Targa Resources Corp. Announces Quarterly Dividend of $0.12 (NYSE:TRGP)

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, April 10th, RTT News reports. Stockholders of record on Monday, April 28th will be given a dividend of 0.12 per share by the pipeline company on Monday, May 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.30%.

Targa Resources has increased its dividend payment by an average of 90.2% per year over the last three years. Targa Resources has a payout ratio of 31.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $9.72 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 30.9%.

Targa Resources Stock Down 6.7 %

NYSE TRGP traded down $11.67 on Thursday, reaching $161.99. The company had a trading volume of 3,296,308 shares, compared to its average volume of 1,724,042. The firm has a market capitalization of $35.25 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company’s fifty day moving average is $193.55 and its 200-day moving average is $186.73. Targa Resources has a 1-year low of $110.09 and a 1-year high of $218.51. 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 (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, research analysts forecast that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TRGP shares. Mizuho increased their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Barclays decreased their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research note on Wednesday. The Goldman Sachs Group upped their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada raised their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, Truist Financial increased their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average price target of $210.64.

Insiders Place Their Bets

In other news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. Corporate insiders own 1.39% of the company’s stock.

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.