In a recent transaction, Paul W. Chung, a director at Targa Resources Corp. (NYSE:TRGP), sold 4,701 shares of the company's common stock. The sale was executed at a weighted average price of $113.2893, totaling over $532,000.
The shares were sold on May 9, 2024, in multiple transactions with prices ranging between $113 and $113.5202. Following the sale, Mr. Chung still holds a significant number of shares indirectly through family trusts. Specifically, the Paul Chung 2008 Family Trust, where he serves as trustee, retains 239,507 shares. Additionally, the Helen Chung 2007 Family Trust, co-trusteed by Mr. Chung's spouse and sister-in-law, holds 200,500 shares. Mr. Chung also has a direct holding of 58,791 shares and an indirect holding of 45,816 shares in an IRA.
Investors often monitor insider transactions as they can provide insights into how executives perceive the company's stock value and future performance. The sale by Mr. Chung represents a notable change in his investment in Targa Resources Corp., although he maintains a substantial stake in the company through various forms of ownership.
Targa Resources Corp., with its primary business in natural gas transmission, remains a key player in the energy sector. The company's stock performance and insider transactions like these are closely watched by investors seeking to understand market trends and company-specific developments.
InvestingPro Insights
Targa Resources Corp. (NYSE:TRGP) has shown a strong performance in the market, with an impressive 65.97% one-year price total return, reflecting a robust upward trend in its stock value. This performance is further accentuated by the stock's recent trading near its 52-week high, at 95.78% of the peak price. The company's ability to maintain dividend payments for 14 consecutive years, coupled with a significant dividend growth of 114.29% in the last twelve months as of Q1 2024, suggests a commitment to shareholder returns despite the volatile energy market.
For investors considering Targa Resources Corp. as a potential addition to their portfolio, two InvestingPro Tips are particularly noteworthy. Firstly, the stock is trading at a low P/E ratio relative to near-term earnings growth, currently standing at 22.78, which could indicate an undervalued investment opportunity when considering future earnings potential. Secondly, while the stock generally trades with low price volatility, it's important to note that recent price movements have been quite volatile, which may be relevant for investors with a preference for stability or those looking to capitalize on market dynamics.
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