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. The sale, which took place on August 12, 2024, amounted to over $2.75 million, with the shares being sold at a weighted average price of $137.659. The transactions occurred in multiple parts at prices ranging from $137.55 to $137.72.
Following the sale, Pryor's direct and indirect holdings in Targa Resources Corp. have changed. The shares sold were owned by the Pryor Trust, with D. Scott Pryor and Marcy Gaye Pryor acting as co-trustees, as indicated in the footnotes of the filing. Post-transaction, Pryor still indirectly owns 116,098 shares through the trust. Additionally, he directly owns 41,830 shares of Targa Resources Corp. common stock.
Investors often monitor insider transactions as they can provide insights into how executives perceive the financial health and future prospects of their companies. The sale by Pryor is significant due to the amount and the role he plays in the company. Targa Resources Corp., based in Houston, Texas, is a leader in natural gas transmission and is incorporated in Delaware.
The company's business activities and insider transactions are closely watched by investors seeking to understand the energy and transportation sectors' performance. Targa Resources Corp. has not provided any specific reasons for Pryor's sale of shares, and the transaction was conducted in full compliance with SEC regulations.
In other recent news, Targa Resources has reported robust second-quarter results for 2024, attributing its success to increased Permian basin volumes. The company's record adjusted EBITDA of $984 million was driven by these increased volumes. In addition, Targa Resources has revised its full-year guidance and capital expenditure forecast upwards, signaling growth and financial stability. RBC Capital maintained its Outperform rating on Targa Resources stock and increased the price target to $153 from $147, following these developments.
Targa Resources recently completed a public offering of $1 billion in 5.5% Senior Notes due in 2035. The proceeds will be used for various corporate purposes and debt repayment. Furthermore, the company announced the appointment of a new CFO, Will Byers, and its participation in the Blackcomb pipeline joint venture, projected to cost less than $200 million.
These recent developments, including the construction of new plants in the Permian Basin and updated growth capital spending estimates for 2024 and 2025, underscore Targa's commitment to enhancing its operations and financial health. Analysts from Scotiabank and Targa highlight the company's strategic investments as crucial for continued growth and stability. The company's outlook forecasts substantial growth into 2025, backed by low double-digit percentage volume growth for the current year.
InvestingPro Insights
The recent insider transaction at Targa Resources Corp. (NYSE:TRGP) involving D. Scott Pryor has captured the attention of the investment community. To provide a broader financial context for this event, here are some key metrics and insights from InvestingPro that investors may consider valuable:
InvestingPro Data highlights Targa Resources Corp. as having a market capitalization of approximately $29.91 billion. The company is operating with a Price/Earnings (P/E) ratio of 28.58, which adjusts slightly to 28.06 when considering the last twelve months as of Q2 2024. Moreover, the Price to Book (P/B) ratio stands at a high 12.13 as of the same period. Despite a quarterly revenue growth of 4.65% in Q2 2024, the overall revenue growth for the last twelve months shows a decline of 8.85%.
From the perspective of InvestingPro Tips, it's noteworthy that Targa Resources Corp. has raised its dividend for 3 consecutive years, signaling potential confidence in its financial stability. Additionally, the company has maintained dividend payments for 14 consecutive years, which could be an indicator of its commitment to shareholder returns. Interestingly, analysts have revised their earnings expectations upwards for the upcoming period, suggesting that Targa Resources Corp. might be poised for future financial success.
Investors seeking to delve deeper into the financial analytics of Targa Resources Corp. can find more InvestingPro Tips by visiting https://www.investing.com/pro/TRGP. There are several additional tips available on the platform that can offer further insights into the company's performance and potential investment opportunities.
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