Targa Resources (NYSE:TRGP) Announces Quarterly Earnings Results, Misses Expectations By $0.46 EPS

Targa Resources (NYSE:TRGP) announced its quarterly earnings results on Thursday. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46), Zacks reports. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%.

Targa Resources Stock Down 2.6 %

NYSE:TRGP traded down $5.37 during mid-day trading on Thursday, reaching $204.93. The stock had a trading volume of 2,811,903 shares, compared to its average volume of 1,477,052. The stock has a market cap of $44.69 billion, a P/E ratio of 37.06, a PEG ratio of 0.62 and a beta of 2.29. The business’s 50 day moving average is $195.20 and its 200 day moving average is $175.21. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources has a fifty-two week low of $95.88 and a fifty-two week high of $218.51.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Stifel Nicolaus boosted their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Scotiabank assumed coverage on Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target for the company. Finally, Mizuho upped their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $196.07.

About Targa Resources

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.