock has a market cap of $9.51 billion, a PE ratio of 211.20 and a beta of 1.78. Targa Resources has a 52-week low of $33.55 and a 52-week high of $59.21. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97.
In other Targa Resources news, Director Robert B. Evans bought 51,420 shares of Targa Resources stock in a transaction dated Friday, May 10th. The stock was acquired at an average cost of $39.38 per share, with a total value of $2,024,919.60. Following the purchase, the director now directly owns 38,506 shares in the company, valued at approximately $1,516,366.28. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.86% of the company’s stock.
Several hedge funds have recently made changes to their positions in TRGP. Tortoise Capital Advisors L.L.C. raised its stake in shares of Targa Resources by 35.6% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock worth $546,535,000 after buying an additional 3,454,138 shares during the period. Norges Bank acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $64,408,000. CIBC Private Wealth Group LLC raised its stake in shares of Targa Resources by 54.4% during the 1st quarter. CIBC Private Wealth Group LLC now owns 3,797,110 shares of the pipeline company’s stock worth $157,770,000 after buying an additional 1,338,009 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Targa Resources by 20.4% during the 1st quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock worth $208,523,000 after buying an additional 849,272 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of Targa Resources by 69.5% during the 4th quarter. Deutsche Bank AG now owns 1,855,330 shares of the pipeline company’s stock worth $66,824,000 after buying an additional 760,992 shares during the period. 91.15% of the stock is owned by institutional investors and hedge funds.
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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