Targa Resources Corp. (NYSE:TRGP) saw a downside of -0.98% to close Tuesday at $83.70 after subtracting -$0.83 on the day. The 5-day average trading volume is 1,931,980 shares of the company’s common stock. It has gained $85.39 in the past week and touched a new high 3 times within the past 5 days. An average of 1,600,045 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 1,551,370.
TRGP’s 1-month performance is 2.85% or $3.04 on its low of $79.76 reached on 07/28/23. The company’s shares have touched a 52-week low of $57.23 and high of $85.53, with the stock’s rally to the 52-week high happening on 08/10/23. YTD, TRGP has achieved 13.88% or $10.20 and has reached a new high 21 times. However, the current price is down -2.14% from the 52-week high price.
Insider Transactions
TRGP stock investors last saw insider trading activity on Aug 11.White G Clark (EVP – Operations) most recently sold 2,577 shares at $84.72 per share on Aug 11. This transaction cost the insider $218,321., Pryor D. Scott, sold 11,901 shares at a price of $84.43 on Aug 10. Then, on Aug 10, Gregory Regina sold 1,819 shares at a price of $84.58 per share. This transaction amounted to $153,856.
Valuation Metrics
TRGP stock has a beta of 2.24. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.04 while the price-to-book (PB) in the most recent quarter is 7.06, with the price to cash flow ratio at 21.69.
Targa Resources Corp.’s quick ratio for the period ended June 29 was 0.60, with the current ratio over the same period at 0.70. As well, the company’s long term debt to equity for the quarter ending June 29 was 4.42, while the total debt to equity was 4.63.. In terms of profitability, the gross margin trailing 12 months is 28.70%. The trailing 12-month EBITDA margin is 13.56% while for the period ending June 29, Targa Resources Corp.’s operating margin was 13.80%. The firm’s gross profit as reported stood at $1.73 billion against revenue of $20.93 billion.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went down compared to those figures reported in the previous quarter. Net income shrunk -13.18% to $329.3 million, while revenue of $6.3 million was 98.09% off the previous quarter. Analysts expected TRGP to announce $1.24 per share in earnings in its latest quarter, but it posted $1.44, representing a 16.10% surprise. EBITDA for the quarter stood at more than $984.4 million. TRGP stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 14.92 billion, with total debt at $12.44 billion. Shareholders hold equity totaling $223.71 million.
Let’s look briefly at Targa Resources Corp. (TRGP) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 22 August was 55.66% to suggest the stock is trending Neutral, with historical volatility in this time period at 12.02%.
The stock’s 5-day moving average is $83.99, reflecting a -0.44% or -$0.37 change from its current price. TRGP is currently trading +2.49% above its 20-day SMA, +17.62% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +18.20% and SMA200 by+24.93%.
Stochastic %K and %D was 77.76% and 75.69% and the average true range (ATR) pointed at 1.62. The RSI (14) points at 60.20%, while the 14-day stochastic is at 66.17% with the period’s ATR at 1.61. The stock’s 9-day MACD Oscillator is pointing at 0.13 and 0.67 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Targa Resources Corp. (NYSE: TRGP), Scotiabank launched coverage with a Sector outperform rating. Analysts offering their rating for TRGP stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate TRGP as a “sell,”, while 1 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 2 rates the stock as overweight while 17 have offered a “buy” rating.
What is TRGP’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $89.00 and a high of $117.00, with their median price target at $100.50. Looking at these predictions, the average price target given by analysts is for Targa Resources Corp. (TRGP) stock is $102.28.
