Targa Resources, Inc. (TRGP) to Issue Quarterly Dividend of $1.25 on November 17th

Targa Resources, Inc. (NYSE:TRGP) announced a quarterly dividend on Tuesday, October 13th. Investors of record on Friday, October 30th will be paid a dividend of $1.25 per share by the pipeline company on Tuesday, November 17th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, October 30th.

Targa Resources has increased its dividend payment by an average of 0.3% annually 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% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $12.51 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 40.0%.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $302.19 on Wednesday. The stock has a market capitalization of $64.80 billion, a P/E ratio of 28.89 and a beta of 0.80. Targa Resources has a 1-year low of $150.00 and a 1-year high of $307.94. The business has a fifty day moving average price of $289.63 and a 200 day moving average price of $256.84.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. As a group, equities research analysts anticipate that Targa Resources will post 11.42 earnings per share for the current fiscal year.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.