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Why Targa Resources (TRGP) Could Be Positioned for a Surge

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Targa Resources, Inc. (TRGP - Free Report) is a is a leading provider of midstream services that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on TRGP’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Targa Resources could be a solid choice for investors.

Current Quarter Estimates for TRGP

In the past 30 days, three estimates have gone higher for Targa Resources while one have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 1 cent a share 30 days ago, to 4 cents today, a move of 75%.

Current Year Estimates for TRGP

Meanwhile, Targa’s current year figures are also looking quite promising, with four estimates moving higher in the past month, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, increasing from a loss of 4 cents per share 30 days ago to earnings of 20 cents per share today, a significant move.

Bottom Line

The stock has also started to move higher lately, adding 7.1% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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