Targa Resources Corp. (NYSE:TRGP) Plans Dividend Increase – $0.75 Per Share

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, April 11th, Zacks reports. Stockholders 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 dividend yield of 2.57%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50.

Targa Resources has increased its dividend by an average of 15.2% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Targa Resources has a dividend payout ratio of 43.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Targa Resources to earn $6.98 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 43.0%.

Targa Resources Trading Down 0.7 %

NYSE TRGP opened at $116.86 on Friday. 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 has a twelve month low of $67.36 and a twelve month high of $117.87. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The business’s fifty day moving average is $108.36 and its 200 day moving average is $93.98.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, sell-side analysts expect that Targa Resources will post 5.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TRGP shares. Mizuho boosted their price objective on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Stifel Nicolaus boosted their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Barclays boosted their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Truist Financial upped their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Royal Bank of Canada upped their price target on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $119.55.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 in the last 90 days. Corporate insiders own 1.39% 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 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.