Targa Resources Corp. (TRGP) To Go Ex-Dividend on April 30th

Targa Resources Corp. (NYSE:TRGP) declared a dividend on Wednesday, April 23rd, investing.com reports. Stockholders of record on Thursday, May 1st will be paid a dividend of 1.00 per share by the pipeline company on Thursday, May 15th. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th.

Targa Resources has raised its dividend payment by an average of 90.2% per year over the last three years. Targa Resources has a payout ratio of 41.2% 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 Stock Performance

NYSE:TRGP opened at $177.61 on Monday. The firm has a market capitalization of $38.65 billion, a PE ratio of 30.94, a PEG ratio of 0.61 and a beta of 1.75. The stock’s fifty day moving average is $185.59 and its 200 day moving average is $188.24. Targa Resources has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. On average, sell-side analysts anticipate that Targa Resources will post 8.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on TRGP. Royal Bank of Canada raised their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Truist Financial increased their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays dropped their target price on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Finally, Citigroup boosted their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $210.64.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by company insiders.

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.