Targa Resources Corp (NYSE:TRGP) announced a quarterly dividend on Thursday, January 18th, RTT News reports. Stockholders of record on Thursday, February 1st will be paid a dividend of 0.91 per share by the pipeline company on Thursday, February 15th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.18%.
Targa Resources has increased its dividend payment by an average of 10.8% per year over the last three years. Targa Resources has a dividend payout ratio of -249.3% 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 ($0.07) 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 -5,200.0%.
Shares of Targa Resources (TRGP) traded down $0.52 during mid-day trading on Thursday, hitting $50.69. The stock had a trading volume of 1,546,775 shares, compared to its average volume of 2,118,767. Targa Resources has a 12-month low of $39.59 and a 12-month high of $61.83. The firm has a market capitalization of $10,930.00, a price-to-earnings ratio of -19.96 and a beta of 2.22. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is owned by company insiders.
A number of brokerages have recently commented on TRGP. Barclays raised Targa Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $50.00 to $58.00 in a research note on Wednesday. Royal Bank of Canada reissued a “buy” rating and set a $60.00 price target on shares of Targa Resources in a research note on Tuesday. Bank of America began coverage on Targa Resources in a research note on Tuesday, January 9th. They set a “neutral” rating on the stock. Credit Suisse Group began coverage on Targa Resources in a research report on Thursday, January 4th. They set a “neutral” rating and a $46.00 price objective for the company. Finally, Stifel Nicolaus lowered their price objective on Targa Resources from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources has a consensus rating of “Buy” and a consensus target price of $54.33.
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About Targa Resources
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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