In its upcoming report, Targa Resources, Inc. (TRGP) is predicted by Wall Street analysts to post quarterly earnings of $2.23 per share, reflecting an increase of 27.4% compared to the same period last year. Revenues are forecasted to be $4.93 billion, representing a year-over-year increase of 27.9%.
The consensus EPS estimate for the quarter has been revised 0.1% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
That said, let's delve into the average estimates of some Targa Resources metrics that Wall Street analysts commonly model and monitor.
The combined assessment of analysts suggests that 'Gathering and Processing - NGL sales per day' will likely reach 621.65 thousands of barrels of oil. Compared to the present estimate, the company reported 581.50 thousands of barrels of oil in the same quarter last year.
Analysts forecast 'Gathering and Processing - Gross NGL production - Coastal' to reach 32.22 thousands of barrels of oil per day. Compared to the present estimate, the company reported 33.90 thousands of barrels of oil per day in the same quarter last year.
The consensus among analysts is that 'Gathering and Processing - Condensate sales per day' will reach 20.54 thousands of barrels of oil. Compared to the current estimate, the company reported 17.30 thousands of barrels of oil in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Logistics and Marketing - NGL sales' should arrive at 1,211.04 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,162.00 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts' assessment points toward 'Logistics and Marketing - Export volumes' reaching 427.27 thousands of barrels of oil per day. Compared to the current estimate, the company reported 403.90 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts expect 'Logistics and Marketing - Fractionation volumes' to come in at 997.45 thousands of barrels of oil per day. Compared to the present estimate, the company reported 953.80 thousands of barrels of oil per day in the same quarter last year.
It is projected by analysts that the 'Gathering and Processing - Total Plant natural gas inlet volumes' will reach . The estimate compares to the year-ago value of .
Analysts predict that the 'Gathering and Processing - Total Gross NGL production' will reach 1,051.75 thousands of barrels of oil per day. Compared to the present estimate, the company reported 978.20 thousands of barrels of oil per day in the same quarter last year.
The average prediction of analysts places 'Gathering and Processing - Average realized prices - Condensate' at $65.59 . Compared to the present estimate, the company reported $77.20 in the same quarter last year.
According to the collective judgment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' should come in at . The estimate is in contrast to the year-ago figure of .
The consensus estimate for 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' stands at . The estimate compares to the year-ago value of .
The collective assessment of analysts points to an estimated 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' of . Compared to the current estimate, the company reported in the same quarter of the previous year.
View all Key Company Metrics for Targa Resources here>>>
Over the past month, Targa Resources shares have recorded returns of -4% versus the Zacks S&P 500 composite's +2.1% change. Based on its Zacks Rank #3 (Hold), TRGP will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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This article originally published on Zacks Investment Research (zacks.com).
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