Analysts on Wall Street project that Targa Resources, Inc. (TRGP Quick QuoteTRGP - Free Report) will announce quarterly earnings of $1.88 per share in its forthcoming report, representing an increase of 52.9% year over year. Revenues are projected to reach $4.08 billion, declining 3.8% from the same quarter last year.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship 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.

Bearing this in mind, let's now explore the average estimates of specific Targa Resources metrics that are commonly monitored and projected by Wall Street analysts.

Based on the collective assessment of analysts, 'Gathering and Processing - NGL sales per day' should arrive at 587.12 millions of barrels of oil. The estimate compares to the year-ago value of 520.6 millions of barrels of oil.

The average prediction of analysts places 'Gathering and Processing - Gross NGL production - Coastal' at 31.45 millions of barrels of oil per day. The estimate compares to the year-ago value of 43.2 millions of barrels of oil per day.

The consensus among analysts is that 'Gathering and Processing - Condensate sales per day' will reach 19.60 millions of barrels of oil. Compared to the current estimate, the company reported 17.8 millions of barrels of oil in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Logistics and Marketing - NGL sales' will likely reach 1,160.50 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1125.8 millions of barrels of oil per day.

The collective assessment of analysts points to an estimated 'Logistics and Marketing - Export volumes' of 428.49 millions of barrels of oil per day. The estimate compares to the year-ago value of 434.5 millions of barrels of oil per day.

Analysts' assessment points toward 'Logistics and Marketing - Fractionation volumes' reaching 1,022.88 millions of barrels of oil per day. Compared to the present estimate, the company reported 844.8 millions of barrels of oil per day in the same quarter last year.

The consensus estimate for 'Gathering and Processing - Total Plant natural gas inlet volumes' stands at 7,774.50 millions of cubic feet per day. Compared to the current estimate, the company reported 7108.2 millions of cubic feet per day in the same quarter of the previous year.

Analysts predict that the 'Gathering and Processing - Total Gross NGL production' will reach 991.44 millions of barrels of oil per day. The estimate compares to the year-ago value of 881.7 millions of barrels of oil per day.

Analysts forecast 'Gathering and Processing - Average realized prices - Condensate' to reach $72.29. The estimate compares to the year-ago value of $74.79.

Analysts expect 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' to come in at 141.61 millions of cubic feet per day. The estimate is in contrast to the year-ago figure of 131.2 millions of cubic feet per day.

It is projected by analysts that the 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' will reach 394.78 millions of cubic feet per day. Compared to the current estimate, the company reported 567 millions of cubic feet per day in the same quarter of the previous year.

According to the collective judgment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' should come in at 176.85 millions of cubic feet per day. The estimate compares to the year-ago value of 207.7 millions of cubic feet per day.

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Shares of Targa Resources have demonstrated returns of -4.8% over the past month compared to the Zacks S&P 500 composite's +4.7% change. With a Zacks Rank #3 (Hold), TRGP is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>