Targa Resources (NYSE:TRGP) Announces Quarterly Earnings Results

Targa Resources (NYSE:TRGP) released its quarterly earnings data on Tuesday. The pipeline company reported $1.75 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 business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the firm earned $0.97 EPS.

Targa Resources Trading Up 5.4 %

TRGP stock traded up $9.61 during midday trading on Wednesday, reaching $187.01. The company’s stock had a trading volume of 1,975,229 shares, compared to its average volume of 1,650,218. Targa Resources has a 1 year low of $81.03 and a 1 year high of $189.50. The firm has a market capitalization of $40.97 billion, a price-to-earnings ratio of 39.33, a PEG ratio of 1.31 and a beta of 2.24. The stock has a fifty day simple moving average of $156.35 and a two-hundred day simple moving average of $136.85. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on TRGP shares. Royal Bank of Canada increased their price target on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their target price on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial increased their price objective on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays boosted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and an average price target of $157.21.

Insider Activity

In other news, CAO Julie H. Boushka sold 12,641 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the sale, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,405 shares of company stock valued at $26,529,984. 1.44% of the stock is currently owned by company insiders.

Targa Resources Company Profile

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.