Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Targa Resources Corp. shares valued at $347,795 were sold by Muraro Robert on Sep 06. At $69.56 per share, Muraro Robert sold 5,000 shares. The insider’s holdings dropped to 181,947 shares worth approximately $11.91 million following the completion of this transaction.
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Also, Gregory Regina sold 6,494 shares, netting a total of over 437,640 in proceeds. Following the sale of shares at $67.39 each, the insider now holds 55,592 shares.
Before that, Pryor D. Scott had sold 20,000 shares from its account. In a trade valued at $1,426,586, the insider traded Targa Resources Corp. shares for $71.33 each. Upon closing the transaction, the insider’s holdings decreased to 20,000 shares, worth approximately $5.32 million.
As of March 18, 2022, Mizuho has increased its “Neutral” rating to a “Buy” for TRGP. Earlier on February 07, 2022, Evercore ISI upgraded its rating. Their new recommendation was “an Outperform” for TRGP stock which previously was a “an In-line”.
Analyzing TRGP’s Price Performance
On Thursday, Targa Resources Corp. [NYSE: TRGP] plunged -2.15% to $65.45. The stock’s lowest price that day was $65.285, but it reached a high of $67.82 in the same session. During the last five days, there has been a drop of approximately -9.29%. Over the course of the year, Targa Resources Corp. shares have jumped approximately 25.29%. Shares of the company reached a 52-week high of $81.50 on 04/21/22 and a 52-week low of $52.19 on 01/03/22. A 50-day SMA is recorded $67.47, while a 200-day SMA reached $65.70. Nevertheless, trading volume fell to 1.27 million shares from 1.86 million shares the previous day.
Support And Resistance Levels for Targa Resources Corp. (TRGP)
According to the 24-hour chart, there is a support level at 64.55, which, if violated, would cause prices to drop to 63.65. In the upper region, resistance lies at 67.08. The next price resistance is at 68.72. RSI (Relative Strength Index) is 41.68 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.56, which suggests the price will decrease in the coming days. Percent R is at 98.03%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Targa Resources Corp. subject to short interest?
Stocks of Targa Resources Corp. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.13 million shares to 4.08 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 4.21 million shares. A decline of -3.19% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.6 of the overall float, the days-to-cover ratio (short ratio) decline to 1.6.
Which companies own the most shares of Targa Resources Corp. (TRGP)?
According to The Vanguard Group, Inc. filings, the company currently owns 22,997,262 shares, which is about 10.15% of the total TRGP shares outstanding. The investor’s shares have plunged by -114,658 from its previous 13-F filing of 23111920.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $1,313,982,278. Harvest Fund Advisors LLC acquire a 1.93% interest valued at $743.16 million while Tortoise Capital Advisors LLC sold a -444,619 stake. A total of 1,014,902 shares of Targa Resources Corp. were sold by SSgA Funds Management, Inc. during the quarter, and -477,582 were sold by Goldman Sachs Asset Management LP. In its current portfolio, Wellington Management Co. LLP holds 4,523,663 shares valued at $308.65 million.
In terms of Targa Resources Corp. share price expectations, FactSet research, analysts set an average price target of $93.00 in the next 12 months, up nearly 37.54% from the previous closing price of $66.89. Analysts anticipate Targa Resources Corp. stock to reach $112.00 by 2022, with the lowest price target being $78.00. In spite of this, 20 analysts ranked Targa Resources Corp. stock as a Buy at the end of 2022. On November 15, 2021, Evercore ISI assigned a price target of “an Outperform” to the stock and upgraded coverage with a $62.