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

Targa Resources Corp. (NYSE:TRGP) declared 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 annualized dividend and a dividend yield of 1.41%.

Targa Resources has increased its dividend by an average of 90.2% per year over the last three years. Targa Resources has a payout ratio of 31.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Targa Resources to earn $8.15 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 36.8%.

Targa Resources Stock Performance

Shares of TRGP opened at $212.51 on Friday. The company has a market cap of $46.34 billion, a price-to-earnings ratio of 38.43, a P/E/G ratio of 0.59 and a beta of 2.30. Targa Resources has a 12 month low of $81.03 and a 12 month high of $212.98. The business’s fifty day simple moving average is $191.09 and its two-hundred day simple moving average is $162.91. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Research analysts anticipate that Targa Resources will post 6.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.44% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Barclays raised their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday. Royal Bank of Canada boosted their target price 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 lowered their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Morgan Stanley boosted their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price 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.