Targa Resources, Inc. (TRGP) to Issue Quarterly Dividend of $1.25 on November 17th

Targa Resources, Inc. (NYSE:TRGP) declared a quarterly dividend on Tuesday, October 13th. Shareholders of record on Friday, October 30th will be given a dividend of $1.25 per share by the pipeline company on Tuesday, November 17th. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th.

Targa Resources has increased its dividend by an average of 0.3% annually over the last three years and has increased its dividend every year for the last 5 years. Targa Resources has a dividend payout ratio of 53.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Targa Resources to earn $12.34 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 Down 0.8%

Targa Resources stock opened at $290.62 on Thursday. Targa Resources has a twelve month low of $144.14 and a twelve month high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market cap of $62.32 billion, a PE ratio of 27.78, a P/E/G ratio of 1.38 and a beta of 0.80. The firm’s 50 day moving average price is $285.19 and its two-hundred day moving average price is $269.59.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. On average, research analysts predict that Targa Resources will post 11.30 EPS for the current fiscal year.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 7,216 shares of company stock worth $2,127,634. Insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Tidal Investments LLC lifted its position in Targa Resources by 238.0% during the 2nd quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock worth $11,192,000 after buying an additional 29,390 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Targa Resources during the 2nd quarter worth about $100,442,000. Hsbc Holdings PLC increased its position in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after acquiring an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY increased its position in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after acquiring an additional 62,652 shares in the last quarter. Finally, Nykredit A S acquired a new stake in Targa Resources in the 2nd quarter valued at about $33,314,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company’s assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.