Targa Resources Corp. [NYSE: TRGP] traded at a high on 08/28/20, posting a 1.72 gain after which it closed the day’ session at $17.77. The company report on August 17, 2020 that Targa Resources Partners LP Announces Expiration and Final Results of Tender Offer for Its 6.750% Senior Notes due 2024.
Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE:TRGP) announced today that its previously announced cash tender offer (the “Tender Offer”) to purchase any and all of its 6.750% senior notes due 2024 (the “2024 Notes”) expired at 5:00 p.m., New York City time, on August 17, 2020 (the “Expiration Time”). As of the Expiration Time, $262,131,000 aggregate principal amount of the 2024 Notes (45.2%) were validly tendered, which excludes $14,143,000 aggregate principal amount of the 2024 Notes that remain subject to guaranteed delivery procedures. Targa Resources Partners expects to accept for payment all such 2024 Notes validly tendered and not validly withdrawn in the Tender Offer and expects to make payment for the 2024 Notes on August 18, 2020, subject to Targa Resources Partners’ successful completion of its previously announced debt financing transaction (the “Financing Condition”). Concurrently with the launch of the Tender Offer, Targa Resources Partners exercised its right to optionally redeem any 2024 Notes not validly tendered and purchased in the Tender Offer, pursuant to the terms of the Indenture relating to the 2024 Notes, conditioned upon and subject to satisfaction of the Financing Condition.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any notes in the Tender Offer. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The results of the trading session contributed to over 1736993 shares changing hands. Over the past one week, the price volatility of Targa Resources Corp. stands at 4.24% while the volatility over the past one month is 4.95%.
The market cap for TRGP stock reached $4.07 billion, with 233.10 million shares outstanding and 229.29 million shares in the current float. Compared to the average trading volume of 3.26M shares, TRGP reached a trading volume of 1736993 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 $24.53 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 2.40. 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.
BofA Securities have made an estimate for Targa Resources Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 19, 2020. The new note on the price target was released on August 14, 2020, representing the official price target for Targa Resources Corp. stock. On June 04, 2020, analysts increased their price target for TRGP shares from 12 to 26.
The Average True Range (ATR) for Targa Resources Corp. is set at 0.87, with the Price to Sales ratio for TRGP stock in the period of the last 12 months amounting to 0.51. The Price to Book ratio for the last quarter was 1.42, with the Price to Cash per share for the same quarter was set at 0.86.
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 -3.42. With this latest performance, TRGP shares dropped by -4.87% in over the last four-week period, additionally sinking by -47.60% over the last 6 months – not to mention a drop of -49.96% 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 42.89, with the RSI for the last a single of trading hit 40.94, and the three-weeks RSI is set at 45.74 for Targa Resources Corp. [TRGP]. The present Moving Average for the last 50 days of trading for this stock 18.90, while it was recorded at 17.71 for the last single week of trading, and 24.16 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 $3,700 million, or 85.60% of TRGP stock, in the hands of institutional investors. The top three institutional holders of TRGP stocks are: VANGUARD GROUP INC with ownership of 21,905,041, which is approximately -7.361% of the company’s market cap and around 0.60% of the total institutional ownership; BLACKROCK INC., holding 11,954,024 shares of the stock with an approximate value of $212.42 million in TRGP stocks shares; and TORTOISE CAPITAL ADVISORS, L.L.C., currently with $210.8 million in TRGP stock with ownership of nearly 123.107% 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 146 institutional holders increased their position in Targa Resources Corp. [NYSE:TRGP] by around 43,488,904 shares. Additionally, 255 investors decreased positions by around 31,116,866 shares, while 53 investors held positions by with 133,583,048 shares. The mentioned changes placed institutional holdings at 208,188,818 shares, according to the latest SEC report filing. TRGP stock had 53 new institutional investments in for a total of 8,226,433 shares, while 100 institutional investors sold positions of 3,946,331 shares during the same period.