Targa Resources (NYSE:TRGP) Releases Earnings Results, Beats Expectations By $0.17 EPS

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

Targa Resources Price Performance

TRGP stock traded up $9.62 during midday trading on Wednesday, reaching $187.02. The company had a trading volume of 1,932,858 shares, compared to its average volume of 1,650,021. The company has a market capitalization of $40.97 billion, a price-to-earnings ratio of 39.33, a price-to-earnings-growth ratio of 1.31 and a beta of 2.24. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources has a 1-year low of $81.03 and a 1-year high of $189.50. The stock has a 50 day moving average price of $156.35 and a 200-day moving average price of $136.85.

Targa Resources Announces Dividend

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

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction dated Thursday, August 8th. The stock was 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 in the company, valued at $5,165,203.50. The trade was a 0.00 % decrease in their ownership of the stock. 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 in the last ninety days. 1.44% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Truist Financial increased their target price on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays increased their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $157.21.

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.