Targa Resources Corp. (NYSE:TRGP) Plans Quarterly Dividend of $0.75

Targa Resources Corp. (NYSE:TRGP - Get Free Report) announced a quarterly dividend on Thursday, April 11th, Zacks reports. Stockholders of record on Tuesday, April 30th will be paid 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 dividend yield of 2.62%. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Targa Resources's previous quarterly dividend of $0.50.

Targa Resources has increased its dividend payment by an average of 15.2% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Targa Resources has a dividend payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 0.6 %

Shares of NYSE:TRGP traded down $0.64 during midday trading on Friday, reaching $114.69. The company's stock had a trading volume of 2,138,635 shares, compared to its average volume of 1,611,769. The business has a 50 day moving average price of $103.22 and a 200 day moving average price of $91.79. Targa Resources has a 1 year low of $67.36 and a 1 year high of $117.61. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The firm has a market cap of $25.52 billion, a price-to-earnings ratio of 31.25 and a beta of 2.21.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly 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). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The firm had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $4.50 billion. Research analysts forecast that Targa Resources will post 5.75 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TRGP. The Goldman Sachs Group boosted their price target on Targa Resources from $105.00 to $117.00 and gave the company a "buy" rating in a research report on Thursday, April 4th. Truist Financial boosted their price target on Targa Resources from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 6th. UBS Group reduced their price objective on Targa Resources from $109.00 to $108.00 and set a "buy" rating on the stock in a research note on Thursday, January 18th. Finally, Barclays boosted their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an "overweight" rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus target price of $115.70.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 10,000 shares of the business's 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 in the company, valued at $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider D. Scott Pryor sold 10,000 shares of the company's stock in a transaction that occurred on 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 owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbour Investments Inc. raised its stake in Targa Resources by 51.3% during the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company's stock valued at $31,000 after buying an additional 121 shares in the last quarter. Quarry LP acquired a new stake in Targa Resources during the first quarter valued at approximately $33,000. Sunbelt Securities Inc. acquired a new stake in Targa Resources during the second quarter valued at approximately $47,000. Fred Alger Management LLC acquired a new stake in Targa Resources during the third quarter valued at approximately $56,000. Finally, Resurgent Financial Advisors LLC bought a new position in shares of Targa Resources during the fourth quarter valued at approximately $73,000. Institutional investors and hedge funds 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.