HOUSTON—Julie H. Boushka, Senior Vice President and Chief Accounting Officer at Targa Resources Corp. (NYSE:TRGP), recently sold shares of the company's common stock with a total value of approximately $1.9 million, according to a filing with the Securities and Exchange Commission.
The transactions, which took place on November 15, 2024, involved the sale of 10,000 shares at prices ranging from $190.3774 to $192.5914. Following these sales, Boushka retains direct ownership of 25,143 shares.
The sales were conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on August 9, 2024. These plans allow company insiders to set up a predetermined schedule for selling stocks to avoid potential conflicts of interest.
Targa Resources Corp., based in Houston, is a leading provider of midstream natural gas and natural gas liquids services in the United States.
In other recent news, Targa Resources Corp. reported a significant increase in its third-quarter earnings for 2024, marking a record adjusted EBITDA of $1.07 billion. This growth was attributed to increased volumes in the Permian region and a strategic shift to a fee-based model, which insulated 90% of the company's margins from commodity price fluctuations. Stifel, Truist Securities, and RBC (TSX:RY) Capital Markets all raised their price targets for Targa Resources, maintaining positive ratings. Moody's (NYSE:MCO) upgraded the company's rating to Baa2, acknowledging Targa's financial stability. Targa also announced the construction of two new plants in the Permian, set to enhance sour gas treating capacity to over 2.3 billion cubic feet per day by early 2025. These are the recent developments for the company.
InvestingPro Insights
As Julie H. Boushka's recent stock sale draws attention to Targa Resources Corp. (NYSE:TRGP), investors may find additional context from InvestingPro's real-time data and expert tips valuable.
According to InvestingPro data, Targa Resources has a market capitalization of $44.35 billion, reflecting its significant presence in the midstream energy sector. The company's revenue for the last twelve months as of Q3 2024 stood at $16.22 billion, although it experienced a slight revenue decline of 0.98% during this period.
Despite the minor revenue setback, Targa has shown impressive stock performance. InvestingPro data reveals a remarkable year-to-date price total return of 134.26% as of the latest available data, indicating strong investor confidence in the company's prospects. This aligns with an InvestingPro Tip noting that Targa has delivered a high return over the last year.
Another relevant InvestingPro Tip highlights that Targa has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the company's dividend yield of 1.51% and a substantial dividend growth of 50% in the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Targa Resources Corp., providing a deeper understanding of the company's financial health and market position.
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