In a recent transaction, Ershel C. Redd Jr., a director at Targa Resources Corp. (NYSE:TRGP), sold 3,000 shares of the company's common stock. The transaction, which took place on May 10, 2024, was executed at an average price of $113.099 per share, resulting in a total value of approximately $339,297.
The sale has adjusted Redd's holdings in the company to 28,223 shares of common stock following the transaction. The details of this sale were disclosed in a filing with the Securities and Exchange Commission dated May 13, 2024.
Targa Resources Corp., headquartered in Houston, Texas, operates in the natural gas transmission industry and is incorporated in Delaware. The company's stock is publicly traded and is known for its involvement in energy and transportation sectors.
Investors often keep a close eye on insider transactions as they can provide valuable insights into the company's performance and insiders' perspectives on the stock's value. However, it's important to note that there are various reasons why an insider might sell stock, and such transactions don't necessarily indicate a lack of confidence in the company.
For those interested in Targa Resources Corp.'s financial movements, the stock is listed on the New York Stock Exchange under the ticker symbol NYSE:TRGP.
InvestingPro Insights
Following the recent insider transaction at Targa Resources Corp. (NYSE:TRGP), where Director Ershel C. Redd Jr. sold 3,000 shares, it's worth considering some additional financial metrics and insights offered by InvestingPro. Targa Resources Corp. is currently exhibiting a mix of financial signals that may interest investors.
InvestingPro data indicates that Targa Resources has a market capitalization of $25.03 billion, reflecting the scale of the company within the natural gas transmission industry. The company's P/E ratio, as of the last twelve months leading up to Q1 2024, stands at 22.78, suggesting a valuation that might appeal to investors looking for reasonable earnings multiples. Additionally, the Price / Book ratio during the same period is 9.26, which may be considered high, indicating that the stock is trading at a premium relative to the company's book value.
An InvestingPro Tip highlights that Targa Resources has been trading at a low P/E ratio relative to near-term earnings growth, which could signal an attractive investment opportunity for those who focus on earnings potential. Moreover, the stock has experienced robust returns, with a 65.97% one-year price total return, showcasing significant growth over the past year.
For investors who appreciate stability in dividend payments, Targa Resources has maintained dividend payments for 14 consecutive years, with a current dividend yield of 2.65%. This consistent return to shareholders can be an important factor for income-focused portfolios.
For more detailed analysis and additional InvestingPro Tips, which can provide deeper insights into Targa Resources Corp.'s financial health and stock performance, visit https://www.investing.com/pro/TRGP. There are currently 13 additional tips available on InvestingPro, and users can take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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