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In a recent transaction, Charles R. Crisp, a director at Targa Resources Corp. (NYSE:TRGP), sold 5,000 shares of the company's common stock. The sale was executed at an average price of $137.63, resulting in a total value of approximately $688,134. These shares were sold in multiple transactions with prices ranging from $137.62 to $137.68.
Crisp's transaction was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the sale, he still owns a total of 89,471 shares in Targa Resources, a company that specializes in natural gas transmission. The weighted average price reflects the range of prices at which the stock was sold, and Crisp has agreed to provide additional details regarding the number of shares sold at each price point upon request.
Targa Resources has not made any comments regarding this transaction. The sale took place on August 12, 2024, and was officially filed the following day. This move by a key insider is often monitored by investors as it can provide insights into the company's performance and the confidence level of its executives and directors in the firm's prospects.
Investors and stakeholders in Targa Resources Corp. can access the full details of the transaction upon request to the company or the SEC. Charles R. Crisp's remaining stake in the company indicates continued interest in the firm's trajectory, even after the sale of a portion of his shares.
In other recent news, Targa Resources has been making significant strides in its financial and operational performance. The company recently reported robust second-quarter results for 2024, with a record adjusted EBITDA of $984 million, primarily driven by increased volumes across its operations, particularly in the Permian assets. RBC Capital has maintained an Outperform rating on Targa Resources stock and increased the price target to $153 from $147, following these encouraging results and an upward revision of the company's full-year guidance.
Targa Resources has also successfully completed a public offering of $1 billion in 5.5% Senior Notes due in 2035. The proceeds from this offering are earmarked for a variety of corporate uses, including the repayment of existing debt and potential investments in its subsidiaries. This development, coupled with the company's intensified share buyback activities, signals confidence in its business strength and financial health.
In addition to these financial developments, Targa Resources has been focusing on strategic growth initiatives. The company announced the construction of new plants in the Permian Basin and its participation in the Blackcomb pipeline joint venture, projected to cost less than $200 million. These initiatives, along with the appointment of Will Byers as the new Chief Financial Officer, are part of Targa's ongoing commitment to enhancing its operations and financial health.
InvestingPro Insights
Amidst the news of Charles R. Crisp's recent share sale, Targa Resources Corp. (NYSE:TRGP) presents a mixed picture in terms of investment metrics. With a market capitalization of $29.91 billion, the company is a significant player in the natural gas transmission sector. One of the standout InvestingPro Tips for Targa Resources is the company's track record of raising its dividend for 3 consecutive years, which could be a sign of confidence in its financial stability and future prospects. Additionally, 4 analysts have recently revised their earnings expectations upwards for the upcoming period, suggesting that there may be positive developments within the company that could impact future performance.
From a valuation perspective, Targa Resources is currently trading at a Price/Earnings (P/E) ratio of 28.58, with a slightly adjusted P/E ratio of 28.06 for the last twelve months as of Q2 2024. This indicates a relatively high valuation compared to near-term earnings growth, which is reflected in a PEG ratio of 0.98 for the same period. The company also trades at a high Price/Book multiple of 12.13, which may raise questions about the stock's current valuation levels.
In terms of performance, Targa Resources has seen a strong return over the last year, with a one-year price total return of 65.88%. The stock is also trading near its 52-week high, at 98.03% of the peak price, emphasizing the recent positive momentum in the stock price. Investors looking for more detailed analysis and additional InvestingPro Tips can find them on the InvestingPro platform, which currently lists 15 tips for Targa Resources, providing a comprehensive overview for potential investors.
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