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 $374,766 were sold by Muraro Robert on Dec 05. At $74.95 per share, Muraro Robert sold 5,000 shares. The insider’s holdings dropped to 176,947 shares worth approximately $13.53 million following the completion of this transaction.
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Also, Chung Paul W sold 100 shares, netting a total of over 7,600 in proceeds. Following the sale of shares at $76.00 each, the insider now holds 218,412 shares.
Before that, Chung Paul W had sold 7,044 shares from its account. In a trade valued at $535,555, the Director traded Targa Resources Corp. shares for $76.03 each. Upon closing the transaction, the insider’s holdings decreased to 7,044 shares, worth approximately $16.71 million.
As published in their initiating research note from Citigroup on December 09, 2022, Targa Resources Corp. [TRGP] has been a Buy and the price target has been revised to $95. This represents a 19.51% premium over Thursday’s closing price. Earlier on March 18, 2022, Mizuho upgraded its rating. Their new recommendation was “a Buy” for TRGP stock which previously was a “a Neutral”.
Analyzing TRGP Stock Performance
On Thursday, Targa Resources Corp. [NYSE: TRGP] rose 1.20% to $76.47. The stock’s lowest price that day was $75.38, but it reached a high of $77.07 in the same session. During the last five days, there has been a drop of approximately -0.04%. Over the course of the year, Targa Resources Corp. shares have jumped approximately 4.04%. Shares of the company reached a 52-week high of $77.89 on 02/22/23 and a 52-week low of $69.38 on 01/03/23. A 50-day SMA is recorded $73.87, while a 200-day SMA reached $69.13. Nevertheless, trading volume fell to 2.15 million shares from 3.3 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 75.54, which, if violated, would cause prices to drop to 74.62. In the upper region, resistance lies at 77.23. The next price resistance is at 78.00. RSI (Relative Strength Index) is 55.84 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.07, which suggests the price will decrease in the coming days. Percent R is at 24.44%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Targa Resources Corp. subject to short interest?
Stocks of Targa Resources Corp. saw a sharp rise in short interest on Jan 12, 2023 jumping by 0.24 million shares to 4.62 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 4.38 million shares. A jump of 5.19% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.17 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.17.
Which companies own the most shares of Targa Resources Corp. (TRGP)?
According to The Vanguard Group, Inc. filings, the company currently owns 25,032,638 shares, which is about 11.06% of the total TRGP shares outstanding. The investor’s shares have appreciated by 2,868,065 from its previous 13-F filing of 22164573.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $1,171,467,683. BlackRock Fund Advisors reduced a -33.68% interest valued at $958.1 million while Harvest Fund Advisors LLC sold a -801,007 stake. A total of -324,912 shares of Targa Resources Corp. were sold by Tortoise Capital Advisors LLC during the quarter, and 781,459 were bought by Wellington Management Co. LLP. In its current portfolio, Goldman Sachs Asset Management LP holds 5,367,613 shares valued at $402.68 million.
In terms of Targa Resources Corp. share price expectations, FactSet research, analysts set an average price target of $95.00 in the next 12 months, up nearly 21.76% from the previous closing price of $75.56. Analysts anticipate Targa Resources Corp. stock to reach $110.00 by 2023, with the lowest price target being $87.00. In spite of this, 20 analysts ranked Targa Resources Corp. stock as a Buy at the end of 2023. On February 07, 2022, Evercore ISI assigned a price target of “an Outperform” to the stock and upgraded coverage with a $62.