In a recent transaction, D. Scott Pryor, President of Logistics and Transportation at Targa Resources Corp. (NYSE:TRGP), sold 20,000 shares of the company's common stock, generating a total of approximately $2.26 million. The shares were sold at a weighted average price of $113.13, with individual transactions ranging from $112.90 to $113.88.
This sale has adjusted Pryor's direct holdings in the company, as indicated by the latest filings with the Securities and Exchange Commission. Following the transaction, Pryor's direct ownership stands at 136,098 shares of common stock. Additionally, the report mentions indirect ownership through the Pryor Trust, which holds 41,830 shares, with D. Scott Pryor and Marcy Gaye Pryor acting as co-trustees.
The disclosure provided by Pryor ensures full transparency regarding the sale, offering to provide detailed information on the number of shares sold at each price point within the given range upon request. This commitment to transparency is in line with SEC requirements and provides investors with a clearer view of executive stock transactions.
Targa Resources Corp. is a significant player in the natural gas transmission industry, and executive stock transactions are often closely watched by investors for insights into management's perspective on the company's financial health and future prospects. While the reasons for Pryor's sale were not disclosed, such transactions are routine and can be motivated by a variety of personal financial planning considerations.
Investors and stakeholders in Targa Resources Corp. can access the full details of the transaction through the SEC's filing system, where executives' trades are regularly reported.
InvestingPro Insights
As Targa Resources Corp. (NYSE:TRGP) continues to navigate the natural gas transmission sector, recent executive stock transactions have drawn attention. With President of Logistics and Transportation D. Scott Pryor's sale of 20,000 shares, investors may be seeking deeper insights into the company's valuation and performance metrics. To provide a broader context, here are key insights based on real-time data from InvestingPro:
Currently, Targa Resources Corp. boasts a solid market capitalization of approximately $25.36 billion and is trading at a Price/Earnings (P/E) ratio of 23.27. This valuation comes as the company has demonstrated a notable Price/Earnings (P/E) ratio adjusted for the last twelve months as of Q1 2024, standing at 23.09. Furthermore, the stock's Price/Earnings to Growth (PEG) ratio during the same period is 0.88, suggesting that the company's earnings growth rate is being factored into its stock price at a reasonable level.
Investors interested in the company's asset valuation will note that Targa Resources Corp. has a Price/Book ratio of 9.38 as of the last twelve months leading up to Q1 2024. This ratio indicates a premium compared to the company's book value, which may reflect investor confidence or a market that is willing to pay more for what is perceived as a quality investment.
From an investment standpoint, two InvestingPro Tips that stand out for Targa Resources Corp. are:
- The stock is trading at a low P/E ratio relative to near-term earnings growth, which could indicate an undervalued stock that has potential for appreciation.
- Despite some analysts revising their earnings downwards for the upcoming period, Targa Resources Corp. has maintained dividend payments for 14 consecutive years, showcasing a commitment to returning value to shareholders.
For those looking for more comprehensive analysis and additional InvestingPro Tips, there are 13 more tips available on the InvestingPro platform for Targa Resources Corp. at https://www.investing.com/pro/TRGP. And don't forget, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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