Targa Resources, Inc. (NYSE:TRGP) Shareholders to Collect $1.25 Quarterly Dividend

Targa Resources, Inc. (NYSE:TRGP) announced a quarterly dividend on Tuesday, October 13th. Stockholders of record on Friday, October 30th will be paid a dividend of $1.25 per share by the pipeline company on Tuesday, November 17th. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th.

Targa Resources has increased its dividend payment by an average of 0.3% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Targa Resources has a dividend payout ratio of 53.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $12.33 per share next year, which means the company should continue to be able to cover its $5.00 annual dividend with an expected future payout ratio of 40.6%.

Targa Resources Stock Up 0.8%

Shares of TRGP stock opened at $292.93 on Wednesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources has a one year low of $144.14 and a one year high of $307.94. The company’s fifty day moving average price is $284.57 and its 200-day moving average price is $269.31. The company has a market capitalization of $62.81 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 1.37 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Sell-side analysts expect that Targa Resources will post 11.30 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 7,216 shares of company stock worth $2,127,634. Insiders own 1.37% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently added to or reduced their stakes in TRGP. Hardy Reed LLC increased its position in Targa Resources by 1.0% in the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after acquiring an additional 41 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Targa Resources by 4.1% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after purchasing an additional 45 shares in the last quarter. Premier Path Wealth Partners LLC lifted its position in shares of Targa Resources by 2.3% during the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock worth $537,000 after purchasing an additional 45 shares in the last quarter. River Wealth Advisors LLC grew its stake in shares of Targa Resources by 0.3% during the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after purchasing an additional 50 shares during the last quarter. Finally, Bridgewater Advisors Inc. grew its stake in shares of Targa Resources by 2.7% during the first quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company’s stock valued at $520,000 after purchasing an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company’s assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.