Targa Resources Corp. [NYSE: TRGP] traded at a low on 05/31/22, posting a -1.10 loss after which it closed the day’ session at $72.02. The company report on May 17, 2022 that ArcLight Completes Acquisition of a 25% Interest in the Gulf Coast Express Pipeline.
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ArcLight Capital Partners, LLC and affiliates (collectively, “ArcLight”) announced today that it has completed the acquisition of a wholly-owned subsidiary of Targa Resources Corp. (NYSE: TRGP) (“Targa”) that owns a 25% equity interest in Gulf Coast Express Pipeline (“GCX”) for $857 million.
GCX is a premier, natural gas pipeline with 2.02 Bcf/d of capacity that is underpinned by a diverse array of shippers under long-term, committed contracts. GCX is operated by Kinder Morgan Inc. and provides critical residue gas takeaway service from the Permian Basin to key US Gulf Coast end-markets, including key emerging demand regions such as the growing liquefied natural gas (“LNG”) export market in South Texas.
The results of the trading session contributed to over 16813714 shares changing hands. Over the past one week, the price volatility of Targa Resources Corp. stands at 3.10% while the volatility over the past one month is 4.17%.
The market cap for TRGP stock reached $16.02 billion, with 228.50 million shares outstanding and 224.40 million shares in the current float. Compared to the average trading volume of 1.85M shares, TRGP reached a trading volume of 16813714 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 $88.47 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 1.70. 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.
Truist have made an estimate for Targa Resources Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 02, 2022. While these analysts kept the previous recommendation, Mizuho raised their target price from $58 to $85. The new note on the price target was released on March 18, 2022, representing the official price target for Targa Resources Corp. stock. Previously, the target price had yet another raise to $62, while Evercore ISI analysts kept a Outperform rating on TRGP stock.
The Average True Range (ATR) for Targa Resources Corp. is set at 2.95, with the Price to Sales ratio for TRGP stock in the period of the last 12 months amounting to 0.88. The Price to Book ratio for the last quarter was 9.69, with the Price to Cash per share for the same quarter was set at 0.61. Price to Free Cash Flow for TRGP in the course of the last twelve months was 9.42 with Quick ratio for the last quarter at 0.60.
How has TRGP stock performed recently?
Targa Resources Corp. [TRGP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.98. With this latest performance, TRGP shares dropped by -1.89% in over the last four-week period, additionally plugging by 33.47% over the last 6 months – not to mention a rise of 80.59% 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 50.50, with the RSI for the last a single of trading hit 53.29, and the three-weeks RSI is set at 50.30 for Targa Resources Corp. [TRGP]. The present Moving Average for the last 50 days of trading for this stock 73.98, while it was recorded at 71.07 for the last single week of trading, and 59.33 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 +10.44 and a Gross Margin at +12.00. Targa Resources Corp.’s Net Margin is presently recorded at +0.41.
Return on Equity for this stock inclined to 2.49, with Return on Assets sitting at 0.42.
Targa Resources Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.70.
Earnings analysis for Targa Resources Corp. [TRGP]
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. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Targa Resources Corp. go to 5.70%.
Insider trade positions for Targa Resources Corp. [TRGP]
There are presently around $14,788 million, or 90.10% of TRGP stock, in the hands of institutional investors. The top three institutional holders of TRGP stocks are: VANGUARD GROUP INC with ownership of 23,472,796, which is approximately -1.338% of the company’s market cap and around 1.00% of the total institutional ownership; BLACKROCK INC., holding 22,156,301 shares of the stock with an approximate value of $1.61 billion in TRGP stocks shares; and BLACKSTONE INC., currently with $778.13 million in TRGP stock with ownership of nearly -2.547% of the company’s market capitalization.
Positions in Targa Resources Corp. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 255 institutional holders increased their position in Targa Resources Corp. [NYSE:TRGP] by around 17,322,959 shares. Additionally, 238 investors decreased positions by around 14,082,977 shares, while 91 investors held positions by with 171,663,941 shares. The mentioned changes placed institutional holdings at 203,069,877 shares, according to the latest SEC report filing. TRGP stock had 104 new institutional investments in for a total of 2,779,182 shares, while 58 institutional investors sold positions of 1,758,327 shares during the same period.