Could Targa Resources Corp Change Direction After Today’s Bullish Options Activity?

 Could Targa Resources Corp Change Direction After Today's Bullish Options Activity?

In today’s session Targa Resources Corp (TRGP) registered an unusually high (318) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the January, 2017 call, expecting serious TRGP increase. With 318 contracts traded and 17564 open interest for the Jan, 17 contract, it seems this is a quite bullish bet. The option with symbol: TRGP170120C00055000 closed last at: $2.4 or 77.8% up. About 637,115 shares traded hands. Targa Resources Corp (NYSE:TRGP) has risen 34.87% since April 21, 2016 and is uptrending. It has outperformed by 29.54% the S&P500.

Analysts await Targa Resources Corp (NYSE:TRGP) to report earnings on February, 23. They expect $0.01 earnings per share, down 97.92% or $0.47 from last year’s $0.48 per share. TRGP’s profit will be $1.77 million for 1280.25 P/E if the $0.01 EPS becomes a reality. After $-0.23 actual earnings per share reported by Targa Resources Corp for the previous quarter, Wall Street now forecasts -104.35% EPS growth.

Targa Resources Corp (NYSE:TRGP) Ratings Coverage

Out of 12 analysts covering Targa Resources (NYSE:TRGP), 8 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 67% are positive. Targa Resources has been the topic of 33 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The company was maintained on Thursday, November 3 by RBC Capital Markets. The stock of Targa Resources Corp (NYSE:TRGP) earned “Buy” rating by Stifel Nicolaus on Thursday, August 4. The rating was downgraded by Jefferies on Wednesday, June 8 to “Hold”. The firm has “Hold” rating by Stifel Nicolaus given on Tuesday, May 31. Barclays Capital initiated Targa Resources Corp (NYSE:TRGP) on Wednesday, March 23 with “Equal-Weight” rating. The firm has “Neutral” rating by Credit Suisse given on Friday, February 26. On Friday, February 26 the stock rating was maintained by Wunderlich with “Hold”. The firm earned “Buy” rating on Monday, March 14 by Citigroup. The firm has “Equal Weight” rating given on Monday, May 2 by Barclays Capital. Wunderlich maintained Targa Resources Corp (NYSE:TRGP) on Wednesday, August 31 with “Hold” rating.

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 increased to 1.46 in 2016 Q2. Its up 0.12, from 1.34 in 2016Q1. The ratio is positive, 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.
Moreover, Investors Cap Advisory Services has 0.04% invested in Targa Resources Corp (NYSE:TRGP) for 5,402 shares. The New York-based Gotham Asset Mngmt Limited Liability Company has invested 0.24% in Targa Resources Corp (NYSE:TRGP). First Mercantile Trust last reported 0.3% of its portfolio in the stock. Highland Limited Partnership accumulated 668,827 shares or 1.17% of the stock. Hilton Cap Management Limited Liability holds 0.35% of its portfolio in Targa Resources Corp (NYSE:TRGP) for 26,383 shares. The Florida-based Raymond James Fincl Services Advisors Inc has invested 0.05% in Targa Resources Corp (NYSE:TRGP). Highlander Capital Ltd owns 1,984 shares or 0.08% of their US portfolio. Tocqueville Asset Mngmt Limited Partnership, a New York-based fund reported 252,360 shares. Geode Limited Liability accumulated 0.02% or 1.03M shares. Blackrock Ltd holds 0.01% or 197,484 shares in its portfolio. California State Teachers Retirement Systems last reported 339,854 shares in the company. Systematic Fincl L P has 1.05% invested in the company for 1.81M shares. Cadence Limited Liability Com has 22,454 shares for 0.07% of their US portfolio. The Virginia-based Virginia Retirement Systems Et Al has invested 0.01% in Targa Resources Corp (NYSE:TRGP). Next Finance Group Incorporated reported 2,663 shares or 0.04% of all its holdings.

Insider Transactions: Since June 13, 2016, the stock had 0 insider purchases, and 21 sales for $10.86 million net activity. The insider McParland Jeffrey J sold $20,045. Shares for $450,362 were sold by Perkins Joe Bob on Monday, October 10. 7,500 shares were sold by Pryor D. Scott, worth $282,450. $1.00M worth of shares were sold by WHALEN JAMES W on Monday, June 13. Shares for $461,300 were sold by CRISP CHARLES R. 66,248 shares with value of $3.07M were sold by Heim Michael A on Monday, November 7. $95,834 worth of shares were sold by Middlebrooks Dan C on Wednesday, November 9.

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 $9.06 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 currently has negative earnings. 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 Fool.com with their article: “Here’s Why Shares of Targa Resources Corp. Surged 25.8% in February” published on March 05, 2016, Moodys.com published: “Moody’s downgrades Targa Resources Partners to Ba2” on March 29, 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 Forbes.com‘s news article titled: “Targa Resources (TRGP) Passes Through 8% Yield Mark” with publication date: September 07, 2016.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment