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 last 30 days, there has been an upward revision of 1.6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of 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 typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
That said, let's delve into the average estimates of some Targa Resources metrics that Wall Street analysts commonly model and monitor.
The average prediction of analysts places 'Gathering and Processing - NGL sales per day' at 922.53 thousands of barrels of oil. Compared to the current estimate, the company reported 582.00 thousands of barrels of oil in the same quarter of the previous year.
The consensus among analysts is that 'Gathering and Processing - Gross NGL production - Coastal' will reach 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.
Analysts predict that the 'Gathering and Processing - Condensate sales per day' will reach 19.56 thousands of barrels of oil. The estimate compares to the year-ago value of 19.80 thousands of barrels of oil.
The consensus estimate for 'Logistics and Marketing - NGL sales' stands at 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 combined assessment of analysts suggests that 'Logistics and Marketing - Export volumes' will likely reach 423.88 thousands of barrels of oil per day. Compared to the present estimate, the company reported 457.10 thousands of barrels of oil per day in the same quarter last year.
Analysts expect 'Logistics and Marketing - Fractionation volumes' to come in at 1,135.85 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,089.50 thousands of barrels of oil per day in the same quarter of the previous year.
It is projected by analysts that the 'Gathering and Processing - Total Plant natural gas inlet volumes' will reach . The estimate is in contrast to the year-ago figure of .
The collective assessment of analysts points to an estimated 'Gathering and Processing - Total Gross NGL production' of 1,581.01 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 995.80 thousands of barrels of oil per day.
According to the collective judgment of analysts, 'Gathering and Processing - Average realized prices - Condensate' should come in at $59.59 . The estimate is in contrast to the year-ago figure of $66.83 .
Analysts' assessment points toward 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' reaching . The estimate is in contrast to the year-ago figure of .
Based on the collective assessment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' should arrive at . The estimate is in contrast to the year-ago figure of .
Analysts forecast 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' to reach . The estimate is in contrast to the year-ago figure of .
View all Key Company Metrics for Targa Resources here>>>
Over the past month, Targa Resources shares have recorded returns of +21.2% versus the Zacks S&P 500 composite's -1.3% 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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Targa Resources, Inc. (TRGP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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