Targa Resources Corp. Announces 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 paid 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 1.39%. The ex-dividend date of this dividend is Friday, January 31st.

Targa Resources has raised 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. 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 Up 1.4 %

Shares of TRGP opened at $216.00 on Friday. The firm has a market cap of $47.10 billion, a P/E ratio of 39.06, a price-to-earnings-growth ratio of 0.59 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a 52 week low of $81.03 and a 52 week high of $217.02. The firm’s 50-day simple moving average is $191.56 and its 200 day simple moving average is $163.49.

Targa Resources (NYSE:TRGP) last announced 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 company had revenue of $3.85 billion for 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 period last year, the firm earned $0.97 earnings per share. On average, analysts forecast that Targa Resources will post 6.4 earnings per share for the current year.

Insider Buying and Selling at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources 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 sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction 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 in the company, valued at approximately $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 Ratings Changes

Several research firms have weighed in on TRGP. Stifel Nicolaus upped their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Scotiabank began coverage on Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target for the company. Finally, Truist Financial reduced their price objective 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. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $189.21.

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.