Chart Of The Day: Targa Resources

Chart Of The Day: Targa Resources – Mid-Stream Energy

Jun 27, 2024Jeremy ParkinsonFinance0

Image Source: Pixabay

100% technical buy signals

13 new highs and up 11.55% in the last month

73.26+ Weighted Alpha

The Chart of the Day belongs to the mid-stream energy company Targa Resources (TRGP). I found the stock by using Barchart’s powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 5/15 the stock gained 10.30%. TRGP Price vs Daily Moving AveragesTarga Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil. It is also involved in the purchase and resale of NGL products; and sale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, the company offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. As of December 31, 2023, it leased and managed approximately 605 railcars; 137 tractors; and 6 vacuum trucks and 2 pressurized NGL barges. Targa Resources Corp. was incorporated in 2005 and is headquartered in Houston, Texas.Barchart’s Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:

100% technical buy signals

73.26+ Weighted Alpha

78.23% gain in the last year

Trend Seeker buy signal

Above its 20, 50 and 100 day moving averages

13 new highs and up 11.55% in the last month

Relative Strength Index 66.85%

Technical support level at $128.12

Recently traded at $127.50 with 50 day moving average of $117.56

Fundamental Factors:

Market Cap $28.79 billion

P/E 26.46

Dividend yield 1.73%

Revenue expected to grow 24.80% this year and increase another 13.80% next year

Earnings estimated to increase 38.40% this year, an additional 44.50% next year and continue to compound at an annual rate of 32.20% for the next 5 years

Analysts and Investor Sentiment — I don’t buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it’s hard to make money swimming against the tide:

Wall Street analysts issued 13 strong buy, 8 buy, and 1 sell recommendation

Analysts have price targets between $121 and $147 with a consensus at $130

Value Line rates the stock its average rating of 3 with 18 month price targets between $103 and $177 and a mid-point of $140 for another 10% gain

CFRAs MarketScope has a hold rating with a 12 month price target of $117

MorningStar gives the stock a below average 2 star rating with a Fair Value of $99 about 31% over valued

11,780 investors monitor the stock on Seeking Alpha

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