Wall Street brokerages predict that Targa Resources Corp (NYSE:TRGP) will report ($0.26) earnings per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Targa Resources’ earnings. The highest EPS estimate is ($0.14) and the lowest is ($0.42). Targa Resources reported earnings per share of $0.35 during the same quarter last year, which suggests a negative year-over-year growth rate of 174.3%. The business is expected to issue its next quarterly earnings results on Thursday, August 8th.
On average, analysts expect that Targa Resources will report full year earnings of ($0.64) per share for the current fiscal year, with EPS estimates ranging from ($0.94) to ($0.35). For the next year, analysts anticipate that the company will report earnings of $0.52 per share, with EPS estimates ranging from ($0.03) to $1.16. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that follow Targa Resources.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.16). Targa Resources had a negative net margin of 0.58% and a positive return on equity of 1.45%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.44 billion.
In related news, Director Robert B. Evans bought 51,420 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were purchased at an average cost 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 $1,516,366.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.86% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc grew its holdings in Targa Resources by 4.5% in the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock valued at $1,131,238,000 after purchasing an additional 860,247 shares during the period. Bank of Montreal Can grew its holdings in Targa Resources by 9.3% in the fourth quarter. Bank of Montreal Can now owns 72,994 shares of the pipeline company’s stock valued at $2,629,000 after purchasing an additional 6,188 shares during the period. Keybank National Association OH grew its holdings in Targa Resources by 5.0% in the fourth quarter. Keybank National Association OH now owns 21,705 shares of the pipeline company’s stock valued at $782,000 after purchasing an additional 1,025 shares during the period. Advisors Asset Management Inc. grew its holdings in Targa Resources by 73.2% in the fourth quarter. Advisors Asset Management Inc. now owns 6,903 shares of the pipeline company’s stock valued at $249,000 after purchasing an additional 2,918 shares during the period. Finally, Rhumbline Advisers grew its holdings in Targa Resources by 17.5% in the fourth quarter. Rhumbline Advisers now owns 283,841 shares of the pipeline company’s stock valued at $10,224,000 after purchasing an additional 42,211 shares during the period. 91.28% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources stock traded down $1.25 during midday trading on Friday, reaching $36.59. The company’s stock had a trading volume of 2,251,903 shares, compared to its average volume of 2,226,951. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.48 and a current ratio of 0.58. Targa Resources has a 52-week low of $33.55 and a 52-week high of $59.21. The stock has a market cap of $8.51 billion, a PE ratio of 182.95 and a beta of 1.88.
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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