Seaport Global Securities slashes price target on Targa Resources Corp. [TRGP] – find out why.

Targa Resources Corp. [NYSE: TRGP] traded at a low on 08/13/20, posting a -4.00 loss after which it closed the day’ session at $19.22. The company report on August 11, 2020 that Targa Resources Corp. to Participate in Citi One-on-One Midstream / Energy Infrastructure Virtual Conference.

Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) announced today that representatives from the Company will participate in investor meetings at the Citi One-on-One Midstream / Energy Infrastructure Virtual Conference via video conference on Wednesday, August 12, 2020 and Thursday, August 13, 2020.

A copy of the slides used for the conference meetings will be available in the Investors section of the Company’s website at www.targaresources.com, or by going to https://www.targaresources.com/investors/events.

The results of the trading session contributed to over 1757595 shares changing hands. Over the past one week, the price volatility of Targa Resources Corp. stands at 5.26% while the volatility over the past one month is 4.99%.

The market cap for TRGP stock reached $4.42 billion, with 233.10 million shares outstanding and 229.11 million shares in the current float. Compared to the average trading volume of 3.66M shares, TRGP reached a trading volume of 1757595 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Targa Resources Corp. [TRGP]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TRGP shares is $22.30 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TRGP stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Seaport Global Securities have made an estimate for Targa Resources Corp. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 27, 2020. While these analysts kept the previous recommendation, Barclays raised their target price from $12 to $26. The new note on the price target was released on June 04, 2020, representing the official price target for Targa Resources Corp. stock. Previously, the target price had yet another drop from $21 to $13, while Credit Suisse kept a Neutral rating on TRGP stock.

The Average True Range (ATR) for Targa Resources Corp. is set at 1.08, with the Price to Sales ratio for TRGP stock in the period of the last 12 months amounting to 0.56. The Price to Book ratio for the last quarter was 1.54, with the Price to Cash per share for the same quarter was set at 0.85.

How has TRGP stock performed recently?

Targa Resources Corp. [TRGP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.72. With this latest performance, TRGP shares gained by 0.79% in over the last four-week period, additionally sinking by -47.36% over the last 6 months – not to mention a drop of -42.68% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TRGP stock in for the last two-week period is set at 47.49, with the RSI for the last a single of trading hit 48.82, and the three-weeks RSI is set at 50.74 for Targa Resources Corp. [TRGP]. The present Moving Average for the last 50 days of trading for this stock 19.77, while it was recorded at 19.78 for the last single week of trading, and 25.34 for the last 200 days.

Targa Resources Corp. [TRGP]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Targa Resources Corp. [TRGP] shares currently have an operating margin of +5.92 and a Gross Margin at +9.16. Targa Resources Corp.’s Net Margin is presently recorded at -2.41.

Return on Total Capital for TRGP is now 3.32, given the latest momentum, and Return on Invested Capital for the company is -1.70. Return on Equity for this stock declined to -3.63, with Return on Assets sitting at -1.11. When it comes to the capital structure of this company, Targa Resources Corp. [TRGP] has a Total Debt to Total Equity ratio set at 151.50. Additionally, TRGP Total Debt to Total Capital is recorded at 60.24, with Total Debt to Total Assets ending up at 39.29. Long-Term Debt to Equity for the company is recorded at 152.16, with the Long-Term Debt to Total Capital now at 57.26.

Reflecting on the efficiency of the workforce at the company, Targa Resources Corp. [TRGP] managed to generate an average of -$78,060 per employee. Receivables Turnover for the company is 10.09 with a Total Asset Turnover recorded at a value of 0.46.Targa Resources Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 0.90.

Earnings analysis for Targa Resources Corp. [TRGP]

With the latest financial reports released by the company, Targa Resources Corp. posted -0.34/share EPS, while the average EPS was predicted by analysts to be reported at -0.21/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -61.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TRGP.

Insider trade positions for Targa Resources Corp. [TRGP]

There are presently around $3,792 million, or 87.40% of TRGP stock, in the hands of institutional investors. The top three institutional holders of TRGP stocks are: VANGUARD GROUP INC with ownership of 23,645,570, which is approximately 3.981% of the company’s market cap and around 0.60% of the total institutional ownership; BLACKROCK INC., holding 14,197,521 shares of the stock with an approximate value of $272.88 million in TRGP stocks shares; and HARVEST FUND ADVISORS LLC, currently with $215.56 million in TRGP stock with ownership of nearly 4.124% of the company’s market capitalization.

Positions in Targa Resources Corp. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 161 institutional holders increased their position in Targa Resources Corp. [NYSE:TRGP] by around 31,834,041 shares. Additionally, 248 investors decreased positions by around 38,133,628 shares, while 52 investors held positions by with 127,338,447 shares. The mentioned changes placed institutional holdings at 197,306,116 shares, according to the latest SEC report filing. TRGP stock had 51 new institutional investments in for a total of 3,048,582 shares, while 110 institutional investors sold positions of 8,111,157 shares during the same period.

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