The upcoming report from Targa Resources, Inc. (TRGP) is expected to reveal quarterly earnings of $2.37 per share, indicating an increase of 64.6% compared to the year-ago period. Analysts forecast revenues of $5.12 billion, representing an increase of 16.1% year over year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 1.6% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions 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.
Given this perspective, it's time to examine the average forecasts of specific Targa Resources metrics that are routinely monitored and predicted by Wall Street analysts.
The consensus estimate for 'Gathering and Processing - NGL sales per day' stands at 922.53 thousands of barrels of oil. The estimate is in contrast to the year-ago figure of 582.00 thousands of barrels of oil.
Analysts' assessment points toward 'Gathering and Processing - Gross NGL production - Coastal' reaching 35.28 thousands of barrels of oil per day. Compared to the present estimate, the company reported 36.00 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 19.56 thousands of barrels of oil. Compared to the present estimate, the company reported 19.80 thousands of barrels of oil in the same quarter last year.
Analysts predict that the 'Logistics and Marketing - NGL sales' will reach 1,260.49 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1,227.50 thousands of barrels of oil per day.
The average prediction of analysts places 'Logistics and Marketing - Export volumes' at 423.88 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 457.10 thousands of barrels of oil per day.
According to the collective judgment of analysts, 'Logistics and Marketing - Fractionation volumes' should come in at 1,135.85 thousands of barrels of oil per day. The estimate compares to the year-ago value of 1,089.50 thousands of barrels of oil per day.
The combined assessment of analysts suggests that 'Gathering and Processing - Total Plant natural gas inlet volumes' will likely reach . Compared to the current estimate, the company reported in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Gathering and Processing - Total Gross NGL production' should arrive at 1,581.01 thousands of barrels of oil per day. The estimate compares to the year-ago value of 995.80 thousands of barrels of oil per day.
Analysts forecast 'Gathering and Processing - Average realized prices - Condensate' to reach $59.59 . Compared to the current estimate, the company reported $66.83 in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' of . Compared to the current estimate, the company reported in the same quarter of the previous year.
Analysts expect 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' to come in at . Compared to the current estimate, the company reported in the same quarter of the previous year.
It is projected by analysts that the 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' will reach . Compared to the present estimate, the company reported in the same quarter last year.
View all Key Company Metrics for Targa Resources here>>>
Over the past month, shares of Targa Resources have returned +20.8% versus the Zacks S&P 500 composite's -1.7% change. Currently, TRGP carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Targa Resources, Inc. (TRGP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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