Targa Resources Corp. (NYSE:TRGP) reported that its Chief Commercial Officer, Robert Muraro, sold 10,000 shares of company stock on June 10, according to a recent SEC filing. The shares were sold at a weighted average price of $120.0811, with individual transactions ranging from $120.00 to $120.20 per share, totaling approximately $1.2 million.
The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which Muraro adopted on February 28, 2024. Such plans allow company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information. This provides a defense against potential allegations of insider trading.
Following the transaction, Muraro still owns 196,951 shares of Targa Resources stock, directly. The Houston-based company operates in the natural gas transmission sector and is incorporated in Delaware.
Investors and Targa Resources shareholders can request detailed information about the sales, including the number of shares sold at each price within the reported range, from Muraro or the company.
This transaction comes as part of the regular financial disclosures required by corporate executives and is publicly available information for investors monitoring insider activities.
In other recent news, Targa Resources has seen significant developments. The company reported record-breaking Q1 results, including increases in adjusted EBITDA, Permian volumes, and LPG export volumes. In addition, Targa Resources announced ambitious growth plans, such as the construction of new facilities and an increase in LPG export capacity. Truist Securities and RBC Capital have both raised their price targets for Targa Resources, reflecting a positive outlook for the company. Truist Securities increased its target to $125, citing the company's strong operational performance and predominantly fee-based business model. RBC Capital also increased its price target to $128, anticipating significant growth for the company, particularly in the Permian region. These developments underscore the recent positive momentum for Targa Resources, with the company's robust performance and growth plans driving analyst optimism.
InvestingPro Insights
Amidst the news of Targa Resources Corp.'s (NYSE:TRGP) Chief Commercial Officer's stock sale, investors can gain additional insights by considering key financial metrics and expert analysis provided by InvestingPro. The company's current Market Cap stands at a robust $26.85 billion, reflecting its substantial presence in the natural gas transmission sector.
InvestingPro Data reveals that Targa Resources is trading at a Price/Earnings (P/E) Ratio of 24.67, which is closely aligned with the adjusted P/E ratio for the last twelve months as of Q1 2024, at 24.44. This suggests a consistent valuation relative to the company's earnings. Moreover, the Price to Book (P/B) ratio is high at 9.93, indicating that the market values the company significantly above its book value.
One of the InvestingPro Tips highlights that the stock is trading near its 52-week high, with the price at 99.96% of this peak, demonstrating investor confidence and a strong market position. Additionally, Targa Resources has shown a strong return over the last year, with a 1 Year Price Total Return of 73.52%, which is impressive for current and potential investors considering the stock's performance.
For those interested in further analysis and tips, including insights into Targa Resources' low price volatility and the company's ability to maintain dividend payments for 14 consecutive years, more information is available at InvestingPro. Subscribers can access a wealth of additional tips, with the option to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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