Targa Resources Corp. (TRGP) to Issue Quarterly Dividend of $0.75 on May 15th

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, April 11th, Zacks reports. Shareholders of record on Tuesday, April 30th will be paid a dividend of 0.75 per share by the pipeline company on Wednesday, May 15th. This represents a $3.00 annualized dividend and a yield of 2.57%. The ex-dividend date is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50.

Targa Resources has increased its dividend payment by an average of 15.2% annually over the last three years and has increased its dividend every year for the last 2 years. Targa Resources has a payout ratio of 43.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Targa Resources to earn $6.84 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 43.9%.

Targa Resources Stock Down 0.7 %

Shares of NYSE:TRGP opened at $116.86 on Friday. The business’s 50 day simple moving average is $108.36 and its two-hundred day simple moving average is $93.91. The firm has a market cap of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. Targa Resources has a 52-week low of $67.36 and a 52-week high of $117.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, research analysts forecast that Targa Resources will post 5.71 EPS for the current fiscal year.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is owned by company insiders.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. Scotiabank raised their target price on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a report on Monday, April 15th. Truist Financial raised their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group raised their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. UBS Group dropped their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Finally, JPMorgan Chase & Co. raised their target price on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $119.55.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.