Targa Resources Corp (TRGP) Analysis & Forecast for 2024

Targa Resources Corp (NYSE: TRGP) is 1.89% higher on its value in year-to-date trading and has touched a low of $64.85 and a high of $91.43 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The TRGP stock was last observed hovering at around $87.09 in the last trading session, with the day’s gains setting it 1.42%.

Currently trading at $88.51, the stock is 4.06% and 3.13% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 1.45 million and changing 1.63% at the moment leaves the stock 8.64% off its SMA200. TRGP registered 19.00% gain for a year compared to 6-month loss of 4.20%. The firm has a 50-day simple moving average (SMA 50) of $1.99 and a 200-day simple moving average (SMA200) of $8.43.

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The stock witnessed a 6.34% gain in the last 1 month and extending the period to 3 months gives it a 5.76%, and is 3.44% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 1.48% over the week and 1.88% over the month.

Targa Resources Corp (TRGP) has around Jan 30 2024 employees, a market worth around $19.74B and $15.21B in sales. Current P/E ratio is 23.06 and Fwd P/E is 15.24. Profit margin for the company is 5.71%. Distance from 52-week low is 36.48% and -3.20% from its 52-week high. The company has generated returns on investments over the last 12 months (5.84%).

Targa Resources Corp quarterly earnings per share for the current quarter are estimated at $1.46 with sales reaching $3.85B over the same period.The EPS is expected to grow by 25.33% this year, but quarterly earnings will post -22.80% year-over-year. Quarterly sales are estimated to shrink -15.50% in year-over-year returns.

Targa Resources Corp (TRGP) Top Institutional Holders

925 institutions hold shares in Targa Resources Corp (TRGP), with institutional investors hold 94.98% of the company’s shares. The shares outstanding are 226.04M, and float is at 218.26M with Short Float at 1.58%. Institutions hold 93.67% of the Float.

The top institutional shareholder in the company is Vanguard Group Inc with over 27.15 million shares valued at $2.07 billion. The investor’s holdings represent 12.14% of the TRGP Shares outstanding. As of Jun 29, 2023, the second largest holder is Blackrock Inc. with 18.81 million shares valued at $1.43 billion to account for 8.41% of the shares outstanding. The other top investors are State Street Corporation which holds 14.78 million shares representing 6.61% and valued at over $1.12 billion, while Wellington Management Group, LLP holds 3.54% of the shares totaling 7.92 million with a market value of $602.55 million.

Targa Resources Corp (TRGP) Insider Activity

A total of 9 insider transactions have happened at Targa Resources Corp (TRGP) in the last six months, with sales accounting for 9 and purchases happening 0 times. The most recent transaction is an insider sale by Muraro Robert,the company’sChief Commercial Officer. SEC filings show that Muraro Robert sold 2,500 shares of the company’s common stock on Dec 04 at a price of $89.65 per share for a total of $0.22 million. Following the sale, the insider now owns 0.18 million shares.

Targa Resources Corp disclosed in a document filed with the SEC on Nov 13 that CRISP CHARLES R (Director) sold a total of 3,000 shares of the company’s common stock. The trade occurred on Nov 13 and was made at $85.01 per share for $0.26 million. Following the transaction, the insider now directly holds 0.12 million shares of the TRGP stock.

Still, SEC filings show that on Nov 02, Muraro Robert (Chief Commercial Officer) disposed off 10,000 shares at an average price of $90.03 for $0.9 million. The insider now directly holds 187,021 shares of Targa Resources Corp (TRGP).

Targa Resources Corp (TRGP): Who are the competitors?

The company’s main competitors (and peers) include Enterprise Products Partners L.P. (EPD) that is trading 0.49% up over the past 12 months. Kinder Morgan Inc. (KMI) that is -8.75% lower over the same period.