Tortoise Capital Advisors LLC 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 123.11% to 11.86 million shares with purchase of 6.55 million shares. This fresh investment now brings its stake to 5.09% valued currently at $216.85 million. In addition, T. Rowe Price Associates, Inc. (I.. raised its holdings by 0.11 million to 10.33 million shares. And Kayne Anderson Capital Advisors L.. has lifted its position by 40.61% or 2.43 million shares – to 8.42 million shares.
With over 1.75 million Targa Resources Corp. (TRGP) shares trading Tuesday and a closing price of $16.97 on the day, the dollar volume was approximately $29.7 million. The shares have shown a negative weekly performance of -5.25% and its price on 09/01/20 lost nearly -0.24%. Currently, there are 233.10M common shares owned by the public and among those 229.29M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for TRGP have a consensus price objective of $24.00. The analysts have set the share’s price value over the next 12 months at a high of $28.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Targa Resources Corp. stock is 2.40 for the next 12 months. The average price target is 30.82% above its last price level and an upside to the estimated low will see the stock gain 5.72% over that period. But an upside of 39.39% will see the stock hit the forecast high price target while mean target price for the stock is $24.50.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 475,526 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 275,688 shares.
The top 3 mutual fund holders in Targa Resources Corp. are Vanguard Total Stock Market Index, Tortoise MLP & Pipeline Fund, and Invesco Oppenheimer SteelPath MLP. Vanguard Total Stock Market Index owns 6.34 million shares of the company’s stock, all valued at over $115.94 million. The company sold 3934.0 shares recently to bring their total holdings to about 2.72% of the shares outstanding. Tortoise MLP & Pipeline Fund bought 87374.0 shares to see its total holdings expand to 6.28 million shares valued at over $114.78 million and representing 2.69% of the shares outstanding. Invesco Oppenheimer SteelPath MLP bought 1.35 million shares to bring its total holdings to over 4.9 million shares at a value of $89.57 million. Invesco Oppenheimer SteelPath MLP now owns shares totaling to 2.10% of the shares outstanding.
Shares of Targa Resources Corp. (NYSE: TRGP) opened at $17.08, up $0.07 from a prior closing price of $17.01. However, the script later closed the day at $16.97, down -0.24%. The company’s stock has a 5-day price change of -5.25% and -17.10% over the past three months. TRGP shares are trading -58.44% year to date (YTD), with the 12-month market performance down to -51.76% lower. It has a 12-month low price of $3.66 and touched a high of $43.47 over the same period. Currently, 1.75 million shares have been traded, compared to an average intraday trading volume of 2.99 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 -9.99%, -9.88%, and -29.44% respectively.
Institutional ownership of Targa Resources Corp. (NYSE: TRGP) shares accounts for 85.60% of the company’s 233.10M shares outstanding. Mutual fund holders own 38.74%, while other institutional holders and individual stakeholders account for 43.76% and 3.89% respectively.
It has a market capitalization of $3.89B and a beta (3y monthly) value of 2.98. The earnings-per-share (ttm) stands at -$8.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.92% over the week and 4.77% over the month.
Analysts forecast that Targa Resources Corp. (TRGP) will achieve an EPS of $0.03 for the current quarter, $0.12 for the next quarter and $0.34 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.27 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was -$0.34 a year ago. Earnings per share for the fiscal year are expected to decrease by -170.00%, and 105.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Targa Resources Corp. (TRGP) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 9 of the 20 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the TRGP, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on August 19, 2020, with the firm’s price target at. Wolfe Research coverage for the Targa Resources Corp. (TRGP) stock in a research note released on August 14, 2020 offered a Peer Perform rating with a price target of. Seaport Global Securities was of a view on July 27, 2020 that the stock is Neutral, while Barclays gave the stock Overweight rating on June 04, 2020, issuing a price target of $12- $26. Credit Suisse on their part issued Neutral rating on April 02, 2020.