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Targa Resources Corp. (NYSE:TRGP), a player in natural gas transmission with a market capitalization of $44.8 billion, announced the appointment of Jennifer R. Kneale as President, effective March 1, 2025. The company disclosed in a recent SEC filing that Kneale, who has been with Targa since May 2013, will transition from her role as President – Finance and Administration, a position she has held since July 2024. Prior to this, she served as the company’s Chief Financial Officer from May 2018 to July 2024. According to InvestingPro data, the company has demonstrated remarkable performance with a 122% return over the past year.
The announcement made today does not include any changes to Kneale’s compensation arrangements in light of her new position. The company’s statement did not elaborate on the strategic reasons for this appointment or the implications for Targa’s future direction.
Targa Resources, headquartered in Houston, Texas, is incorporated in Delaware and has been a significant name in the energy and transportation sector. The company’s common stock is listed on the New York Stock Exchange under the ticker symbol TRGP.
This executive shift comes amid a period where leadership transitions are closely watched by investors for indications of strategic shifts or continuity in corporate governance. Targa Resources has not indicated any further changes to its executive team or board of directors.
The information reported is based on a press release statement, which provides a factual update on the company’s leadership as required by the SEC.
In other recent news, Targa Resources reported fourth-quarter 2024 revenue of $4.41 billion, slightly below analyst estimates of $4.42 billion. Despite this, the company achieved record adjusted EBITDA for the quarter, reaching $1.12 billion, marking a 17% year-over-year increase. Targa Resources’ net income attributable to shareholders rose to $351.0 million, up from $299.6 million in the same period last year. The company also announced its plans to recommend a 33% increase in its quarterly dividend to $1.00 per share starting in the first quarter of 2025.
Analysts have responded positively to Targa’s performance. Stifel raised its price target for Targa Resources to $229, maintaining a Buy rating, following the company’s strong fourth-quarter earnings and higher-than-expected 2025 guidance. Mizuho (NYSE:MFG) also adjusted its price target to $226, citing Targa’s strong growth prospects, particularly in the Permian Basin, and an impressive 24.1% gain since the third-quarter update of 2024. Both firms noted the company’s strategic initiatives and robust medium-term growth outlook.
Targa Resources’ strong operational performance was highlighted by significant volume growth in its Permian operations, with natural gas inlet volumes increasing by 15% compared to the previous year. The company also saw record NGL pipeline transportation and LPG export volumes. Looking ahead, Targa estimates its adjusted EBITDA for the full year 2025 will be between $4.65 billion and $4.85 billion, representing a 15% growth at the midpoint compared to 2024.
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