Targa Resources Corp. (TRGP) To Go Ex-Dividend on January 31st

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, January 16th,RTT News reports. Stockholders of record on Friday, January 31st will be given a dividend of 0.75 per share by the pipeline company on Friday, February 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Friday, January 31st.

Targa Resources has increased its dividend by an average of 90.2% annually over the last three years. Targa Resources has a payout ratio of 31.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Targa Resources to earn $8.15 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 36.8%.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $216.00 on Friday. Targa Resources has a 12 month low of $81.03 and a 12 month high of $217.02. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $47.10 billion, a P/E ratio of 39.06, a P/E/G ratio of 0.59 and a beta of 2.30. The business’s 50 day moving average is $191.56 and its two-hundred day moving average is $163.49.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business earned $0.97 earnings per share. On average, equities analysts expect that Targa Resources will post 6.4 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on TRGP. Barclays upped their price objective on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Truist Financial reduced their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada boosted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and an average target price of $189.21.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

About Targa Resources

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.