Targa Resources (NYSE:TRGP) declared a quarterly dividend on Wednesday, April 18th, RTT News reports. Shareholders of record on Tuesday, May 1st will be given a dividend of 0.91 per share by the pipeline company on Tuesday, May 15th. This represents a $3.64 dividend on an annualized basis and a yield of 7.87%. The ex-dividend date of this dividend is Monday, April 30th.
Targa Resources has increased its dividend payment by an average of 10.8% per year over the last three years. Targa Resources has a payout ratio of -249.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Targa Resources to earn $0.36 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 1,011.1%.
TRGP opened at $46.28 on Wednesday. Targa Resources has a 12-month low of $39.59 and a 12-month high of $57.78. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.79 and a quick ratio of 0.66.
A number of equities analysts have issued reports on the stock. Barclays reduced their price target on shares of Targa Resources from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, April 17th. Seaport Global Securities set a $53.00 price target on shares of Targa Resources and gave the stock a “buy” rating in a research report on Tuesday. Robert W. Baird set a $60.00 price target on shares of Targa Resources and gave the stock a “buy” rating in a research report on Wednesday, March 14th. Goldman Sachs raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price target for the company in a research report on Thursday, February 1st. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $60.00 target price on shares of Targa Resources in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Targa Resources currently has an average rating of “Hold” and a consensus target price of $54.19.
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About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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