Short interest for Targa Resources gives investors a sense of the degree to which investors are betting on the decline of Targa Resources's stock. Short interest data is updated every two weeks.

Targa Resources Stock (NYSE:TRGP), Short Interest Report

Targa Resources

Targa Resources is a midstream firm that primarily operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline is another important asset.

oil rising chart shutter

Equities

Sector ETFs

Commodities

Global

Intraday Update

ETFs

FANG

TRGP

U.S. energy stocks rise for 9th straight week amid rising geopolitical tensions and oil prices, with top performers including OXY, FANG, and MRO.

Oil Prices Spike Above $90 A Barrel As Iran-Israel Tensions Escalate: US Energy Stocks Eye 9th Week Of Gains

bulls ai2

Long Ideas

Trading Ideas

NFLX

First quarter of 2024 saw S&amp;P 500 index surge by 9.94%, with energy and communication services sectors leading the pack. Top-performing stocks include MPC, VLO, TRGP, FANG, PSX, and META.

S&amp;P 500&#39;s Q1 Standouts: Energy, Communication Sectors In The Lead — 10 Top-Performing Stocks

oil pump jacks

Analyst Color

New ETFs

Markets

Analyst Ratings

PowerShares DBmmodity Index Optimum Yield Diversified Fund

U.S. oil and gas sector stocks fell 3%-4% Monday, alongside a 5% drop in oil and 6% in natural gas prices, amid waning demand and increasing production.

US Energy Stocks Dive On Crude, Natural Gas Price Slump: Contrarian Analyst Says &#39;Own Commodities&#39; In 2024

Targa Resources Corp

Wells Fargo analyst Michael Blum maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Overweight and raises the price target from $109 to $124.

News

Price Target

Wells Fargo Maintains Overweight on Targa Resources, Raises Price Target to $124

Continue to estimate full year 2024 adjusted EBITDA between $3.7 billion and $3.9 billion

Guidance

Targa Resources Reaffirms FY24 Adj. EBITDA Outlook $3.7B-$3.9B

Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) reported quarterly sales of $4.562 billion which beat the analyst consensus estimate of $4.296 billion by 6.19 percent. This is a 0.91 percent increase over sales of $4.521 billion the same period last year.

Earnings

Earnings Beats

Targa Resources Q1 Sales $4.562B Beat $4.296B Estimate

Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) has outperformed the market over the past 5 years by 10.76% on an annualized basis producing an average annual return of 22.48%. Currently, Targa Resources has a market capitalization of $25.16 billion. 
Buying $1000 In TRGP: If an investor had bought $1000 of TRGP stock 5 years ago, it would be worth $2,815.14 today based on a price of $113.05 for TRGP at the time of writing.
<h3>Targa Resources's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714575622_0_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $1000 Invested In Targa Resources 5 Years Ago Would Be Worth Today

Targa Resources's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) short percent of float has fallen 12.5% since its last report. The company recently reported that it has 3.77 million shares sold short, which is 1.96% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.32 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Targa Resources Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714408219_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Targa Resources has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Targa Resources's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Targa Resources's peer group average for short interest as a percentage of float is 3.92%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Looking Into Targa Resources's Recent Short Interest

Stifel analyst Selman Akyol maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Buy and raises the price target from $111 to $130.

Stifel Maintains Buy on Targa Resources, Raises Price Target to $130

Scotiabank analyst Tristan Richardson maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Sector Outperform and raises the price target from $112 to $128.

