Targa Resources Corp. (NYSE: TRGP) stock fell -2.02% on Thursday to $69.41 against a previous-day closing price of $70.84. With 1.12 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.66 million shares. During the session, the Oil & Gas Midstream company that operates in wider Energy sector, reached to the highest price of $70.51 whereas the lowest price it dropped to was $68.97. The 52-week range on TRGP shows that it touched its highest point at $80.40 and its lowest point at $55.56 during that stretch. It currently has a 1-year price target of $98.47. With its current market cap of 15.56 billion, TRGP has annualized dividend of $2.00 while the current yield stands at 2.88%. Beta for the stock currently stands at 2.28.
Top 5 EV Tech Stocks to Buy for 2023
According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.
Click Here to Download the FREE Report.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of TRGP was down-trending over the past week, with a drop of -0.34%, but this was down by -6.68% over a month. Three-month performance dropped to -8.38% while six-month performance fell -6.24%. The stock gained 0.64% in the past year, while it has lost -5.56% so far this year. A look at the trailing 12-month EPS for TRGP yields 3.86 with Next year EPS estimates of 6.49. For the next quarter, that number is 1.34. This implies an EPS growth rate of 32.70% for this year and 31.72% for next year. EPS is expected to grow by 32.20% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 34.60%.
Float and Shares Shorts:
At present, 226.40 million TRGP shares are outstanding with a float of 222.93 million shares on hand for trading. On Apr 27, 2023, short shares totaled 3.33 million, which was 1.47% higher than short shares on Mar 30, 2023. In addition to Mr. Matthew J. Meloy as the firm’s CEO & Director, Ms. Jennifer R. Kneale serves as its Chief Financial Officer.
Through their ownership of 92.45% of TRGP’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 49.34% of TRGP, in contrast to 42.20% held by mutual funds. Shares owned by individuals account for 3.78%. As the largest shareholder in TRGP with 11.57% of the stake, The Vanguard Group, Inc. holds 26,230,096 shares worth 26,230,096. A second-largest stockholder of TRGP, SSgA Funds Management, Inc., holds 15,288,913 shares, controlling over 6.75% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in TRGP, holding 12,505,486 shares or 5.52% stake. With a 3.11% stake in TRGP, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 7,051,553 shares are owned by the mutual fund manager. The SPDR Series – Energy Select Secto, which owns about 2.79% of TRGP stock, is the second-largest Mutual Fund holder. It holds 6,317,334 shares valued at 477.15 million. Vanguard Small Cap Index Fund holds 2.62% of the stake in TRGP, owning 5,929,016 shares worth 447.82 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, TRGP reported revenue of $6.06B and operating income of $451.90M. The EBITDA in the recently reported quarter was $689.90M and diluted EPS was $1.61.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for TRGP since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With TRGP analysts setting a high price target of $119.00 and a low target of $90.00, the average target price over the next 12 months is $99.61. Based on these targets, TRGP could surge 71.45% to reach the target high and rise by 29.66% to reach the target low. Reaching the average price target will result in a growth of 43.51% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded TRGP stock several times over the past three months with 0 Buys and 14 Sells. In these transactions, 0 shares were bought while 168,680 shares were sold. The number of buy transactions has increased to 29 while that of sell transactions has risen to 68 over the past year. The total number of shares bought during that period was 927,356 while 905,802 shares were sold.