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

Targa Resources (NYSE:TRGP) announced its quarterly earnings data on Tuesday. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17, Zacks reports. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the business posted $0.97 EPS.

Targa Resources Stock Performance

TRGP opened at $187.79 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.53 and a current ratio of 0.77. The business’s 50-day simple moving average is $158.01 and its 200 day simple moving average is $137.54. The firm has a market capitalization of $40.95 billion, a PE ratio of 33.96, a PEG ratio of 1.44 and a beta of 2.24. Targa Resources has a 52-week low of $81.03 and a 52-week high of $189.62.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now 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 disclosure for this sale can be found here. Insiders have sold 157,764 shares of company stock valued at $24,421,590 in the last 90 days. 1.39% of the stock is currently owned by 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.