Scotiabank Maintains Sector Outperform on Targa Resources, Raises Price Target to $128

U.S. energy stocks, as tracked by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), could potentially notch their ninth straight positive week, marking the longest pace of weekly gains since May 2007. 
Oil prices surged sharply on Friday following reports suggesting that an Iranian assault on Israel could potentially occur within <a href="https://www.benzinga.com/news/24/04/38217135/israel-prepares-for-possible-iranian-retaliation-within-48-hours-report">the next 48 hours.</a> The Times of Israel reported that &#8220;Iran attack of 100 drones, dozens of missiles could be launched at Israel today.&#8221;
The Israeli Minister of National Security convened a meeting with top officials from the police, civil defense, and emergency services to ensure their readiness for a potential Iranian strike, as reported by Sky News Arabia.
The White House confirmed on Friday that Iran&#8217;s threats to Israel are &#8220;real and credible,&#8221; emphasizing that the United States intends to do everything it can to ensure that Israel is able to defend itself.
Adding to the rising geopolitical tensions in the Middle East, the Foreign Office of the United Kingdom has cautioned its citizens against traveling to Israel and the occupied Palestinian territory due to the &#8220;possibility of an attack on Israeli territory from Iran." 
The West Texas Intermediate (WTI) light crude, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) spiked 2.8% to above $87 a barrel, while Brent prices surged to $91 a barrel, reaching the highest levels in seven months. 
Crude is up by 22% year-to-date, while shares of major U.S. energy companies have risen 16%. 
Chart: US Energy Stocks Eye 9-Week Of Gains
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12111906/image-37-1024x495.png" alt="" class="wp-image-289826" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12111906/image-37-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12111906/image-37-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12111906/image-37-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12111906/image-37-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12111906/image-37.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Energy Stocks Rising Friday</h3>
During a day characterized by notably heightened market volatility, with the CBOE VIX surging by more than 20%, U.S. energy stocks emerged as the sole S&amp;P 500 sector to remain in positive territory.
Here is a snapshot of the top 10 performers within the XLE ETF on Friday. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>)</td>
<td>2.25%</td>
</tr>
<tr>
<td>Diamondback Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>)</td>
<td>1.36%</td>
</tr>
<tr>
<td>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</td>
<td>1.05%</td>
</tr>
<tr>
<td>Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)</td>
<td>1.03%</td>
</tr>
<tr>
<td>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)</td>
<td>0.95%</td>
</tr>
<tr>
<td>Pioneer Natural Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>)</td>
<td>0.90%</td>
</tr>
<tr>
<td>Targa Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>)</td>
<td>0.72%</td>
</tr>
<tr>
<td>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>)</td>
<td>0.60%</td>
</tr>
<tr>
<td>APA Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APA#NYSE">APA</a>)</td>
<td>0.60%</td>
</tr>
<tr>
<td>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>)</td>
<td>0.58%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 11:30 a.m. ET</figcaption></figure>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38212196/inflation-upends-feds-plans-when-do-wall-street-analysts-expect-first-interest-rate">Inflation Upends Fed&#8217;s Plans: When Do Wall Street Analysts Expect First Interest Rate Cut?</a>
Image: Shutterstock

This cash dividend will be paid May 15, 2024 on all outstanding common shares to holders of record as of the close of business on April 30, 2024. 
&nbsp;

Dividends

Targa Resources Declares Increase To Its Quarterly Cash Dividend From $0.50 To $0.75 Per Share, Consistent With Previously Disclosed Expectations

Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) has outperformed the market over the past 5 years by 11.52% on an annualized basis producing an average annual return of 23.65%. Currently, Targa Resources has a market capitalization of $25.52 billion. 
Buying $100 In TRGP: If an investor had bought $100 of TRGP stock 5 years ago, it would be worth $286.55 today based on a price of $114.67 for TRGP at the time of writing.
<h3>Targa Resources's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712844024_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Targa Resources Stock In The Last 5 Years

Barclays analyst Christine Cho maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Overweight and raises the price target from $116 to $122.

