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

Targa Resources Corp. (NYSE:TRGP - Get Free Report) announced a quarterly dividend on Thursday, January 16th,RTT News reports. Stockholders 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 annualized dividend and a dividend yield of 1.41%.

Targa Resources has raised its dividend by an average of 90.2% annually over the last three years. Targa Resources has a payout ratio of 31.9% indicating that 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 3.4 %

Targa Resources stock traded up $7.01 during trading on Thursday, reaching $212.51. 1,908,640 shares of the company's stock were exchanged, compared to its average volume of 1,524,464. Targa Resources has a 52-week low of $81.03 and a 52-week high of $212.98. The firm has a market cap of $46.34 billion, a price-to-earnings ratio of 38.43, a PEG 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. The company's 50-day moving average is $191.09 and its two-hundred day moving average is $162.91.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, analysts predict that Targa Resources will post 6.4 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TRGP shares. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a "buy" rating and a $182.00 price objective on the stock. Morgan Stanley lifted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, Truist Financial reduced their price target on Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a report on Friday, December 13th. One 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $189.21.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 30,000 shares of the 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 sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was 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 directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by company insiders.

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.

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