HOUSTON—Paul W. Chung, a director at Targa Resources Corp. (NYSE:TRGP), recently sold 18,037 shares of the company's common stock. The shares were sold at a weighted average price of $190.03 per share, resulting in a total transaction value of approximately $3.4 million. Following this sale, Chung retains direct ownership of 40,754 shares in the company.
In addition to his direct holdings, Chung has indirect ownership in several other blocks of Targa Resources stock. These include 232,827 shares held by the Paul Chung 2008 Family Trust, where he serves as trustee, and 200,500 shares held by the Helen Chung 2007 Family Trust, managed by his spouse and sister-in-law as co-trustees. Additionally, there are 45,816 shares held in an IRA account.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, providing transparency into Chung's current holdings and recent stock activity.
In other recent news, Targa Resources Corp. showcased robust growth in its Q3 2024 earnings, recording an adjusted EBITDA of $1.07 billion, a development attributed to increased volumes in the Permian region. This was accompanied by an upward revision of its full-year 2024 guidance, signaling potential for sustained financial improvement. RBC Capital Markets demonstrated its confidence in the company's performance by maintaining an Outperform rating and raising its price target from $172.00 to $199.00.
In addition to its strong earnings, Targa announced plans for two new plants in the Permian, with sour gas treating capacity set to exceed 2.3 billion cubic feet per day by early 2025. Moody's (NYSE:MCO) recognized the company's financial stability by upgrading it to Baa2. Targa's logistics segment also reported record transportation and fractionation volumes for natural gas liquids.
Looking ahead, Targa intends to return 40% to 50% of adjusted cash flow to shareholders in 2024, with infrastructure spending expected to accelerate in 2025. The company also has plans to increase the annual common dividend to $4 per share in 2025, and has already repurchased nearly $650 million in shares year-to-date. These recent developments highlight Targa's commitment to shareholder returns and robust financial health.
InvestingPro Insights
Paul W. Chung's recent sale of Targa Resources Corp. (NYSE:TRGP) shares comes at a time when the company's stock is performing exceptionally well. According to InvestingPro data, TRGP has seen a remarkable 134.98% price total return over the past year, and is currently trading near its 52-week high, at 98.56% of that peak.
This strong performance is reflected in several InvestingPro Tips. For instance, TRGP has shown significant returns over various time frames, including a 9.53% return in the last week and a 17.75% return over the last month. The company has also maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns.
However, investors should note that TRGP is trading at a high P/E ratio of 34.98, which may indicate that the stock is relatively expensive compared to its earnings. This aligns with another InvestingPro Tip suggesting that the stock is trading at a high earnings multiple.
For those interested in a deeper analysis, InvestingPro offers 18 additional tips for Targa Resources Corp., providing a comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.