Targa Resources, Inc. (NYSE:TRGP) Announces Quarterly Dividend of $1.00

by · The Markets Daily

Targa Resources, Inc. (NYSE:TRGP – Get Free Report) declared a quarterly dividend on Thursday, July 10th, RTT News reports. Shareholders of record on Thursday, July 31st will be paid a dividend of 1.00 per share by the pipeline company on Friday, August 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.34%. This is a 733.3% increase from Targa Resources’s previous quarterly dividend of $0.12.

Targa Resources has a dividend payout ratio of 43.0% indicating that its dividend is sufficiently covered by earnings. Equities 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

Shares of TRGP stock opened at $170.73 on Friday. Targa Resources has a 52-week low of $122.56 and a 52-week high of $218.51. The stock has a market cap of $37.04 billion, a PE ratio of 31.44, a PEG ratio of 0.61 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The firm’s 50 day moving average price is $166.34 and its two-hundred day moving average price is $182.08.

Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. As a group, analysts forecast that Targa Resources will post 8.15 EPS for the current year.

Institutional Investors Weigh In On Targa Resources

A hedge fund recently raised its stake in Targa Resources stock. Focus Partners Wealth raised its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 157.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,931 shares of the pipeline company’s stock after buying an additional 2,404 shares during the period. Focus Partners Wealth’s holdings in Targa Resources were worth $788,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Truist Financial lifted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Scotiabank lifted their price target on shares of Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 5th. Finally, UBS Group reduced their price target on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $209.57.

View Our Latest Stock Report on Targa Resources

About Targa Resources

(Get Free Report)

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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