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

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, October 10th, Zacks reports. Investors of record on Thursday, October 31st will be paid a dividend of 0.75 per share by the pipeline company on Friday, November 15th. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Thursday, October 31st.

Targa Resources has increased its dividend by an average of 15.2% annually over the last three years. Targa Resources has a dividend payout ratio of 40.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $7.49 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 40.1%.

Targa Resources Stock Performance

Shares of TRGP opened at $164.69 on Tuesday. The firm has a fifty day moving average of $153.38 and a 200-day moving average of $134.52. The company has a market cap of $36.08 billion, a price-to-earnings ratio of 34.67, a price-to-earnings-growth ratio of 1.29 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources has a 1 year low of $81.03 and a 1 year high of $169.92.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, equities analysts anticipate that Targa Resources will post 5.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent analyst reports. Royal Bank of Canada lifted their target price on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Scotiabank increased their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $152.79.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 over the last three months. Company insiders own 1.44% of the company’s stock.

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.