Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Targa Resources Corp. shares valued at $218,321 were sold by White G Clark on Aug 11. At $84.72 per share, White G Clark sold 2,577 shares. The insider’s holdings dropped to 122,865 shares worth approximately $10.33 million following the completion of this transaction.
Also, Pryor D. Scott sold 11,901 shares, netting a total of over 1,004,799 in proceeds. Following the sale of shares at $84.43 each, the insider now holds 104,632 shares.
Before that, Gregory Regina had sold 1,819 shares from its account. In a trade valued at $153,856, the insider traded Targa Resources Corp. shares for $84.58 each. Upon closing the transaction, the insider’s holdings decreased to 1,819 shares, worth approximately $3.98 million.
As published in their initiating research note from Scotiabank on March 02, 2023, Targa Resources Corp. [TRGP] has been a Sector outperform and the price target has been revised to $115. This represents a 26.88% premium over Thursday’s closing price.
Analyzing TRGP Stock Performance
On Thursday, Targa Resources Corp. [NYSE: TRGP] rose 0.55% to $84.09. The stock’s lowest price that day was $82.73, but it reached a high of $84.79 in the same session. During the last five days, there has been a surge of approximately 0.36%. Over the course of the year, Targa Resources Corp. shares have jumped approximately 14.41%. Shares of the company reached a 52-week high of $85.53 on 08/10/23 and a 52-week low of $64.85 on 03/24/23. A 50-day SMA is recorded $79.03, while a 200-day SMA reached $74.43. Nevertheless, trading volume fell to 1.66 million shares from 1.23 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 82.95, which, if violated, would cause prices to drop to 81.81. In the upper region, resistance lies at 85.01. The next price resistance is at 85.93. RSI (Relative Strength Index) is 61.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.10, which suggests the price will decrease in the coming days. Percent R is at 26.62%, 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 steep in short interest on Jul 30, 2023 dropping by -0.21 million shares to 3.0 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 3.21 million shares. A decline of -7.0% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.33 of the overall float, the days-to-cover ratio (short ratio) decline to 2.33.
Which companies own the most shares of Targa Resources Corp. (TRGP)?
According to The Vanguard Group, Inc. filings, the company currently owns 26,136,868 shares, which is about 11.56% of the total TRGP shares outstanding. The investor’s shares have plunged by -93,228 from its previous 13-F filing of 26230096.0 shares. With the completion of the sale transaction, SSgA Funds Management, Inc.’s stake is now worth $1,211,786,045. BlackRock Fund Advisors reduced a -0.01% interest valued at $1.03 billion while Wellington Management Co. LLP purchased a 688,092 stake. A total of -365,821 shares of Targa Resources Corp. were bought by Tortoise Capital Advisors LLC during the quarter, and -1,959,565 were sold by Harvest Fund Advisors LLC. In its current portfolio, Geode Capital Management LLC holds 4,796,731 shares valued at $393.28 million.
In terms of Targa Resources Corp. share price expectations, FactSet research, analysts set an average price target of $102.00 in the next 12 months, up nearly 20.17% from the previous closing price of $83.63. Analysts anticipate Targa Resources Corp. stock to reach $117.00 by 2023, with the lowest price target being $89.00. In spite of this, 20 analysts ranked Targa Resources Corp. stock as a Buy at the end of 2023.