Targa Resources, Inc. (NYSE:TRGP) Declares $1.25 Quarterly Dividend

Targa Resources, Inc. (NYSE:TRGP) declared a quarterly dividend on Thursday, July 16th. Stockholders of record on Friday, July 31st will be given a dividend of 1.25 per share by the pipeline company on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, July 31st.

Targa Resources has increased its dividend payment by an average of 0.3%per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Targa Resources has a dividend payout ratio of 53.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Targa Resources to earn $12.33 per share next year, which means the company should continue to be able to cover its $5.00 annual dividend with an expected future payout ratio of 40.6%.

Targa Resources Price Performance

NYSE TRGP opened at $280.46 on Friday. The company has a market cap of $60.20 billion, a PE ratio of 28.36, a P/E/G ratio of 1.43 and a beta of 0.71. The firm’s 50 day moving average price is $267.11 and its 200-day moving average price is $238.26. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources has a 52-week low of $144.14 and a 52-week high of $282.80.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Sell-side analysts forecast that Targa Resources will post 10.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Jefferies Financial Group initiated coverage on Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 price objective for the company. Barclays raised their price objective on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Monday. TD Cowen lifted their target price on Targa Resources from $245.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday. Finally, US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $285.93.

About Targa Resources

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.