Targa Resources Corp. (NYSE:TRGP) Plans $0.75 Quarterly Dividend

Targa Resources Corp. (NYSE:TRGP) announced a quarterly dividend on Thursday, January 16th,RTT News reports. Stockholders of record on Friday, January 31st will be given a dividend of 0.75 per share by the pipeline company on Friday, February 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, January 31st.

Targa Resources has raised its dividend payment by an average of 90.2% annually over the last three years. Targa Resources has a dividend payout ratio of 31.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Targa Resources to earn $8.12 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 36.9%.

Targa Resources Stock Performance

Shares of TRGP stock opened at $202.55 on Wednesday. Targa Resources has a 52 week low of $84.33 and a 52 week high of $218.51. The stock has a market capitalization of $44.17 billion, a PE ratio of 36.63, a P/E/G ratio of 0.63 and a beta of 2.30. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a 50 day moving average of $193.47 and a two-hundred day moving average of $167.22.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. On average, research analysts predict that Targa Resources will post 6.42 EPS for the current fiscal year.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on TRGP shares. Royal Bank of Canada raised their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Truist Financial dropped their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Morgan Stanley lifted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus price target of $189.21.

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.