The stock of Targa Resources Corp (NYSE:TRGP) hit a new 52-week high and has $77.66 target or 49.00% above today’s $52.12 share price. The 6 months bullish chart indicates low risk for the $9.51B company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $77.66 price target is reached, the company will be worth $4.66B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.09 million shares traded hands or 12.97% up from the average. Targa Resources Corp (NYSE:TRGP) has risen 35.55% since April 19, 2016 and is uptrending. It has outperformed by 31.69% the S&P500.
Targa Resources Corp (NYSE:TRGP) Ratings Coverage
Out of 12 analysts covering Targa Resources (NYSE:TRGP), 8 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 67% are positive. Targa Resources has been the topic of 33 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was downgraded by Stifel Nicolaus to “Hold” on Thursday, September 29. The company was upgraded on Thursday, August 4 by Stifel Nicolaus. Barclays Capital upgraded the shares of TRGP in a report on Tuesday, September 27 to “Overweight” rating. RBC Capital Markets maintained the shares of TRGP in a report on Thursday, November 3 with “Outperform” rating. The stock of Targa Resources Corp (NYSE:TRGP) earned “Neutral” rating by Credit Suisse on Friday, February 26. The firm has “Equal Weight” rating by Barclays Capital given on Monday, May 2. As per Tuesday, May 31, the company rating was initiated by Stifel Nicolaus. On Wednesday, June 8 the stock rating was downgraded by Jefferies to “Hold”. The firm has “Buy” rating by Stifel Nicolaus given on Monday, August 22. The rating was upgraded by Jefferies to “Hold” on Friday, December 18.
According to Zacks Investment Research, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas.”
Insitutional Activity: The institutional sentiment increased to 1.46 in Q2 2016. Its up 0.12, from 1.34 in 2016Q1. The ratio improved, as 43 funds sold all Targa Resources Corp shares owned while 87 reduced positions. 67 funds bought stakes while 107 increased positions. They now own 131.44 million shares or 48.28% less from 254.13 million shares in 2016Q1.
Castleark Mngmt Ltd Llc last reported 0.06% of its portfolio in the stock. Creative Planning, a Kansas-based fund reported 36,669 shares. Balyasny Asset Management Lc last reported 340,629 shares in the company. Plante Moran Financial Advsr Limited, a Michigan-based fund reported 131 shares. Cubist Systematic Strategies Llc has 11,167 shares for 0.03% of their US portfolio. The New York-based Luminus Limited has invested 0.12% in Targa Resources Corp (NYSE:TRGP). Credit Suisse Ag accumulated 0.01% or 177,419 shares. Caxton Assocs Lp has 15,000 shares for 0.02% of their US portfolio. Babson Ltd Liability Corp last reported 95,987 shares in the company. Fifth Third Commercial Bank has 948 shares for 0% of their US portfolio. Edge Asset Mngmt accumulated 762,699 shares or 0.29% of the stock. Moreover, Tiedemann Wealth Mngmt Ltd has 0.45% invested in Targa Resources Corp (NYSE:TRGP) for 11,097 shares. Bessemer Grp has invested 0% of its portfolio in Targa Resources Corp (NYSE:TRGP). Novare Capital Limited accumulated 59,772 shares or 0.68% of the stock. E&G Advsr Ltd Partnership owns 4,930 shares or 0.13% of their US portfolio.
Insider Transactions: Since June 13, 2016, the stock had 0 buys, and 20 selling transactions for $10.84 million net activity. Perkins Joe Bob sold $395,715 worth of stock. 7,200 shares with value of $351,762 were sold by McParland Jeffrey J on Monday, October 3. On Wednesday, July 27 Pryor D. Scott sold $282,450 worth of the stock or 7,500 shares. WHALEN JAMES W had sold 25,000 shares worth $1.25M on Thursday, September 22. Middlebrooks Dan C sold 2,000 shares worth $95,834. Shares for $438,538 were sold by Chung Paul W on Monday, November 7. $3.07 million worth of Targa Resources Corp (NYSE:TRGP) shares were sold by Heim Michael A.
More notable recent Targa Resources Corp (NYSE:TRGP) news were published by: Fool.com which released: “Targa Resources Corp Is Running Out of Room to Grow… What’s Next?” on September 26, 2016, also Fool.com with their article: “Here’s Why Shares of Targa Resources Corp. Surged 25.8% in February” published on March 05, 2016, Moodys.com published: “Moody’s downgrades Targa Resources Partners to Ba2” on March 29, 2016. More interesting news about Targa Resources Corp (NYSE:TRGP) were released by: Forbes.com and their article: “Why Targa Resources Is a Top 10 Energy Dividend Stock (TRGP)” published on July 21, 2016 as well as Forbes.com‘s news article titled: “Targa Resources (TRGP) Passes Through 8% Yield Mark” with publication date: September 07, 2016.
TRGP Company Profile
Targa Resources Corp. (Targa) forms the Partnership to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. The Company’s indirect subsidiary is the sole general partner of Targa Resources Partners LP (the Partnership). The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling natural gas liquids (NGLs), NGL products, refined petroleum products and crude oil. The Firm operates in two divisions: Natural Gas Gathering and Processing. Natural Gas Gathering and Processing, consisting of two divisions: Field Gathering and Processing and Coastal Gathering and Processing. Logistics and Marketing, consisting of two divisions: Logistics Assets and Marketing and Distribution. During the year ended December 31, 2011, the Company projects included Cedar Bayou Fractionator expansion project, North Texas expansion program, SAOU expansion project, Cedar Bayou fractionation expansion, International propane export project, North Texas Longhorn project, Petroleum logistics terminal expansions, Benzene treating project, SAOU/Permian expansion programs, North Texas expansion program, HD-5 Refrigeration Export project and Gulf Coast Fractionators expansion project. On March 15, 2011, the Partnership acquired a refined petroleum products and crude oil storage and terminaling facility in Channelview, Texas on Carpenter’s Bayou along the Houston Ship Channel (the Channelview Terminal). On September 30, 2011 the Partnership acquired refined petroleum products and crude oil storage and terminaling facilities in two separate transactions.
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