Targa Resources, Inc. (TRGP) To Go Ex-Dividend on July 31st

Targa Resources, Inc. (NYSE:TRGP) announced a quarterly dividend on Thursday, July 16th. Investors of record on Friday, July 31st will be paid a dividend of 1.25 per share by the pipeline company on Friday, August 14th. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, July 31st.

Targa Resources has raised its dividend by an average of 0.3%annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Targa Resources has a payout ratio of 53.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $12.36 per share next year, which means the company should continue to be able to cover its $5.00 annual dividend with an expected future payout ratio of 40.5%.

Targa Resources Stock Performance

NYSE TRGP opened at $262.01 on Wednesday. The company has a market capitalization of $56.24 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.37 and a beta of 0.71. Targa Resources has a twelve month low of $144.14 and a twelve month high of $291.04. The stock has a fifty day simple moving average of $269.42 and a 200 day simple moving average of $243.64. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Sell-side analysts expect that Targa Resources will post 10.77 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TRGP shares. Jefferies Financial Group initiated coverage on Targa Resources in a research note on Thursday, June 18th. They issued a “buy” rating and a $314.00 price target for the company. Wells Fargo & Company lifted their price objective on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. Mizuho increased their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Barclays raised their price target on shares of Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Seventeen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average target price of $288.00.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.