Targa Resources, Inc. $TRGP Shares Acquired by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management increased its Targa Resources stake by 21.5% in the third quarter, bringing its holdings to 25,276 shares valued at approximately $6.83 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding analyst expectations of $2.83, while revenue reached $4.44 billion. The company also declared a quarterly dividend of $1.25 per share, representing a 1.6% annualized yield.
• Analysts maintain a broadly positive outlook, with the stock receiving an average “Buy” rating and an average price target of $319.25. Several firms recently raised their targets, including JPMorgan Chase, which lifted its target to $351.

Apollon Wealth Management LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 21.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 25,276 shares of the pipeline company's stock after purchasing an additional 4,472 shares during the quarter. Apollon Wealth Management LLC's holdings in Targa Resources were worth $6,832,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. First Eagle Investment Management LLC increased its holdings in Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. Jones Financial Companies Lllp bought a new position in Targa Resources in the 2nd quarter valued at $32,000. Compass Financial Management LLC bought a new position in Targa Resources in the 2nd quarter valued at $33,000. CoreCap Advisors LLC boosted its stake in Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after purchasing an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in Targa Resources in the second quarter worth $35,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 0.7%

Targa Resources stock opened at $304.44 on Tuesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a fifty-two week low of $150.00 and a fifty-two week high of $307.94. The company's 50 day simple moving average is $288.57 and its 200 day simple moving average is $255.56. The firm has a market capitalization of $65.28 billion, a price-to-earnings ratio of 28.91, a PEG ratio of 1.25 and a beta of 0.80.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 11.42 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, October 30th. Targa Resources's dividend payout ratio (DPR) is presently 47.80%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TRGP shares. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $340.00 price target on shares of Targa Resources in a report on Tuesday, October 20th. Wolfe Research set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. UBS Group reissued a "buy" rating and set a $318.00 price objective (up from $305.00) on shares of Targa Resources in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Finally, Mizuho raised their price objective on shares of Targa Resources from $300.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $319.25.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,216 shares of company stock worth $2,127,634 over the last ninety days. Company insiders own 1.37% of the company's stock.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company's services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.

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