The Vanguard Group, Inc. recently announced the acquisition of new stake in Targa Resources Corp. (NYSE:TRGP). The institutional investor has increased its shareholding in the Energy company by 12.94% to 25.03 million shares with purchase of 2.87 million shares. This fresh investment now brings its stake to 11.05% valued currently at $1.85 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 6.77 million to 15.62 million shares. And Wellington Management Co. LLP has lifted its position by 11.98% or 0.78 million shares – to 7.3 million shares.
With over 1.87 million Targa Resources Corp. (TRGP) shares trading Monday and a closing price of $72.21 on the day, the dollar volume was approximately $134.83 million. The shares have shown a positive half year performance of 0.49% and its price on 03/13/23 lost nearly -1.82%. Currently, there are 226.40M common shares owned by the public and among those 222.93M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for TRGP have a consensus price objective of $98.25. The analysts have set the share’s price value over the next 12 months at a high of $119.00 and a low of $87.00. The average price target is 24.98% above its recent price level and an upside to the estimated low will see the stock gain 17.0% over that period. But an upside of 39.32% will see the stock hit the forecast high price target while median target price for the stock is $95.00.
Insiders at the company have transacted a total of 99 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 947,314 shares. Insider sales of the common stock occurred on 70 occasions, with total insider shares sold totaling 975,718 shares.
The top 3 mutual fund holders in Targa Resources Corp. are Vanguard Total Stock Market Index, SPDR Series – Energy Select Secto, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 6.93 million shares of the company’s stock, all valued at over $513.84 million. The company bought an additional 53677.0 shares recently to bring their total holdings to about 3.06% of the shares outstanding. SPDR Series – Energy Select Secto bought 10620.0 shares to see its total holdings expand to 6.61 million shares valued at over $490.1 million and representing 2.92% of the shares outstanding. Vanguard Small Cap Index Fund bought 32026.0 shares to bring its total holdings to over 5.86 million shares at a value of $434.59 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of Targa Resources Corp. (NYSE: TRGP) opened at $71.79, down -$1.76 from a prior closing price of $73.55. However, the script later moved the day high at 73.92, down -1.82%. The company’s stock has a 5-day price change of -7.98% and 5.77% over the past three months. TRGP shares are trading -1.76% year to date (YTD), with the 12-month market performance up to 3.63% higher. It has a 12-month low price of $55.56 and touched a high of $81.50 over the same period. TRGP has an average intraday trading volume of 1.48 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.05%, -3.60%, and 3.91% respectively.
Institutional ownership of Targa Resources Corp. (NYSE: TRGP) shares accounts for 90.80% of the company’s 226.40M shares outstanding. Mutual fund holders own 41.12%, while other institutional holders and individual stakeholders account for 50.67% and 3.78% respectively.
It has a market capitalization of $16.73B and a beta (3y monthly) value of 2.28. The stock’s trailing 12-month PE ratio is 18.58, while the earnings-per-share (ttm) stands at $3.89. The company has a PEG of 0.58 and a Quick Ratio of 0.60 with the debt-to-equity ratio at 4.33. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.39% over the week and 2.88% over the month.
Analysts forecast that Targa Resources Corp. (TRGP) will achieve an EPS of $1.38 for the current quarter, $1.35 for the next quarter and $5.72 for 2023. The lowest estimate earnings-per-share for the quarter is $0.81 while analysts give the company a high EPS estimate of $1.7. Comparatively, EPS for the current quarter was $0.51 a year ago. Earnings per share for the fiscal year are expected to increase by 48.70%, and 16.79% over the next financial year. EPS should shrink at an annualized rate of 32.20% over the next five years, compared to 34.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Targa Resources Corp. (TRGP) as a “Strong Buy” at a consensus score of 1.60. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 1 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the TRGP, a number of firms have released research notes about the stock. Scotiabank stated their Sector Outperform rating for the stock in a research note on March 02, 2023, with the firm’s price target at $115. Citigroup coverage for the Targa Resources Corp. (TRGP) stock in a research note released on December 09, 2022 offered a Buy rating with a price target of $95. Goldman was of a view on September 08, 2022 that the stock is Buy, while Truist gave the stock Buy rating on May 02, 2022, issuing a price target of $78. Mizuho on their part issued Buy rating on March 18, 2022.
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