SSgA Funds Management, Inc. has recently announced that it has increased stake in Targa Resources Corp (NYSE:TRGP) by 0.84%. After grabbing 14.9 million shares, the institutional investor is now in possession of 0.12 million shares of the Energy Company. The new investment brought the stake of investor firm to 6.66% having worth around $1.25 billion. Moreover, Wellington Management Co. LLP increased its share by 0.4 million to have a control over 8.32 million shares. And RREEF America LLC raised its holdings to 3.71 million shares by acquiring 5.09 million shares or 2.27% of the stake.
Targa Resources Corp (TRGP) concluded trading on 11/30/23 at a closing price of $90.45, with 5.1 million shares of worth about $461.63 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 31.47% during that period and on Thursday the price saw a gain of about 2.77%. Currently the company’s common shares owned by public are about 226.04M shares, out of which, 218.90M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 24 analysts are covering the TRGP stock and their offered price forecasts bring an average price target of $107.53. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $120.00 and could fall to a lowest price of $94.00. The stock’s current price level is 15.88% above of average price target set by the analysts, while a rise to estimated low would result in gain of 3.78% for the stock. However, touching the estimated high of $120.00 would mean a gain of 24.62% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 102 times over the past 12 months. They bought 1,017,269 shares in 31 of the transactions. In 71 selling transactions, insiders dumped 872,594 shares.
Vanguard Total Stock Market ETF, SPDR Series – Energy Select Secto, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Targa Resources Corp Vanguard Total Stock Market ETF is currently holding 6.99 million shares of worth totaling $584.48 million. The company recently came buying 56764.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. SPDR Series – Energy Select Secto sold 37284.0 shares, after which its hold over company’s outstanding shares shrunk to 2.84%, leaving 6.34 million shares with the mutual fund that have a worth of about $530.3 million. Vanguard Small Cap Index Fund, after buying 5.77 million shares, have now control over 2.58% of the stake in the company. It holds 12196.0 shares of worth $482.35 million.
Targa Resources Corp (NYSE: TRGP) started trading at $88.52, above $0.51 from concluding price of the previous day. However, the stock later moved at a day high price of 90.73, or with a gain of 2.77%. Stock saw a price change of 3.70% in past 5 days and over the past one month there was a price change of 8.18%. Year-to-date (YTD), TRGP shares are showing a performance of 23.06% which increased to 22.69% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $64.85 but also hit the highest price of $90.64 during that period. The average intraday trading volume for Targa Resources Corp shares is 1.66 million. The stock is currently trading 4.71% above its 20-day simple moving average (SMA20), while that difference is up 5.84% for SMA50 and it goes to 15.06% higher than SMA200.
SSgA Funds Management, Inc. acquired 14.9 million shares of Targa Resources Corp having value of about $1.25 billion. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 0.12 million shares in the company valued at close to $11217699.45, or have control over 0.84% stake in the company. Targa Resources Corp (NYSE: TRGP) currently have 226.04M outstanding shares and institutions hold larger chunk of about 92.38% of that. Holding of mutual funds in the company is about 41.06% while other institutional holders and individual stake holders have control over 51.95% and 3.78% of the stake respectively.
The stock has a current market capitalization of $20.17B and its 3Y-monthly beta is at 2.20. PE ratio of stock for trailing 12 months is 23.57, while it has posted earnings per share of $3.84 in the same period. Its PEG reads 1.11 and has Quick Ratio of 0.60 while making debt-to-equity ratio of 5.17. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for TRGP, volatility over the week remained 1.70% while standing at 2.35% over the month.
Analysts are in expectations that Targa Resources Corp (TRGP) stock would likely to be making an EPS of $1.52 in the current quarter, while forecast for next quarter EPS is $1.45 and it is $6.54 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.27 which is $1.86 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.38 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 25.80% while it is estimated to increase by 27.99% in next year.
Analysts at 24 brokerage firms have issued recommendations for the Targa Resources Corp (TRGP)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.33. Out of those 24 Wall Street analysts, 19 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Goldman on October 06, 2023 offering a Buy rating for the stock and assigned a target price of $101 to it.
