Targa Resources Corp. (TRGP) To Go Ex-Dividend on April 30th

by · The Markets Daily

Targa Resources Corp. (NYSE:TRGP – Get Free Report) announced a dividend on Wednesday, April 23rd, investing.com reports. Shareholders of record on Thursday, May 1st will be given a dividend of 1.00 per share by the pipeline company on Thursday, May 15th. This represents a yield of 2.34%. The ex-dividend date is Wednesday, April 30th.

Targa Resources has raised its dividend payment by an average of 90.2% per year over the last three years. Targa Resources has a dividend payout ratio of 41.2% meaning its dividend is sufficiently covered by earnings. 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 $4.00 annual dividend with an expected future payout ratio of 41.2%.

Targa Resources Price Performance

Targa Resources stock opened at $176.87 on Friday. The company has a market capitalization of $38.48 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The business has a 50 day simple moving average of $186.22 and a 200 day simple moving average of $187.76. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources has a one year low of $110.09 and a one year high of $218.51.

Targa Resources (NYSE:TRGP – Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during 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, sell-side analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Citigroup increased their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Royal Bank of Canada lifted their price objective 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. Wells Fargo & Company boosted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Morgan Stanley increased their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Finally, Barclays decreased their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $210.64.

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Targa Resources Company Profile

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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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