Barclays Maintains Overweight on Targa Resources, Raises Price Target to $122

In the latest quarter, 9 analysts provided ratings for Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>), showcasing a mix of bullish and bearish perspectives.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated Targa Resources and provided 12-month price targets. The average target is $115.78, accompanied by a high estimate of $130.00 and a low estimate of $105.00. This current average has increased by 9.11% from the previous average price target of $106.11. 
<img src="https://www.benzinga.com/files/images/story/2024/1712264508_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
A clear picture of Targa Resources's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>John Mackay</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$117.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Gabriel Moreen</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$130.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$120.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Christine Cho</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$116.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Jeremy Tonet</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$125.00</td>
<td>$122.00</td>
</tr>
<tr>
<td>Elvira Scotto</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$109.00</td>
<td>$106.00</td>
</tr>
<tr>
<td>Spiro Dounis</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$112.00</td>
<td>$104.00</td>
</tr>
<tr>
<td>Shneur Gershuni</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$108.00</td>
<td>$109.00</td>
</tr>
<tr>
<td>Theresa Chen</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$105.00</td>
<td>$94.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Targa Resources. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Targa Resources compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Targa Resources's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Targa Resources's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/TRGP/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Targa Resources analyst ratings.</a>
<h2>Get to Know Targa Resources Better</h2>
Targa Resources is a midstream firm that primarily operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline is another important asset.
<h3>Financial Milestones: Targa Resources's Journey</h3>
Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.
Negative Revenue Trend: Examining Targa Resources's financials over 3 months reveals challenges. As of 31 December, 2023, the company experienced a decline of approximately -6.92% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Targa Resources's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 6.61%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): Targa Resources's ROE excels beyond industry benchmarks, reaching 10.68%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Targa Resources's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 1.37%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: With a high debt-to-equity ratio of 4.75, Targa Resources faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>The Significance of Analyst Ratings Explained</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Scoreboard: 9 Ratings For Targa Resources

Goldman Sachs analyst John Mackay maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Buy and raises the price target from $105 to $117.

Goldman Sachs Maintains Buy on Targa Resources, Raises Price Target to $117

Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) has outperformed the market over the past 5 years by 11.17% on an annualized basis producing an average annual return of 23.74%. Currently, Targa Resources has a market capitalization of $25.81 billion. 
Buying $1000 In TRGP: If an investor had bought $1000 of TRGP stock 5 years ago, it would be worth $2,876.27 today based on a price of $116.00 for TRGP at the time of writing.
<h3>Targa Resources's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712176268_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In Targa Resources 5 Years Ago Would Be Worth This Much Today

Mizuho analyst Gabriel Moreen maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Buy and raises the price target from $105 to $130.

