One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Targa Resources stock now clears that threshold, with a jump from 78 to 81 Thursday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This unique rating identifies technical performance by showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
History shows that the stocks that go on to make the biggest gains tend to have an 80 or higher RS Rating as they launch their biggest runs.
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Is Targa Resource Stock A Buy?
Targa Resources stock is working on a cup without handle with an 81.60 buy point. See if it can break out in heavy trading. Keep in mind that it's a later-stage consolidation, and those entail more risk.
The stock's relative strength line is in new high territory, a promising indicator ahead of a potential breakout.
The oil & gas refining company showed 0% earnings growth in its most recent report, while sales growth came in at -16%.
Targa Resources stock earns the No. 9 rank among its peers in the Oil & Gas-Refining/Marketing industry group. Par Pacific Holdings and PBF Energy are also among the group's highest-rated stocks.
