Targa Resources (NYSE:TRGP) Issues Earnings Results, Beats Estimates By $0.17 EPS

by · The Cerbat Gem

Targa Resources (NYSE:TRGP – Get Free Report) announced its quarterly earnings results on Tuesday. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17, Zacks reports. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the company posted $0.97 EPS.

Targa Resources Stock Up 4.9 %

NYSE TRGP traded up $8.75 on Wednesday, hitting $186.15. 1,712,953 shares of the company were exchanged, compared to its average volume of 1,648,699. The company has a market cap of $40.78 billion, a PE ratio of 39.33, a PEG ratio of 1.31 and a beta of 2.24. Targa Resources has a 12 month low of $81.03 and a 12 month high of $189.62. The stock has a fifty day moving average of $156.35 and a 200-day moving average of $136.85. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 63.16%.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the sale, the chief accounting officer now owns 38,403 shares in the company, valued at $5,165,203.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 173,405 shares of company stock valued at $26,529,984 over the last ninety days. 1.44% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Scotiabank upped their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Barclays upped their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada upped their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $157.21.

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About Targa Resources

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.

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