Mizuho Maintains Buy on Targa Resources, Raises Price Target to $130

The first quarter of 2024 proved to be an eventful period for investors as the S&amp;P 500 Index exhibited significant growth, surging by 9.94%. Among the various sectors comprising the index, two sectors stood out for their remarkable performance: energy <a href="https://www.benzinga.com/quote/XLC">and communication services</a>. 
The S&amp;P 500 Index is widely tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) and the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>).
Also Read: <a href="https://www.benzinga.com/markets/equities/24/03/37927561/goldman-sachs-predicts-15-upside-for-s-p-500-ai-boom-could-drive-market-to-6-000">Goldman Sachs Predicts 15% Upside For S&amp;P 500, AI Boom Could Drive Market To 6,000</a>
Let&#8217;s delve deeper into the standout sectors and the top-performing stocks within each.
<h2 class="wp-block-heading">Energy Sector: A Strong Rally (+13.47%)</h2>
The energy sector, represented by the SPDR Energy Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), experienced a notable upswing with a growth rate of 13.47% during Q1. This surge can be attributed to multiple factors, including the ongoing global economic recovery, increased demand for oil and gas, and supply chain disruptions impacting the sector.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="630" height="465" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/02084242/Screenshot-2024-04-02-at-6.11.58-PM.png" alt="" class="wp-image-273757" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/02084242/Screenshot-2024-04-02-at-6.11.58-PM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/02084242/Screenshot-2024-04-02-at-6.11.58-PM-300x221.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></figure>
<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Chart: Benzinga Pro</a>
Leading the charge in the energy sector were several key stocks that significantly contributed to its impressive performance:
<ol>
<li>Marathon Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>): With a remarkable surge of 37.78%, Marathon Petroleum stock has emerged as one of the top-performing stocks in the energy sector. The company, which engages in refining, marketing, and transportation of petroleum products, benefited from rising oil prices and strong demand for refined products.</li>
<li>Valero Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>): Valero Energy stock recorded a substantial gain of 32.80% during Q1. As one of the largest independent petroleum refining and marketing companies, Valero capitalized on favorable market conditions, robust refining margins, and operational efficiencies to drive its impressive performance.</li>
<li>Targa Resources Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>): Targa Resources&#8217; stock witnessed a solid growth rate of 29.19% in Q1. The company, specializing in the gathering, processing, and storage of natural gas and natural gas liquids, benefited from increased demand for natural gas and higher commodity prices.</li>
<li>Diamondback Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>): Diamondback Energy, an independent oil and natural gas company, saw its stock price surge by 28.61% during the first quarter. The company&#8217;s focus on efficient operations, cost discipline, and strategic asset development contributed to its strong performance amid favorable market conditions.</li>
<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>): Phillips 66 is a diversified energy manufacturing and logistics company. Its stock delivered a solid performance with a growth rate of 22.68% in Q1. The company&#8217;s integrated business model, along with its focus on operational excellence and capital discipline, positioned it well to capitalize on improving market dynamics.</li>
</ol>
<h2 class="wp-block-heading">Communication Services: Riding High (+13.25%)</h2>
While the energy sector led the pack, communication services emerged as a close second in terms of performance. The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>), which adequately represents the sector&#8217;s equity, posted a return of 13.25% over the past 3 months. This sector, encompassing companies involved in telecommunications, media, and entertainment, benefited from various factors driving demand for digital services and content consumption.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="630" height="465" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/02084256/Screenshot-2024-04-02-at-6.12.16-PM.png" alt="" class="wp-image-273758" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/02084256/Screenshot-2024-04-02-at-6.12.16-PM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/02084256/Screenshot-2024-04-02-at-6.12.16-PM-300x221.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></figure>
<a class="c-link" data-stringify-link="https://pro.benzinga.com/dashboard" delay="150" data-sk="tooltip_parent" style="box-sizing: inherit; color: rgba(var(--sk_highlight,18,100,163),1); text-decoration-line: none;" href="https://pro.benzinga.com/dashboard" target="_blank" rel="noopener noreferrer">Chart: Benzinga Pro</a>
Here are the top-performing stocks within the communication services sector:
<ol>
<li>Meta Platforms, Inc. Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>): Formerly known as Facebook, Meta Platforms&#8217; stock witnessed an impressive surge of 38.82% in Q1. The company&#8217;s strategic focus on the metaverse, virtual reality technologies, and digital advertising propelled its stock to new heights, despite regulatory challenges and controversies.</li>
<li>Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>): Walt Disney stock experienced robust growth of 34.60% during the first quarter. The entertainment giant&#8217;s diversified portfolio of media networks, theme parks, and streaming services, coupled with successful content releases and the gradual recovery of the global tourism industry, contributed to its stellar performance.</li>
<li>Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>): Netflix is a leading streaming service provider. Netflix stock&#8217;s performance during the past quarter was solid, recording a growth rate of 26.17% in Q1. The company continued to benefit from the secular shift towards digital streaming, the success of its original content, and its expanding international subscriber base.</li>
<li>Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>): Verizon Communications is a well-known telecommunications company. Its stock posted a respectable gain of 12.15% during the first quarter. The company&#8217;s focus on expanding its 5G network infrastructure, improving customer experiences, and diversifying its revenue streams contributed to its steady growth.</li>
<li>Omnicom Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>): Leading global marketing and corporate communications company, Omnicom Group&#8217;s stock price rose by 11.64% in Q1. The company&#8217;s diverse range of advertising, marketing, and public relations services, combined with its ability to adapt to evolving consumer trends, supported its solid performance.</li>
</ol>
The first quarter of 2024 witnessed robust performance across various sectors of the S&amp;P 500 index. The energy sector emerged as the top performer, while communication services followed closely behind. The financials sector, as represented by the SPDR Select Sector Fund &#8211; Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), was up 11.30% while the industrials sector came in fourth at 9.65%. The industrials sector is tracked by the SPDR Select Sector Fund &#8211; Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>).
Read Next: <a href="https://www.benzinga.com/markets/equities/24/03/37763852/bizarrely-overvalued-s-p-500-could-plummet-49-if-recession-strikes-warns-top-strategist">&#8216;Bizarrely Overvalued&#8217;: S&amp;P 500 Could Plummet 49% If Recession Strikes, Warns Top Strategist</a>
Image generated using artificial intelligence via Midjourney.

