Wall Street analysts expect Targa Resources, Inc. (TRGP Quick QuoteTRGP - Free Report) to post quarterly earnings of $2.04 per share in its upcoming report, which indicates a year-over-year increase of 67.2%. Revenues are expected to be $5.73 billion, up 25.5% from the year-ago quarter.

The consensus EPS estimate for the quarter has been revised 1.3% 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 release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions 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.

Analysts' assessment points toward 'Gathering and Processing - NGL sales per day' reaching 577.97 millions of barrels of oil. The estimate is in contrast to the year-ago figure of 498.8 millions of barrels of oil.

According to the collective judgment of analysts, 'Gathering and Processing - Gross NGL production - Coastal' should come in at 31.89 millions of barrels of oil per day. The estimate compares to the year-ago value of 39.1 millions of barrels of oil per day.

Analysts expect 'Gathering and Processing - Condensate sales per day' to come in at 20.50 millions of barrels of oil. Compared to the present estimate, the company reported 19.1 millions of barrels of oil in the same quarter last year.

It is projected by analysts that the 'Logistics and Marketing - NGL sales' will reach 1,198.95 millions of barrels of oil per day. The estimate compares to the year-ago value of 1227.6 millions of barrels of oil per day.

The consensus among analysts is that 'Logistics and Marketing - Export volumes' will reach 455.64 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 439 millions of barrels of oil per day.

Analysts forecast 'Logistics and Marketing - Fractionation volumes' to reach 1,084.31 millions of barrels of oil per day. Compared to the present estimate, the company reported 797.2 millions of barrels of oil per day in the same quarter last year.

The collective assessment of analysts points to an estimated 'Gathering and Processing - Total Plant natural gas inlet volumes' of 7,667.93 millions of cubic feet per day. The estimate is in contrast to the year-ago figure of 7103.5 millions of cubic feet per day.

Based on the collective assessment of analysts, 'Gathering and Processing - Total Gross NGL production' should arrive at 991.85 millions of barrels of oil per day. The estimate compares to the year-ago value of 844.1 millions of barrels of oil per day.

The average prediction of analysts places 'Gathering and Processing - Average realized prices - Condensate' at $73.57. Compared to the current estimate, the company reported $77.22 in the same quarter of the previous year.

Analysts predict that the 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' will reach 130.29 millions of cubic feet per day. The estimate compares to the year-ago value of 127.1 millions of cubic feet per day.

The combined assessment of analysts suggests that 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' will likely reach 376.73 millions of cubic feet per day. Compared to the present estimate, the company reported 524.7 millions of cubic feet per day in the same quarter last year.

The consensus estimate for 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' stands at 192.40 millions of cubic feet per day. The estimate is in contrast to the year-ago figure of 184.5 millions of cubic feet per day.

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Over the past month, Targa Resources shares have recorded returns of -12.3% versus the Zacks S&P 500 composite's -0.2% 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 >>>>