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

Targa Resources Corp. (NYSE:TRGP - Get Free Report) announced a quarterly dividend on Thursday, October 10th, Zacks reports. Shareholders of record on Thursday, October 31st will be given 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 1.81%. The ex-dividend date is Thursday, October 31st.

Targa Resources has increased its dividend payment by an average of 15.2% annually over the last three years. Targa Resources has a dividend payout ratio of 41.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Targa Resources to earn $7.38 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 40.7%.

Targa Resources Stock Up 2.0 %

Shares of Targa Resources stock traded up $3.24 during trading hours on Friday, hitting $165.76. The company had a trading volume of 2,355,097 shares, compared to its average volume of 1,731,643. The company's 50-day moving average is $147.41 and its two-hundred day moving average is $130.36. Targa Resources has a twelve month low of $81.03 and a twelve month high of $166.07. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a market cap of $36.31 billion, a P/E ratio of 34.90, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Analysts anticipate that Targa Resources will post 5.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 52,257 shares of the company's stock, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul W. Chung sold 916 shares of the firm's stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company's stock, valued at $32,531,882.85. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,534 shares of company stock worth $26,815,021. Corporate insiders own 1.39% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TRGP shares. Royal Bank of Canada increased their price objective on Targa Resources from $147.00 to $153.00 and gave the company an "outperform" rating in a report on Tuesday, August 13th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Argus raised shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Wells Fargo & Company raised their price target on Targa Resources from $124.00 to $153.00 and gave the stock an "overweight" rating in a report on Monday, August 5th. Finally, Truist Financial boosted their price target on Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $141.77.

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.