Targa Resources Up 5.54% To $93.17 After Earnings

Targa Resources (TRGP) said before open Thursday that it broke even in quarter four 2023.

In the same quarter a year ago, the company earned $1.38 per share on revenue of $4.6 billion.

The stock is up 5.54% to $93.17 after the report.

Targa Resources’s profit margins maintained as both earnings and revenue declined at the same pace.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Targa Resources a Bullish Sentiment Rank from InvestorsObserver.

Targa Resources has performed a little above average during the past few months. Before the report, Targa Resources received a Long-Term Technical Rank by InvestorsObserver of 70, putting it in the top half of stocks. The firm was recently trading at a 52-week high of $91.44 on December 1, 2023 and set a 52-week low on March 24, 2023 at $64.85.

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 840,000 barrels a day of gross fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline recently entered full service.