Wall Street analysts expect Targa Resources, Inc. (TRGP) to post quarterly earnings of $2.74 per share in its upcoming report, which indicates a year-over-year increase of 24.6%. Revenues are expected to be $5.14 billion, up 23.8% from the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 0.1% higher 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 typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
In light of this perspective, let's dive into the average estimates of certain Targa Resources metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts expect 'Gathering and Processing - NGL sales per day' to come in at 678.18 thousands of barrels of oil. The estimate compares to the year-ago value of 634.80 thousands of barrels of oil.
The combined assessment of analysts suggests that 'Gathering and Processing - Gross NGL production - Coastal' will likely reach 38.28 thousands of barrels of oil per day. Compared to the present estimate, the company reported 36.90 thousands of barrels of oil per day in the same quarter last year.
The average prediction of analysts places 'Gathering and Processing - Condensate sales per day' at 22.63 thousands of barrels of oil. Compared to the current estimate, the company reported 18.00 thousands of barrels of oil in the same quarter of the previous year.
Analysts predict that the 'Logistics and Marketing - NGL sales' will reach 1,335.06 thousands of barrels of oil per day. Compared to the present estimate, the company reported 1,249.30 thousands of barrels of oil per day in the same quarter last year.
The collective assessment of analysts points to an estimated 'Logistics and Marketing - Export volumes' of 434.46 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 407.40 thousands of barrels of oil per day.
Analysts' assessment points toward 'Logistics and Marketing - Fractionation volumes' reaching 1,177.66 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1,134.30 thousands of barrels of oil per day.
Analysts forecast 'Gathering and Processing - Total Plant natural gas inlet volumes' to reach . The estimate is in contrast to the year-ago figure of .
The consensus estimate for 'Gathering and Processing - Total Gross NGL production' stands at 1,165.65 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,095.10 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 - Average realized prices - Condensate' will reach $72.44 . The estimate is in contrast to the year-ago figure of $67.75 .
According to the collective judgment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' should come in at . The estimate compares to the year-ago value of .
Based on the collective assessment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' should arrive at . Compared to the present estimate, the company reported in the same quarter last year.
The consensus among analysts is that 'Gathering and Processing - Plant natural gas inlet volumes - Permian Midland' will reach . The estimate is in contrast to the year-ago figure of .
View all Key Company Metrics for Targa Resources here>>>Shares of Targa Resources have demonstrated returns of +2.6% over the past month compared to the Zacks S&P 500 composite's -2.3% change. With a Zacks Rank #2 (Buy), TRGP is expected to beat the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
Of course, all our elite picks aren't winners, but this one could far surpass earlier Zacks' Stocks Set to Double like D-Wave Quantum, which shot up +680.1%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Targa Resources, Inc. (TRGP): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).