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  4. [Form 4] Targa Resources Corp. Insider Trading Activity

Targa Resources (NYSE: TRGP) director sells 2,400 shares without 10b5-1 plan

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Targa Resources Corp. (TRGP) director Davis Waters S. IV reported selling a total of 2,400 shares of common stock on August 21, 2026 in six open-market transactions. The weighted average prices for these trades reflect multiple executions within ranges from $296.05 to $304.07 per share. After these transactions, an indirect holding of 4,554 shares is reported as owned by the Waters Davis Legacy Trust, where Mr. Davis is co-trustee and co-beneficiary.

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Insider Davis Waters S IV
Role Director
Sold 2,400 shs ($719K)
Type Security Shares Price Value
Sale Common Stock F1 440 $296.3945 $130K
Sale Common Stock F2 692 $297.3792 $206K
Sale Common Stock F3 254 $298.6809 $76K
Sale Common Stock F4 154 $300.175 $46K
Sale Common Stock F5 270 $302.4687 $82K
Sale Common Stock F6 590 $303.8142 $179K
holding Common Stock F7 -- -- --
Holdings After Transaction: Common Stock — 1,529 shares (Direct); Common Stock — 4,554 shares (Indirect, See Footnote)
Footnotes (7)
  1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $296.05 to $296.87, inclusive. The reporting person undertakes to provide to Targa Resources Corp., any security holder of Targa Resources Corp., or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2), (3), (4), (5) and (6) to this Form 4.
  2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $297.24 to $297.54, inclusive.
  3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $298.24 to $298.88, inclusive.
  4. F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $300.17 to $300.18, inclusive.
  5. F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $302.11 to $303.07, inclusive.
  6. F6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $303.35 to $304.07, inclusive.
  7. F7. These shares are owned by the Waters Davis Legacy Trust, of which Mr. Davis is co-trustee and co-beneficiary.
Total shares sold 2,400 shares Aggregate common stock sales on August 21, 2026 by Davis Waters S. IV
Sale tranche 1 440 shares at $296.3945 per share Weighted average price; trades ranged from $296.05 to $296.87
Sale tranche 2 692 shares at $297.3792 per share Weighted average price; trades ranged from $297.24 to $297.54
Sale tranche 3 254 shares at $298.6809 per share Weighted average price; trades ranged from $298.24 to $298.88
Sale tranche 4 154 shares at $300.1750 per share Weighted average price; trades ranged from $300.17 to $300.18
Sale tranche 5 270 shares at $302.4687 per share Weighted average price; trades ranged from $302.11 to $303.07
Sale tranche 6 590 shares at $303.8142 per share Weighted average price; trades ranged from $303.35 to $304.07
Indirect holdings after transaction 4,554 shares TRGP common stock owned by the Waters Davis Legacy Trust
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
open market financial
"Sale in open market or private transaction"
An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.
indirect financial
"ownership_type "indirect" with nature of ownership "See Footnote""
co-trustee financial
"These shares are owned by the Waters Davis Legacy Trust, of which Mr. Davis is co-trustee"
co-beneficiary financial
"Waters Davis Legacy Trust, of which Mr. Davis is co-trustee and co-beneficiary."

FAQ

What insider transaction did TRGP director Davis Waters S. IV report?
He reported the sale of 2,400 shares of Targa Resources Corp. common stock on August 21, 2026 in six open-market transactions at weighted average prices within specified ranges.

At what prices were the TRGP shares sold in this Form 4 filing?
The 2,400 TRGP shares were sold at weighted average prices in multiple trades, with transaction price ranges from $296.05 to $296.87 and up to $303.35 to $304.07 per share, as detailed in six separate price ranges.

How many TRGP shares did the insider sell in total on August 21, 2026?
The insider sold a total of 2,400 shares of Targa Resources Corp. common stock on August 21, 2026, across six reported sale transactions.

Does the Form 4 indicate any remaining TRGP holdings for Davis Waters S. IV?
Yes. The filing shows an indirect holding of 4,554 shares of TRGP common stock owned by the Waters Davis Legacy Trust, of which Mr. Davis is co-trustee and co-beneficiary.

Are the reported TRGP sale prices single executions or averages?
Each reported price is a weighted average price. The shares were sold in multiple transactions within stated price ranges, and the insider undertakes to provide full information on the number of shares sold at each separate price upon request.

Were the TRGP sales reported under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox is not marked as relying on a trading plan, and the footnotes do not state that these transactions were executed under a Rule 10b5-1 or similar pre-arranged plan.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Davis Waters S IV
(Last)(First)(Middle)
811 LOUISIANA, SUITE 2100
(Street)
HOUSTON TEXAS 77002
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Targa Resources Corp. [ TRGP ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/21/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock08/21/2026S440D$296.3945(1)3,489D
Common Stock08/21/2026S692D$297.3792(2)2,797D
Common Stock08/21/2026S254D$298.6809(3)2,543D
Common Stock08/21/2026S154D$300.175(4)2,389D
Common Stock08/21/2026S270D$302.4687(5)2,119D
Common Stock08/21/2026S590D$303.8142(6)1,529D
Common Stock4,554ISee Footnote(7)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $296.05 to $296.87, inclusive. The reporting person undertakes to provide to Targa Resources Corp., any security holder of Targa Resources Corp., or the staff of the United States Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2), (3), (4), (5) and (6) to this Form 4.
2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $297.24 to $297.54, inclusive.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $298.24 to $298.88, inclusive.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $300.17 to $300.18, inclusive.
5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $302.11 to $303.07, inclusive.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $303.35 to $304.07, inclusive.
7. These shares are owned by the Waters Davis Legacy Trust, of which Mr. Davis is co-trustee and co-beneficiary.
/s/ Waters S. Davis, IV08/25/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR