Targa Resources Corp. (NYSE:TRGP) to Issue Quarterly Dividend of $0.75

Targa Resources Corp. (NYSE:TRGP) announced 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 of this dividend is Monday, April 29th. This is a boost 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 raised its dividend every year for the last 2 years. Targa Resources has a dividend payout ratio of 43.9% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Performance

Shares of TRGP opened at $116.86 on Friday. The business’s fifty day simple moving average is $108.36 and its two-hundred day simple moving average is $93.91. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. Targa Resources has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a market cap of $26.01 billion, a price-to-earnings ratio of 31.84 and a beta of 2.21.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Truist Financial raised their price target on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Stifel Nicolaus raised their price target on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Barclays raised their price target on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, UBS Group dropped their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.55.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now directly owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now directly owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares in the company, valued at $3,754,434.80. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 over the last ninety days. 1.39% of the stock is currently owned by company insiders.

About Targa Resources

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.