Targa Resources, Inc. (NYSE:TRGP) Increases Dividend to $1.25 Per Share
by Jessica Moore · The Cerbat GemTarga Resources, Inc. (NYSE:TRGP – Get Free Report) announced a quarterly dividend on Thursday, April 16th. Stockholders of record on Thursday, April 30th will be paid a dividend of 1.25 per share by the pipeline company on Friday, May 15th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, April 30th. This is a 25.0% increase from Targa Resources’s previous quarterly dividend of $1.00.
Targa Resources has increased its dividend by an average of 0.3%per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Targa Resources has a payout ratio of 43.0% meaning its dividend is sufficiently covered by earnings. 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 Stock Up 0.5%
Shares of NYSE TRGP opened at $240.01 on Friday. The stock has a market cap of $51.55 billion, a P/E ratio of 27.94, a PEG ratio of 1.54 and a beta of 0.81. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources has a 12-month low of $144.14 and a 12-month high of $253.87. The business’s fifty day simple moving average is $236.62 and its 200-day simple moving average is $195.93.
Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. As a group, equities analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. Morgan Stanley lifted their target price on Targa Resources from $298.00 to $327.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Royal Bank Of Canada lifted their price objective on Targa Resources from $260.00 to $270.00 and gave the company an “outperform” rating in a report on Monday. TD Cowen boosted their price target on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Scotiabank boosted their price target on Targa Resources from $246.00 to $249.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Wells Fargo & Company lifted their price objective on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $258.07.
Read Our Latest Stock Report on Targa Resources
Targa Resources Company Profile
Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.