S&P 500's Q1 Standouts: Energy, Communication Sectors In The Lead — 10 Top-Performing Stocks

Truist Securities analyst Neal Dingmann maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Buy and raises the price target from $105 to $120.

Truist Securities Maintains Buy on Targa Resources, Raises Price Target to $120

Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) has been analyzed by 6 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $112.5, a high estimate of $125.00, and a low estimate of $105.00. This current average has increased by 5.47% from the previous average price target of $106.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1710871221_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
The analysis of recent analyst actions sheds light on the perception of Targa Resources by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Christine Cho</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$116.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Jeremy Tonet</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$125.00</td>
<td>$122.00</td>
</tr>
<tr>
<td>Elvira Scotto</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$109.00</td>
<td>$106.00</td>
</tr>
<tr>
<td>Spiro Dounis</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$112.00</td>
<td>$104.00</td>
</tr>
<tr>
<td>Shneur Gershuni</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$108.00</td>
<td>$109.00</td>
</tr>
<tr>
<td>Theresa Chen</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$105.00</td>
<td>$94.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Targa Resources. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Targa Resources compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Targa Resources's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Targa Resources's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/TRGP/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Targa Resources analyst ratings.</a>
<h2>Get to Know Targa Resources Better</h2>
Targa Resources is a midstream firm that primarily operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline is another important asset.
<h3>Financial Milestones: Targa Resources's Journey</h3>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
Revenue Growth: Targa Resources's revenue growth over a period of 3 months has faced challenges. As of 31 December, 2023, the company experienced a revenue decline of approximately -6.92%. This indicates a decrease in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Targa Resources's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of 6.61%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Targa Resources's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 10.68% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of 1.37%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: Targa Resources's debt-to-equity ratio stands notably higher than the industry average, reaching 4.75. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>Analyst Ratings: Simplified</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Targa Resources Stands With Analysts

Barclays analyst Christine Cho maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Overweight and raises the price target from $105 to $116.

Barclays Maintains Overweight on Targa Resources, Raises Price Target to $116

Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) has outperformed the market over the past 5 years by 8.3% on an annualized basis producing an average annual return of 21.07%. Currently, Targa Resources has a market capitalization of $23.57 billion. 
Buying $1000 In TRGP: If an investor had bought $1000 of TRGP stock 5 years ago, it would be worth $2,592.39 today based on a price of $105.64 for TRGP at the time of writing.
<h3>Targa Resources's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1710450014_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Targa Resources Q1 2024 Earnings Preview

Targa Resources reports Q1 results

Targa Resources (TRGP) has provided an update. Targa Resources actively meets its disclosure obligations through various channels, such as press re...

Targa Resources Emphasizes Commitment to Transparency

Targa Resources tops Q1 estimates as transport volumes hit quarterly record

Targa Resources Corp. (TRGP) Q1 2024 Earnings Call Transcript

John Mackay, an analyst from Goldman Sachs, reiterated the Buy rating on Targa Resources (TRGP – Research Report). The associated price target was ...

