Targa Resources Corp. (NYSE:TRGP) Declares Quarterly Dividend of $0.12

Targa Resources Corp. (NYSE:TRGP) declared a quarterly dividend on Thursday, April 10th, RTT News reports. Shareholders of record on Monday, April 28th will be given a dividend of 0.12 per share by the pipeline company on Monday, May 12th. This represents a $0.48 annualized dividend and a yield of 0.30%.

Targa Resources has increased its dividend by an average of 90.2% per year over the last three years. Targa Resources has a payout ratio of 31.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Targa Resources to earn $9.72 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 30.9%.

Targa Resources Trading Down 6.7 %

Shares of Targa Resources stock traded down $11.67 on Thursday, hitting $161.99. The stock had a trading volume of 3,296,308 shares, compared to its average volume of 1,724,042. The stock has a 50 day moving average of $193.55 and a 200 day moving average of $186.73. 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 has a twelve month low of $110.09 and a twelve month high of $218.51. The firm has a market capitalization of $35.25 billion, a P/E ratio of 28.22, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results 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 net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Sell-side analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Barclays lowered their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research report on Wednesday. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada increased their price objective 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. Wells Fargo & Company upped their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Mizuho lifted their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $210.64.

Insider Buying and Selling at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% 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.