Targa Resources Corp. (TRGP) to Issue Quarterly Dividend of $0.75 on May 15th

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, April 11th, Zacks reports. Shareholders of record on Tuesday, April 30th will be given a dividend of 0.75 per share by the pipeline company on Wednesday, May 15th. This represents a $3.00 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50.

Targa Resources has raised its dividend payment by an average of 15.2% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Targa Resources has a payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $6.81 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 29.4%.

Targa Resources Stock Performance

Targa Resources stock opened at $114.67 on Friday. The company has a market cap of $25.52 billion, a PE ratio of 31.25 and a beta of 2.21. The company has a fifty day moving average price of $103.22 and a two-hundred day moving average price of $91.74. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources has a 12 month low of $67.36 and a 12 month high of $117.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Research analysts expect that Targa Resources will post 5.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TRGP. Truist Financial raised their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Mizuho raised their target price on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group raised their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Royal Bank of Canada raised their target price on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, UBS Group cut their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $115.70.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now directly owns 156,098 shares in the company, valued at $15,141,506. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total value of $2,537,298.96. Following the completion of the transaction, the chief financial officer now directly owns 227,663 shares in the company, valued at approximately $22,165,269.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently bought and sold shares of TRGP. Moneta Group Investment Advisors LLC lifted its holdings in Targa Resources by 104,219.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after purchasing an additional 25,216,947 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Targa Resources by 424.5% during the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after buying an additional 3,057,486 shares during the last quarter. Norges Bank acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $99,690,000. State Street Corp lifted its holdings in shares of Targa Resources by 14.4% during the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after buying an additional 986,283 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after buying an additional 962,073 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., 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.