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HOUSTON—D. Scott Pryor, the President of Logistics and Transportation at Targa Resources Corp. (NYSE:TRGP), recently executed a significant stock sale, according to an SEC filing. On February 27, Pryor sold 35,000 shares of Targa Resources’ common stock at a weighted average price of $197.30, totaling approximately $6.9 million. The transactions occurred at prices ranging from $197.045 to $197.545 per share, near the stock’s current trading level of $195.54. The sale comes as Targa shares have delivered an impressive 108.7% return over the past year.
Following this sale, Pryor retains ownership of 82,139 shares indirectly through the Pryor Trust, where he and Marcy Gaye Pryor serve as co-trustees. This transaction is part of Pryor’s ongoing management of his holdings in the company. The stock sale reflects a portion of his indirect ownership, with the shares being part of the trust’s assets.
Targa Resources, headquartered in Houston, is a major player in the natural gas transmission industry, with a market capitalization of $42.7 billion. The company’s stock has seen considerable activity, with insiders like Pryor adjusting their holdings as part of regular portfolio management. The company maintains a solid dividend program, having raised payouts for three consecutive years. According to InvestingPro, analysts maintain a bullish outlook on Targa, with price targets reaching as high as $259 per share. For deeper insights into Targa’s valuation and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
In other recent news, Targa Resources has seen a series of analyst adjustments and strategic developments. Citi analysts raised their price target for Targa Resources to $227, citing rapid infrastructure development and a projected double-digit growth in EBITDA over the next two years. Similarly, Stifel increased their target to $229, following better-than-expected fourth-quarter 2024 earnings and a positive outlook for 2025. Mizuho (NYSE:MFG) Securities also raised their target to $226, highlighting the company’s strong performance and growth prospects in the Permian Basin.
CFRA’s Stewart Glickman adjusted the price target to $208, maintaining a Hold rating, and noted an expected rise in volumes and a reduction in capital expenditures for 2025. On the corporate side, Targa Resources announced that Jennifer R. Kneale will assume the role of President in March 2025, transitioning from her current position as President – Finance and Administration. The company has not indicated any further changes to its executive team.
Despite these positive developments, Stifel noted investor concerns over higher-than-anticipated capital expenditures, which could impact the narrative on returning capital to shareholders. However, the increased spending is seen as a response to elevated production levels that are expected to drive long-term cash flow. Analysts across the board have expressed confidence in Targa Resources’ strategic initiatives and financial outlook.
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