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HOUSTON—Matthew J. Meloy, the Chief Executive Officer of Targa Resources Corp. (NYSE:TRGP), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Meloy sold a total of 48,837 shares of the company’s common stock. The transactions, which took place on February 25, 2025, were executed at prices ranging from $194.2465 to $196.0743 per share. The sale comes as Targa’s stock has demonstrated remarkable strength, delivering a 107% return over the past year. According to InvestingPro analysis, the company currently appears to be trading near its Fair Value.
The total value of these stock sales amounted to approximately $9,527,064. Following these transactions, Meloy retains ownership of 725,628 shares in Targa Resources.
These transactions were carried out in multiple trades, with the sale prices reflecting weighted averages. The shares were sold in batches at varying prices, with specific ranges provided for each set of transactions. The first batch of 7,395 shares was sold at prices between $193.68 and $194.68, the second batch of 35,223 shares at prices from $194.69 to $195.69, and the final batch of 6,219 shares at prices ranging from $195.70 to $196.39.
Targa Resources Corp., based in Houston, is a leading provider in the natural gas transmission sector. The company continues to be a significant player in energy and transportation, with Meloy at its helm since assuming the CEO role.
In other recent news, Targa Resources has seen a series of notable developments. The company announced fourth-quarter 2024 earnings that exceeded both Stifel’s expectations and consensus estimates, leading Stifel to raise its price target for Targa Resources shares to $229, maintaining a Buy rating. Similarly, Citi analysts increased their price target to $227, citing rapid infrastructure development and new growth initiatives. Mizuho (NYSE:MFG) Securities also raised its target to $226, highlighting Targa’s strong performance and growth prospects in the Permian Basin.
CFRA analyst Stewart Glickman increased the price target to $208, retaining a Hold rating, and noted an updated EPS estimate for 2025 and a new estimate for 2026. Targa Resources reported a Q4 operating EPS of $1.82, slightly below consensus by $0.01, while projecting a reduction in capital expenditures for 2025. The company recently appointed Jennifer R. Kneale as President, effective March 2025, amid a period of leadership transitions closely watched by investors.
Targa Resources is also planning significant capital expenditures to support its growth, with new initiatives such as an intra-basin pipeline and expanded LPG export capabilities. The company anticipates a reduction in capital expenditures in 2025, with adjusted EBITDA expected to grow by 15% at the midpoint. Analysts from Citi and Stifel suggest that Targa is positioned for substantial growth, with projected increases in EBITDA and EPS over the coming years.
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