Apollon Wealth Management LLC Reduces Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Apollon Wealth Management LLC reduced its stake in Targa Resources, Inc. by 7.6%, owning 22,107 shares valued at approximately $3.85 million after selling 1,809 shares in the 2nd quarter.
• Despite Apollon's reduction, several other institutional investors, including UMB Bank and Ritholtz Wealth Management, increased their holdings in Targa Resources during the same period, highlighting ongoing interest in the stock.
• Targa Resources saw its stock price target upgraded by multiple analysts, with a consensus rating of "Moderate Buy" and a price target of around $207.67, despite the company reporting a revenue shortfall in its latest earnings report.

Apollon Wealth Management LLC lowered its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,107 shares of the pipeline company's stock after selling 1,809 shares during the quarter. Apollon Wealth Management LLC's holdings in Targa Resources were worth $3,848,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Ritholtz Wealth Management raised its holdings in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after purchasing an additional 62 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company's stock valued at $115,000 after purchasing an additional 70 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Targa Resources by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company's stock valued at $1,618,000 after purchasing an additional 72 shares in the last quarter. Finally, D.A. Davidson & CO. raised its holdings in shares of Targa Resources by 1.8% in the 1st quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock valued at $855,000 after purchasing an additional 74 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

TRGP has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Mizuho reduced their price objective on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Targa Resources in a research note on Wednesday. Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $214.00 to $215.00 and gave the company an "overweight" rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.67.

Targa Resources Trading Down 5.5%

Shares of Targa Resources stock opened at $152.43 on Friday. The firm's 50 day simple moving average is $165.04 and its two-hundred day simple moving average is $167.75. The firm has a market capitalization of $32.80 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 0.91 and a beta of 1.12. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 12-month low of $150.00 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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