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

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

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $9.62 during trading on Wednesday, reaching $187.02. 1,932,858 shares of the stock traded hands, compared to its average volume of 1,650,021. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The stock has a market capitalization of $40.97 billion, a P/E ratio of 39.33, a price-to-earnings-growth ratio of 1.31 and a beta of 2.24. Targa Resources has a 52-week low of $81.03 and a 52-week high of $189.50. The company has a 50-day moving average of $156.35 and a 200-day moving average of $136.85.

Targa Resources Dividend Announcement

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

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at $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 available through this link. In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at $5,165,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,405 shares of company stock valued at $26,529,984. 1.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TRGP shares. Wells Fargo & Company raised their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Truist Financial increased their price objective on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Thirteen equities research 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, the company currently has a consensus rating of “Buy” and an average price target of $157.21.

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.