Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, October 15th, RTT News reports. Stockholders of record on Friday, October 30th will be given a dividend of 0.10 per share by the pipeline company on Monday, November 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.42%.
TRGP opened at $16.55 on Friday. The firm has a market cap of $3.86 billion, a P/E ratio of -1.98 and a beta of 2.98. The company has a quick ratio of 0.76, a current ratio of 0.93 and a debt-to-equity ratio of 1.21. Targa Resources has a 52 week low of $3.66 and a 52 week high of $42.13. The business has a fifty day simple moving average of $15.70 and a 200-day simple moving average of $16.10.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.35. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. Sell-side analysts expect that Targa Resources will post 1.13 earnings per share for the current year.
In related news, Director Rene R. Joyce sold 40,364 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $20.46, for a total transaction of $825,847.44. Following the transaction, the director now owns 241,456 shares of the company’s stock, valued at $4,940,189.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.54% of the company’s stock.
Several analysts have recently issued reports on TRGP shares. Bank of America started coverage on Targa Resources in a research note on Wednesday, August 19th. They issued a “buy” rating on the stock. Piper Sandler increased their price objective on Targa Resources from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. Wolfe Research upgraded Targa Resources from an “underperform” rating to a “peer perform” rating and set a $20.00 price objective on the stock in a research note on Friday, August 14th. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “buy” rating in a research note on Friday, August 14th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and an average target price of $24.06.
About Targa Resources
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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