Targa Resources, Inc. (NYSE:TRGP) Increases Dividend to $1.25 Per Share

Targa Resources, Inc. (NYSE:TRGP) declared a quarterly dividend on Thursday, April 16th. Shareholders of record on Thursday, April 30th will be paid a dividend of 1.25 per share by the pipeline company on Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Thursday, April 30th. This is a 25.0% increase from Targa Resources’s previous quarterly dividend of $1.00.

Targa Resources has increased its dividend 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 payout ratio of 43.0% 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

Targa Resources stock opened at $240.01 on Friday. The firm’s fifty day moving average price is $236.62 and its 200-day moving average price is $195.93. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The stock has a market cap of $51.55 billion, a P/E ratio of 27.94, a price-to-earnings-growth ratio of 1.54 and a beta of 0.81. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $253.87.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, equities research analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

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.