Targa Resources Corp. (NYSE:TRGP) closed Wednesday at $66.89 per share, down from $68.52 a day earlier. While Targa Resources Corp. has underperformed by -2.38%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, TRGP rose by 49.51%, with highs and lows ranging from $81.50 to $44.23, whereas the simple moving average jumped by 2.04% in the last 200 days.
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On September 08, 2022, Goldman started tracking Targa Resources Corp. (NYSE: TRGP) recommending Buy. Mizuho also Upgraded TRGP shares as ‘Buy’, setting a target price of $85 on the company’s shares in a report dated March 18, 2022. Evercore ISI November 15, 2021d its ‘In-line’ rating to ‘Outperform’ for TRGP, as published in its report on November 15, 2021. BofA Securities’s report from September 28, 2021 suggests a price prediction of $62 for TRGP shares, giving the stock a ‘Buy’ rating. Wolfe Research also rated the stock as ‘Outperform’.
Analysis of Targa Resources Corp. (TRGP)
The current dividend for TRGP investors is set at $1.40 per share, indicating investors will get a return regardless of how the company performs over the next quarter. Further, the quarter-over-quarter increase in sales is 77.30%, showing a positive trend in the upcoming months.
There are several well-rounded types of analysis and research techniques that can be used to gain a clear view of Targa Resources Corp.’s future performance, with equity being one of the most critical indicators. The goal here is to ensure that your current return on equity of 10.60% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 0.60, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
As an indicator of volatility for any stock, average volume can also be very valuable, and TRGP is recording an average volume of 1.67M. On a monthly basis, the volatility of the stock is set at 3.46%, whereas on a weekly basis, it is put at 3.98%, with a loss of -7.67% over the past seven days. Furthermore, long-term investors anticipate a median target price of $93.00, showing growth from the present price of $66.89, which can serve as yet another indication of whether TRGP is worth investing in or should be passed over.
How Do You Analyze Targa Resources Corp. Shares?
Targa Resources Corp. (TRGP) is based in the USA and is one of the most prominent companies operating in the Oil & Gas Midstream market. When comparing Targa Resources Corp. shares with other companies under Energy, the P/E value is an influential factor to note. This is because it represents an indication of the future growth of the company in terms of investors’ expectations. Ultimately, the value of the latter should demonstrate steady, rapid growth, which is an accurate measure of the company’s progress. In addition to the value of 85.98, there is a growth in quarterly earnings of 981.60%.
Apart from looking at the fundamentals, you should also pay attention to the number of company employees who own shares. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.50%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 89.50% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in TRGP shares?
The recent increase in stakes in TRGP appears to be a result of several institutional investors and hedge funds increasing their positions. The Vanguard Group, Inc.’s position in TRGP has decreased by -0.50% in the first quarter. The company now owns 22,997,262 shares of the stock, with a value of $1.57 billion, following the sale of -114,658 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in TRGP during the first quarter, upping its stake by 4.01%. During the last quarter, the company picked up 742,206 additional shares for a total stake of worth $1.31 billion, bringing number of shares owned by the company to 19,258,131.
During the first quarter, Harvest Fund Advisors LLC added a 206,306 position in TRGP. Tortoise Capital Advisors LLC sold an additional -0.44 million shares in the last quarter, decreasing its holdings by -4.74%, now holding 8.94 million shares worth $610.21 million. At the end of the first quarter, SSgA Funds Management, Inc. increased its TRGP holdings by 12.95% and now holds 8.85 million TRGP shares valued at $603.96 million with the added 1.01 million shares during the period. TRGP shares are owned by institutional investors to the tune of 89.50% at present.