Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, October 15th, RTT News reports. Investors of record on Friday, October 30th will be paid a dividend of 0.10 per share by the pipeline company on Monday, November 16th. This represents a $0.40 annualized dividend and a yield of 2.42%.
Shares of NYSE:TRGP opened at $16.55 on Friday. The business’s 50-day moving average is $15.70 and its 200 day moving average is $16.10. Targa Resources has a 1 year low of $3.66 and a 1 year high of $42.13. The firm has a market capitalization of $3.86 billion, a P/E ratio of -1.98 and a beta of 2.98. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.93 and a quick ratio of 0.76.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.35. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.63 billion. On average, analysts expect that Targa Resources will post 1.13 EPS for the current year.
Several analysts have weighed in on TRGP shares. ValuEngine downgraded Targa Resources from a “hold” rating to a “sell” rating in a research note on Thursday, October 1st. Capital One Financial upgraded Targa Resources from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 21st. Morgan Stanley upgraded Targa Resources from an “underweight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Friday, September 25th. Mizuho boosted their price target on Targa Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Wednesday, August 12th. Finally, Piper Sandler boosted their price target on Targa Resources from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Targa Resources has an average rating of “Buy” and a consensus target price of $24.06.
In related news, Director Rene R. Joyce sold 40,364 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $20.46, for a total value of $825,847.44. Following the completion of the transaction, the director now directly owns 241,456 shares in the company, valued at $4,940,189.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.54% of the company’s stock.
Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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