Targa Resources: A Resilient Buy Amidst Challenges and Growth Prospects

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Targa Resources (NYSE:<a href="https://investorplace.com/stock-quotes/trgp-stock-quote/">TRGP</a>) just reported results for the first quarter of 2024.<ul><li>Targa Resources reported earnings per share of $1.22. This was below the analyst estimate for EPS of $1.30.</li><li>The company reported revenue of $4.56 billion.</li><li>This was 6.09% better than the analyst estimate for revenue of $4.30 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
		<ul><li>
						<a href="https://investorplace.com/2023/10/no-1-ai-investment-might-be-this-company-youve-never-heard-of/?cid=MKT764787&amp;eid=MKT771245">The #1 AI Investment Might Be This Company You&rsquo;ve Never Heard Of</a>
					</li>
																<li>
						<a href="https://investorplace.com/2023/07/elon-musks-project-omega-stuns-silicon-valley-insiders/?cid=MKT738510&amp;eid=MKT771236">Musk&rsquo;s &ldquo;Project Omega&rdquo; May Be Set to Mint New Millionaires. Here&rsquo;s How to Get In.</a>
					</li>
																<li>
						<a href="https://investorplace.com/2021/01/one-percenter-issues-urgent-warning/?cid=MKT499868&amp;eid=MKT793997">It doesn&rsquo;t matter if you have $500 or $5 million. Do this now.</a>
					</li>
									</ul><div>
			<div></div>
						<div></div>
					</div>
	The post <a href="https://investorplace.com/earning-results/2024/05/trgp-stock-earnings-targa-resources-for-q1-of-2024/">TRGP Stock Earnings: Targa Resources Misses EPS, Beats Revenue for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

TRGP Stock Earnings: Targa Resources Misses EPS, Beats Revenue for Q1 2024

In a report released today, Tristan Richardson from Scotiabank reiterated a Buy rating on Targa Resources (TRGP – Research Report), with a price ta...

Scotiabank Keeps Their Buy Rating on Targa Resources (TRGP)

There's a lot to be optimistic about in the Energy sector as 2 analysts just weighed in on Cheniere Energy (LNG – Research Report) and Targa Resour...

Analysts Offer Insights on Energy Companies: Cheniere Energy (LNG) and Targa Resources (TRGP)

Targa Resources: Improving Ebitda And Possible Upside Potential

Press Releases

Targa Resources Corp. to Participate in Investor Conferences

Targa Resources Corp. Announces Quarterly Dividend and Timing of Fourth Quarter 2023 Earnings Webcast

Targa Resources Corp. to Participate in U.S. Capital Advisors Midstream Corporate Access Day

Targa Resources Corp. Reports Record Fourth Quarter and Full Year 2023 Financial Results and Provides Outlook for 2024 and Positioning in 2025

Targa Resources Corp. Announces Form 10-K Available

Targa Resources Corp. to Participate in THRIVE Energy Conference by Daniel Energy Partners

Targa Resources Corp. to Participate in Morgan Stanley Energy & Power Conference

Targa Resources Corp. to Participate in J.P. Morgan Midwest Utilities & Midstream 1x1 Forum

Targa Resources Corp. Declares Increase to Quarterly Common Dividend and Announces Timing of First Quarter 2024 Earnings Webcast

Targa Resources Corp. Reports First Quarter 2024 Financial Results

Antero Midstream Corporation Common Stock

Antero Midstream

Cheniere Energy Partners, LP Common Units

Cheniere Energy Partners

DT Midstream

EnLink Midstream, LLC Common Units representing Limited Partner Interests

EnLink Midstream

Enterprise Products Partners L.P. Common Stock

Enterprise Prods Partners

Energy Transfer

Equitrans Midstream Corporation Common Stock

Equitrans Midstream

Frontline

Hafnia

Hess Midstream

International Seaways

Kinder Morgan

Cheniere Energy

MPLX LP Common Units Representing Limited Partner Interests

MPLX

New Fortress Energy Inc. - Class A Common Stock

New Fortress Energy

NuStar Energy

ONEOK

Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests

Plains All American

Plains GP Holdings, L.P. - Class A Shares representing limited partner interests

Plains GP Holdings

Scorpio Tankers

Transportadora de Gas del Sur SA TGS Common Stock

Transportadora de Gas

TORM

Ultrapar Participacoes S.A. (New) American Depositary Shares (Each representing one Common Share)

Ultrapar Participacoes

Western Midstream Partners, LP Common Units Representing Limited Partner Interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Targa Resources Stock (NYSE:TRGP), Short Interest Report

People Also Watch