Targa Resources Corp [NYSE: TRGP] gained 7.25% on the last trading session, reaching $90.25 price per share at the time. The company report on November 2, 2023 at 6:00 AM that Targa Resources Corp. Reports Third Quarter 2023 Financial Results and Announces Expectations for a 50% Year-Over-Year Increase to 2024 Common Dividend.
Third quarter 2023 net income attributable to Targa Resources Corp. was $220.0 million compared to $193.1 million for the third quarter of 2022.
Targa Resources Corp represents 226.04 million in outstanding shares, while the company has a total market value of $20.19 billion with the latest information. TRGP stock price has been found in the range of $82.97 to $90.50.
If compared to the average trading volume of 1.60M shares, TRGP reached a trading volume of 4174297 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $104.83 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 1.33. 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.
Goldman have made an estimate for Targa Resources Corp shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 06, 2023.
The Average True Range (ATR) for Targa Resources Corp is set at 2.24, with the Price to Sales ratio for TRGP stock in the period of the last 12 months amounting to 1.33. The Price to Book ratio for the last quarter was 7.56, with the Price to Cash per share for the same quarter was set at 0.62. Price to Free Cash Flow for TRGP in the course of the last twelve months was 23.61 with Quick ratio for the last quarter at 0.61.
Trading performance analysis for TRGP stock
Targa Resources Corp [TRGP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.30. With this latest performance, TRGP shares gained by 13.91% in over the last four-week period, additionally plugging by 30.14% over the last 6 months – not to mention a rise of 31.75% 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 66.14, with the RSI for the last a single of trading hit 72.43, and the three-weeks RSI is set at 62.64 for Targa Resources Corp [TRGP]. The present Moving Average for the last 50 days of trading for this stock 85.14, while it was recorded at 85.20 for the last single week of trading, and 77.59 for the last 200 days.
Targa Resources Corp [TRGP]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Targa Resources Corp [TRGP] shares currently have an operating margin of +8.30 and a Gross Margin at +9.78. Targa Resources Corp’s Net Margin is presently recorded at +5.46.
Return on Total Capital for TRGP is now 11.94, given the latest momentum, and Return on Invested Capital for the company is 10.10. Return on Equity for this stock inclined to 42.10, with Return on Assets sitting at 6.09. When it comes to the capital structure of this company, Targa Resources Corp [TRGP] has a Total Debt to Total Equity ratio set at 433.84. Additionally, TRGP Total Debt to Total Capital is recorded at 81.27, with Total Debt to Total Assets ending up at 54.81. Long-Term Debt to Equity for the company is recorded at 402.55, with the Long-Term Debt to Total Capital now at 75.41.
Reflecting on the efficiency of the workforce at the company, Targa Resources Corp [TRGP] managed to generate an average of $400,807 per employee. Receivables Turnover for the company is 15.28 with a Total Asset Turnover recorded at a value of 1.12.Targa Resources Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.61 and a Current Ratio set at 0.74.
Targa Resources Corp [TRGP]: An earnings per share (EPS) analysis
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 18.80%.
An analysis of Institutional ownership at Targa Resources Corp [TRGP]
The top three institutional holders of TRGP stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in TRGP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in TRGP stock with ownership which is approximately 5.7994%.