The corporation engaged in midstream natural gas could reach the USD 127.4 resistance through coming sessions.
The company pushed its global presence the last year by 10% and possesses qualitative fundamentals. Sales are anticipated to rise 21% for the ongoing year. A positive movement has been followed by operating and net margins since which could continue at least during the next four years, this according to Thomson-Reuters estimates. An EBITDA of $838 million is anticipated by the end of the fiscal year 2014. Analysts keep posting higher EPS estimates as time passes. The last EPS average estimation was of $2.28 against $1.35 twelve months ago.
From a technical point of view, the security still trading within a rising wedge in the short and the long term. Increasing moving averages are supporting prices and give the feeling of a limited likelihood for a reversal to take place in the midterm. As prices continue growing at gradual paces, a upper trendline risks a breakout, leaving the way open to new all-time highs. If this scenario takes place, then shares could be trading inside the 114.8/127.4 trading range.
Thanks to good indicators, it seems relevant to take a long position in Targa Resources at current prices. The main target may be the USD 127.4 resistance and then the USD 133 one. However, a stop loss should be set under the entry point, at USD 108.5.
Targa Resources Corp. is a provider of midstream services in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and delivers energy across the United States. The Company is engaged in the business of gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas (LPG) exporters; and gathering, storing, terminaling, and purchasing and selling crude oil. Its segments are Gathering and Processing, and Logistics and Transportation. Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells. Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products.