Targa Resources Corp. (NYSE:TRGP) broke out on 9 November at 19.57, this is an early call in a raging Bull market as it is holding high above the cloud garnering a Buy rating.
The stock is trading at 21.05 against its 52 wk high at 42.13. It pays a 1.95% dividend.
All Key technical indicators turned Very Bullish, calling for Bullish sentiment across the board into the long term. Our target is 55.07/share into Y 2021.
The support is strong at 16.66, the resistance is light thru 26.15 and then Nil.
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America.
It operates in 2 segments, Gathering and Processing, and Logistics and Transportation.
The company engages in gathering, compressing, treating, processing, transporting, and selling Nat Gas; storing, fractionating, treating, transporting, and selling Nat Gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling Crude Oil; and storing, terminaling, and selling refined petroleum products.
It is also involved in the purchase and resale of NGL products; and wholesale 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.
It operates approximately 28,900 miles of Nat Gas pipelines, including 46 owned and operated processing plants; and owns or operates a total of 34 storage wells with a gross storage capacity of approximately 720M bbls
As of 31 December 2019, the company leased and managed approximately 698 railcars; 138 transport tractors; and 2 company-owned pressurized NGL barges.
Targa Resources Corp. was founded in Y 2005 and is HQ’d in Houston, Texas.
Have a healthy day, Keep the Faith!