Targa Resources Partners (NGLS) Plans Quarterly Dividend of $0.73
Targa Resources Partners (NASDAQ:NGLS) announced a quarterly dividend on Tuesday, October 22nd, Analyst Ratings News reports. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.7325 per share on Thursday, November 14th. This represents a $2.93 annualized dividend and a dividend yield of 5.46%. The ex-dividend date is Tuesday, October 29th. This is a positive change from Targa Resources Partners’s previous quarterly dividend of $0.72.
A number of analysts have recently weighed in on NGLS shares. Analysts at Credit Suisse downgraded shares of Targa Resources Partners from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, September 27th. On a related note, analysts at JPMorgan Chase & Co. reiterated a “buy” rating on shares of Targa Resources Partners in a research note to investors on Wednesday, September 25th. They now have a $57.00 price target on the stock. Finally, analysts at Jefferies Group initiated coverage on shares of Targa Resources Partners in a research note to investors on Wednesday, September 4th. They set a “buy” rating and a $56.00 price target on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $55.89.
Shares of Targa Resources Partners (NASDAQ:NGLS) traded up 1.82% during mid-day trading on Tuesday, hitting $53.70. The stock had a trading volume of 300,131 shares. Targa Resources Partners has a 1-year low of $34.39 and a 1-year high of $54.13. The stock has a 50-day moving average of $49.53 and a 200-day moving average of $47.8. The company has a market cap of $5.696 billion and a P/E ratio of 135.93.
Targa Resources Partners (NASDAQ:NGLS) last released its earnings data on Thursday, August 1st. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.15 by $0.14. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter last year, the company posted $0.35 earnings per share. Targa Resources Partners’s revenue was up 9.3% compared to the same quarter last year. On average, analysts predict that Targa Resources Partners will post $0.91 earnings per share for the current fiscal year.
Targa Resources Partners LP is a limited partnership formed by Targa Resources, Corp (NASDAQ:NGLS).
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