Targa Resources Corp. (TRGP) to Issue Quarterly Dividend of $0.75 on February 14th

Targa Resources Corp. (NYSE:TRGP) announced a quarterly dividend on Thursday, January 16th,RTT News reports. Investors 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 yield of 1.48%. The ex-dividend date is Friday, January 31st.

Targa Resources has increased its dividend by an average of 90.2% annually over the last three years. Targa Resources has a dividend payout ratio of 31.3% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of TRGP stock opened at $202.55 on Wednesday. The firm has a fifty day moving average of $193.47 and a two-hundred day moving average of $167.22. Targa Resources has a 1-year low of $84.33 and a 1-year high of $218.51. The firm has a market cap of $44.17 billion, a P/E ratio of 36.63, a P/E/G ratio of 0.63 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations 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 earned $0.97 EPS. As a group, research analysts anticipate that Targa Resources will post 6.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other 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 transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on TRGP shares. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Scotiabank assumed coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price objective for the company. Truist Financial lowered their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Wells Fargo & Company increased their price objective on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Barclays boosted their price target on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently 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.