Branstetter Benjamin James 4

What Happened
Benjamin James Branstetter, President — Logistics and Transportation at Targa Resources (TRGP), disposed of a total of 6,800 shares in connection with an option exercise and subsequent open-market sales. On 2026-03-01, 3,542 shares were withheld to cover the exercise price/tax liability (value reported at $235.80 per share, ~$835,204). On 2026-03-02 he sold 3,158 shares at $238.83 ($754,225) and 100 shares at $238.99 ($23,899), totaling 3,258 shares sold in the open market for about $778,124. These were dispositions (sales/withholding), not purchases.

Key Details

• Dates and prices:
  • 2026-03-01: 3,542 shares withheld for exercise/taxes at $235.80 (code F) — $835,204.
  • 2026-03-02: 3,158 shares sold open market at $238.83 (code S) — $754,225.
  • 2026-03-02: 100 shares sold open market at $238.99 (code S) — $23,899.
• Total shares disposed: 6,800; proceeds from open-market sales ≈ $778,124.
• Filing: Form 4 filed 2026-03-03 for transactions on 2026-03-01 and 2026-03-02 — appears timely (filed within required reporting window).
• Shares owned after these transactions: not specified in the provided filing summary.
• Remark in filing: Insider role listed as "President - Logistics and Transportation."

Context
The 3,542-share disposition labeled "F" indicates shares were used to satisfy the exercise price or tax withholding related to option exercise (a common practice). The subsequent open-market sales on 2026-03-02 indicate he sold the remaining shares rather than retaining them — together this pattern is consistent with a cashless exercise and sale to cover obligations, not an outright purchase. Sales by executives are common and do not, by themselves, indicate a change in company outlook; purchases are generally considered a stronger signal of insider confidence.