What Next for Targa Resources Corp Stock After Today’s Bearish Options Activity?

 What Next for Targa Resources Corp Stock After Today's Bearish Options Activity?

In today’s session Targa Resources Corp (TRGP) recorded an unusually high (309) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the October, 2016 put, expecting serious TRGP decrease. With 309 contracts traded and 2464 open interest for the Oct, 16 contract, it seems this is a quite bearish bet. The option with symbol: TRGP161021P00046000 closed last at: $0.75 or 6.3% down. About 479,667 shares traded hands. Targa Resources Corp (NYSE:TRGP) has risen 77.45% since March 2, 2016 and is uptrending. It has outperformed by 69.20% the S&P500.

Analysts await Targa Resources Corp (NYSE:TRGP) to report earnings on November, 1. They expect $-0.01 EPS, down 104.35% or $0.24 from last year’s $0.23 per share. After $-0.33 actual EPS reported by Targa Resources Corp for the previous quarter, Wall Street now forecasts -96.97% EPS growth.

Targa Resources Corp (NYSE:TRGP) Ratings Coverage

Out of 12 analysts covering Targa Resources (NYSE:TRGP), 7 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 58% are positive. Targa Resources has been the topic of 31 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Raymond James downgraded the shares of TRGP in a report on Monday, January 4 to “Mkt Perform” rating. The firm has “Outperform” rating given on Wednesday, November 4 by RBC Capital Markets. Jefferies downgraded the stock to “Hold” rating in Wednesday, June 8 report. The stock of Targa Resources Corp (NYSE:TRGP) earned “Buy” rating by Goldman Sachs on Monday, September 19. Stifel Nicolaus maintained the shares of TRGP in a report on Monday, August 22 with “Buy” rating. On Tuesday, May 31 the stock rating was initiated by Stifel Nicolaus with “Hold”. The firm earned “Hold” rating on Friday, December 18 by Jefferies. The rating was maintained by Barclays Capital on Monday, May 2 with “Equal Weight”. As per Wednesday, August 5, the company rating was maintained by Barclays Capital. The rating was upgraded by Capital One on Monday, May 2 to “Overweight”.

According to Zacks Investment Research, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas.”

Insitutional Activity: The institutional sentiment decreased to 1.34 in 2016 Q2. Its down 1.98, from 3.32 in 2016Q1. The ratio turned negative, as 43 funds sold all Targa Resources Corp shares owned while 87 reduced positions. 67 funds bought stakes while 107 increased positions. They now own 131.44 million shares or 48.28% less from 254.13 million shares in 2016Q1.
Victory Cap Mngmt owns 42,008 shares or 0.01% of their US portfolio. Point72 Asset L P accumulated 591,100 shares or 0.17% of the stock. Concert Wealth has invested 0.03% of its portfolio in Targa Resources Corp (NYSE:TRGP). The Maryland-based Sandy Spring Bank & Trust has invested 0.01% in Targa Resources Corp (NYSE:TRGP). Kcg Holdings has invested 0.02% of its portfolio in Targa Resources Corp (NYSE:TRGP). Checchi Advisers Ltd Co owns 1,418 shares or 0.01% of their US portfolio. The Switzerland-based Gam Holdg Ag has invested 0% in Targa Resources Corp (NYSE:TRGP). Cambridge Investment Advsr Inc last reported 23,254 shares in the company. New Amsterdam Prns Lc Ny holds 0.32% of its portfolio in Targa Resources Corp (NYSE:TRGP) for 31,669 shares. Waddell And Reed Fincl holds 106,984 shares or 0.01% of its portfolio. Franklin Inc, a California-based fund reported 15,610 shares. Pnc Fincl Grp Inc last reported 0% of its portfolio in the stock. Da Davidson And has 1,922 shares for 0% of their US portfolio. Fifth Third Comml Bank accumulated 948 shares or 0% of the stock. Moreover, Bluemountain Cap Mngmt Ltd Llc has 0.02% invested in Targa Resources Corp (NYSE:TRGP) for 15,643 shares.

Insider Transactions: Since May 12, 2016, the stock had 0 insider buys, and 12 sales for $8.38 million net activity. WHALEN JAMES W sold $1.25M worth of stock. $395,715 worth of Targa Resources Corp (NYSE:TRGP) was sold by Perkins Joe Bob. Chung Paul W also sold $867,161 worth of Targa Resources Corp (NYSE:TRGP) on Thursday, May 12. $1.14 million worth of Targa Resources Corp (NYSE:TRGP) was sold by McParland Jeffrey J on Tuesday, September 6. The insider Pryor D. Scott sold $282,450. On Thursday, May 12 the insider JOYCE RENE R sold $3.14M.

Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP , is a well-known provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The company has a market cap of $8.06 billion. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products. It has a 154.71 P/E ratio. The Partnership operates in two divisions: Gathering and Processing, and Logistics and Marketing.

TRGP Company Profile

Targa Resources Corp. (Targa) forms the Partnership to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. The Company’s indirect subsidiary is the sole general partner of Targa Resources Partners LP (the Partnership). The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling natural gas liquids (NGLs), NGL products, refined petroleum products and crude oil. The Firm operates in two divisions: Natural Gas Gathering and Processing. Natural Gas Gathering and Processing, consisting of two divisions: Field Gathering and Processing and Coastal Gathering and Processing. Logistics and Marketing, consisting of two divisions: Logistics Assets and Marketing and Distribution. During the year ended December 31, 2011, the Company projects included Cedar Bayou Fractionator expansion project, North Texas expansion program, SAOU expansion project, Cedar Bayou fractionation expansion, International propane export project, North Texas Longhorn project, Petroleum logistics terminal expansions, Benzene treating project, SAOU/Permian expansion programs, North Texas expansion program, HD-5 Refrigeration Export project and Gulf Coast Fractionators expansion project. On March 15, 2011, the Partnership acquired a refined petroleum products and crude oil storage and terminaling facility in Channelview, Texas on Carpenter’s Bayou along the Houston Ship Channel (the Channelview Terminal). On September 30, 2011 the Partnership acquired refined petroleum products and crude oil storage and terminaling facilities in two separate transactions.

More notable recent Targa Resources Corp (NYSE:TRGP) news were published by: Fool.com which released: “Targa Resources Corp Is Running Out of Room to Grow… What’s Next?” on September 26, 2016, also Wsj.com with their article: “Targa Resources Corp. to Buy Targa Resources Partners” published on November 03, 2015, Forbes.com published: “Targa Resources (TRGP) Passes Through 8% Yield Mark” on September 07, 2016. More interesting news about Targa Resources Corp (NYSE:TRGP) were released by: Forbes.com and their article: “Why Targa Resources Is a Top 10 Energy Dividend Stock (TRGP)” published on July 21, 2016 as well as Moodys.com‘s news article titled: “Moody’s downgrades Targa Resources Partners to Ba2” with publication date: March 29, 2016.

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