Targa Resources Corp. (TRGP), based in Houston, Texas, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. With a market cap of $36.8 billion, Targa Resources operates through Gathering and Processing, as well as Logistics and Transportation segments. It is expected to announce its Q3 earnings before the market opens on Tuesday, November 5.
Ahead of the event, analysts expect Targa Resources to report a profit of $1.57 per share, up 61.9% from $0.97 per share reported in the year-ago quarter. The company has missed Wall Street’s EPS projections in three of the past four quarters while surpassing on one other occasion. Its EPS for the last reported quarter beat the consensus estimate by 9.9%.
In fiscal 2024, analysts expect Targa Resources to report an EPS of $5.92, up 61.8% from $3.66 in fiscal 2023.
TRGP stock is up 94.1% on a YTD basis, substantially outperforming the S&P 500 Index’s ($SPX) 21.8% gains and the Energy Select Sector SPDR Fund’s (XLE) 7.1% returns over the same time frame.
Targa Resources is seeing robust momentum in 2024, driven by its extensive infrastructure and well-placed assets that offer a significant competitive advantage.
On Oct. 22, Targa Resources shares edged up more than 2% after Raymond James raised its price target on the stock to $185 from $156.
The consensus opinion on Targa Resources stock is very bullish, with a “Strong Buy” rating overall. Out of the 19 analysts covering the stock, 17 recommend a “Strong Buy,” and two suggest a “Moderate Buy” rating.
While TRGP is currently trading above its average target price of $164.65, the highest target of $190 from analysts indicates that the stock could potentially rise by up to 12.7% from prevailing market prices.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
