Targa Resources, Inc. (TRGP) Declares Quarterly Dividend of $0.91
Targa Resources, Inc. (NYSE:TRGP) announced a quarterly dividend on Wednesday, October 18th, RTT News reports. Stockholders of record on Wednesday, November 1st will be given a dividend of 0.91 per share by the pipeline company on Wednesday, November 15th. This represents a $3.64 annualized dividend and a dividend yield of 8.19%.
Targa Resources has increased its dividend payment by an average of 21.0% annually over the last three years and has raised its dividend every year for the last 6 years. Targa Resources has a payout ratio of -551.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Targa Resources to earn ($0.06) per share next year, which means the company may not be able to cover its $3.64 annual dividend with an expected future payout ratio of -6,066.7%.
Shares of Targa Resources (NYSE TRGP) opened at 44.46 on Thursday. The stock has a 50 day moving average of $46.70 and a 200 day moving average of $47.81. The firm’s market cap is $9.59 billion. Targa Resources has a 52-week low of $40.25 and a 52-week high of $61.83.
Several brokerages recently weighed in on TRGP. Citigroup Inc. lowered shares of Targa Resources from a “buy” rating to a “neutral” rating and cut their price objective for the company from $54.00 to $52.00 in a research report on Tuesday, October 10th. BMO Capital Markets set a $51.00 price objective on shares of Targa Resources and gave the company a “hold” rating in a research report on Friday, October 13th. Wells Fargo & Company cut their price objective on shares of Targa Resources from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Friday, October 13th. Jefferies Group LLC lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Monday. Finally, BidaskClub raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, September 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.67.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total value of $93,870.00. Following the sale, the insider now owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.93% of the company’s stock.
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Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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