Targa Resources (NYSE:TRGP) Stock Breaks Above 50 Day Moving Average - Here's What Happened

Key Points

• Targa Resources shares moved above their 50-day moving average, trading at about $291.36 versus the average of $288.65.
• The company beat quarterly earnings estimates, reporting EPS of $3.04 versus $2.74 expected and revenue of $5.60 billion versus $4.77 billion expected. Recent coverage also cited record Permian volumes and a higher full-year EBITDA outlook.
• Analyst sentiment was broadly positive: MarketBeat reported a consensus “Buy” rating and an average price target of $326.37.

Targa Resources, Inc. (NYSE:TRGP - Get Free Report) shares passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $288.65 and traded as high as $291.93. Targa Resources shares last traded at $291.3570, with a volume of 987,241 shares trading hands.

Trending Headlines about Targa Resources

These are some of the TRGP headlines that stood out recently:

• Positive Sentiment: Targa’s Q3 earnings beat estimates, with record Permian volumes and higher fees supporting growth. The company also raised its full-year EBITDA outlook, signaling stronger expected performance. TRGP Q3 Earnings Beat on Permian Growth and Higher Fees
• Positive Sentiment: Morgan Stanley reiterated its Buy view and raised its price target to $362 from $359, while Scotiabank lifted its target to $325 from $319 and maintained an outperform rating—both signaling further potential upside in analysts’ assessments. Morgan Stanley price-target update Scotiabank price-target update
• Positive Sentiment: The earnings call was characterized as signaling durable growth, reinforcing the view that recent operating momentum may persist. Targa Resources earnings-call highlights

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TRGP shares. Weiss Ratings upgraded shares of Targa Resources from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, October 29th. Citigroup upped their price target on shares of Targa Resources from $325.00 to $338.00 and gave the company a "buy" rating in a report on Friday, November 6th. Royal Bank Of Canada increased their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. The Goldman Sachs Group reissued a "buy" rating and issued a $322.00 price objective on shares of Targa Resources in a research report on Tuesday, October 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and an average price target of $326.37.

Targa Resources Stock Performance

The company has a quick ratio of 0.66, a current ratio of 0.74 and a debt-to-equity ratio of 4.87. The firm has a 50 day moving average of $288.65 and a 200-day moving average of $262.71. The company has a market cap of $62.51 billion, a P/E ratio of 25.78, a PEG ratio of 1.15 and a beta of 0.76.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.74 by $0.30. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $4.77 billion. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 11.55 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources's dividend payout ratio is presently 44.25%.

Insider Buying and Selling at Targa Resources

In other news, Director S Davis sold 2,400 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company's stock.

Institutional Trading of Targa Resources

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its position in shares of Targa Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock worth $5,586,077,000 after acquiring an additional 291,114 shares in the last quarter. State Street Corp grew its stake in Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company's stock valued at $3,814,604,000 after purchasing an additional 626,885 shares during the last quarter. Aberdeen Group plc raised its holdings in Targa Resources by 3,159.2% in the third quarter. Aberdeen Group plc now owns 4,254,731 shares of the pipeline company's stock worth $1,150,096,000 after purchasing an additional 4,124,184 shares in the last quarter. Deutsche Bank AG raised its holdings in Targa Resources by 21.7% in the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock worth $811,190,000 after purchasing an additional 539,582 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Targa Resources by 28.0% during the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company's stock valued at $790,299,000 after buying an additional 688,598 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company's services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.

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