Targa Resources Corp. [NYSE: TRGP] traded at a low on 07/06/22, posting a -4.55 loss after which it closed the day’ session at $56.28. The company report on June 22, 2022 that Targa Resources Corp. Prices $1.25 Billion Offering of Senior Notes.
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Targa Resources Corp. (“Targa” or the “Company”) (NYSE: TRGP), announced today the pricing of an underwritten public offering (the “Offering”) of $750 million aggregate principal amount of its 5.200% senior notes due 2027 (the “2027 notes”) and $500 million aggregate principal amount of its 6.250% senior notes due 2052 (the “2052 notes” and, together with the 2027 notes, the “notes”) at a price to the public of 99.849% and 99.773% of their face value, respectively. The Offering is expected to close on July 7, 2022, subject to customary closing conditions.
The Company expects to use the net proceeds from the Offering to fund a portion of its previously announced acquisition of all of the outstanding interests in Lucid Energy Delaware, LLC for aggregate cash consideration of approximately $3.55 billion (the “Lucid Acquisition”). The Company expects the Lucid Acquisition to close in the third quarter of 2022, subject to customary closing conditions, including regulatory approvals. There can be no assurance that the Lucid Acquisition will be completed within the time frame anticipated or at all. The closing of the Offering is not contingent on the consummation of the Lucid Acquisition. If the Company does not complete the Lucid Acquisition, it expects to use the net proceeds from this Offering for general corporate purposes, which may include, among other things, repayment of indebtedness, capital expenditures, additions to working capital, investments in its subsidiaries and other acquisitions.
The results of the trading session contributed to over 3983840 shares changing hands. Over the past one week, the price volatility of Targa Resources Corp. stands at 5.06% while the volatility over the past one month is 4.70%.
The market cap for TRGP stock reached $12.55 billion, with 228.50 million shares outstanding and 224.41 million shares in the current float. Compared to the average trading volume of 2.29M shares, TRGP reached a trading volume of 3983840 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 $89.82 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 3.25, with the Price to Sales ratio for TRGP stock in the period of the last 12 months amounting to 0.69. The Price to Book ratio for the last quarter was 7.57, 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 7.38 with Quick ratio for the last quarter at 0.60.
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 -9.94. With this latest performance, TRGP shares dropped by -27.24% in over the last four-week period, additionally plugging by 5.71% over the last 6 months – not to mention a rise of 27.97% 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 33.42, with the RSI for the last a single of trading hit 30.55, and the three-weeks RSI is set at 35.94 for Targa Resources Corp. [TRGP]. The present Moving Average for the last 50 days of trading for this stock 69.33, while it was recorded at 59.31 for the last single week of trading, and 62.02 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 $12,009 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 $1.31 billion in TRGP stocks shares; and BLACKSTONE INC., currently with $630.03 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 August and at the time of the August reporting period, where 257 institutional holders increased their position in Targa Resources Corp. [NYSE:TRGP] by around 17,967,000 shares. Additionally, 235 investors decreased positions by around 14,032,424 shares, while 87 investors held positions by with 171,686,848 shares. The mentioned changes placed institutional holdings at 203,686,272 shares, according to the latest SEC report filing. TRGP stock had 104 new institutional investments in for a total of 2,771,785 shares, while 58 institutional investors sold positions of 1,758,327 shares during the same period.