The stock of Targa Resources Corp. (NYSE:TRGP) is now priced at $16.97 and the shares are -0.04 points down or -0.24% lower compared to its previous closing price of $17.01. The stock had 1.713 million contracts set over the past session. TRGP shares’ daily volume is compared to its average trading volume at 2.988 million shares. However, it has a float of 229 million and although its performance was -5.25% over the week, it’s one to watch. Analysts have given the TRGP stock a yearly average price target of $24.53 per share. It means the stock’s upside potential is 44.55% with the TRGP share price recently placing at $16.74 to $17.28. However, some brokerage firms have priced the stock below the average, including one that has called $18.
The shorts are running away from the Targa Resources Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the TRGP shares have declined. Short interest in the stock represents just 1.6% of its float, but the volume has dropped by 0.
In the last trading session, Targa Resources Corp. (NYSE:TRGP) dropped by -$0.94 over the week and lost -$2.76 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $43.47. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $3.66 at 363.66%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.98. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Targa Resources Corp.’s two-week RSI is 38.39. This suggests that the stock is neutral at the moment and that TRGP shares’ price movement remains stable. The stochastic readings are equally revealing at 9.23% meaning the TRGP share price is currently in overbought territory.
The technical chart shows that the TRGP stock will likely settle at between $17.25 and $17.54 per share. However, if the stock dips below $16.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $16.46.
Currently, the stock is trading in the red of MACD, with a reading of -0.47. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned TRGP a rating of Buy in their resuming review released on August 19. Wolfe Research analysts upgraded their recommendation of the stock from Underperform to Peer Perform in a flash note released to investors on August 14. Seaport Global Securities seeing the stock struggling downgraded it from Buy to Neutral on July 27.
The average rating for the TRGP equity is 2.7 and is currently gathering a bullish momentum. Of 20 analysts tracking Targa Resources Corp. polled by Reuters, 9 rated TRGP as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the TRGP stock price is 49.77X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.1. Targa Resources Corp. has its P/E ratio at 1.4, which means that the stock is currently trading at a discount relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Targa Resources Corp. (NYSE:TRGP) will increase by about 29.9%, which will see them reach $1890 million. The company’s full-year revenues are, however, expected to diminish by about -5.42%, down from $8670 million to $8200 million. TRGP’s expected adjusted earnings should drop almost -108.82% to end up at $0.03 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 403.47% to record -$7.25/share.