Targa Resources stock slides 3.94% and underperforms competitors
Updated
Updated · MarketWatch · May 6
Targa Resources stock slides 3.94% and underperforms competitors
7 articles · Updated · MarketWatch · May 6
Shares closed at $249.50 on Wednesday, while the S&P 500 rose 1.46% to 7,365.12 and the Dow gained 1.24% to 49,910.59.
The decline ended a two-day winning streak and left the stock 4.75% below its 52-week high of $261.95 reached on 5 May.
Targa lagged peers including Enterprise Products, Kinder Morgan and Cheniere Energy, while trading volume of 1.5 million topped its 50-day average of 1.4 million.
Targa Resources hit a record high, then plunged right before its earnings report. What does the market know?
With insider selling and a high P/E, is this stock dip a real buying opportunity or a classic bull trap?