Wall Street analysts expect that Targa Resources Corp (NYSE:TRGP) will report $2.16 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Targa Resources’ earnings. The lowest sales estimate is $1.94 billion and the highest is $2.41 billion. Targa Resources posted sales of $2.01 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.5%. The firm is scheduled to announce its next quarterly earnings results on Friday, February 16th.
According to Zacks, analysts expect that Targa Resources will report full year sales of $2.16 billion for the current year, with estimates ranging from $7.59 billion to $8.66 billion. For the next fiscal year, analysts expect that the company will report sales of $8.45 billion per share, with estimates ranging from $5.95 billion to $9.50 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Targa Resources.
Several equities research analysts have recently commented on TRGP shares. Royal Bank of Canada restated a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a report on Monday, August 21st. Stifel Nicolaus set a $53.00 price target on shares of Targa Resources and gave the company a “buy” rating in a report on Wednesday, August 23rd. Jefferies Group restated a “buy” rating and issued a $49.00 price target (down previously from $50.00) on shares of Targa Resources in a report on Friday, September 1st. ValuEngine lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Finally, BidaskClub upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Saturday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Hold” and a consensus price target of $54.33.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $41.85, for a total transaction of $95,920.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.93% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TRGP. Van ECK Associates Corp grew its position in Targa Resources by 24.0% during the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after purchasing an additional 524 shares during the last quarter. Ffcm LLC grew its position in Targa Resources by 237.0% during the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after purchasing an additional 1,910 shares during the last quarter. Penserra Capital Management LLC grew its position in Targa Resources by 20.6% during the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock worth $192,000 after purchasing an additional 726 shares during the last quarter. Guyasuta Investment Advisors Inc. purchased a new stake in Targa Resources during the 3rd quarter worth approximately $206,000. Finally, Pacer Advisors Inc. grew its position in Targa Resources by 28.5% during the 2nd quarter. Pacer Advisors Inc. now owns 4,587 shares of the pipeline company’s stock worth $207,000 after purchasing an additional 1,017 shares during the last quarter. 87.43% of the stock is currently owned by institutional investors.
About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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