Targa Resources Corp. (NYSE: TRGP) raised its quarterly dividend by 250% to $0.35 per share compared to a prior dividend of $0.10.
Based in Houston, Texas, Targa is a midstream energy infrastructure company providing natural gas and natural gas liquids services. It is one of the largest infrastructure companies in the United States.
The dividend is payable on February 15 to shareholders on record as of January 31. The annual dividend of $1.40 per share now reflects a dividend yield of 2.5%.
Preferred Dividend of $23.75 Per Series A Share
Targa board also declared a quarterly cash dividend of $23.75 per Series A preferred share for the fourth quarter of 2021. The preferred dividend is payable on February 14 to Series A preferred shareholders on record as of January 31.
Wall Street’s Take
Yesterday, Barclays analyst Theresa Chen increased the price target on Targa Resources to $72 (29.6% upside potential) from $66 and reiterated a Buy rating on the shares.
Chen has a “generally positive outlook for the group in 2022.” However, she expects Q4 results to have “more variability” based on execution during the quarter.
Targa Resources plans to report its fourth quarter results on February 24 before the market opens.
Consensus among analysts is a Strong Buy based on 12 Buys and 1 Hold. The average Targa Resources stock forecast of $68.31 implies 44% upside potential to current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on TRGP stock, compared to a sector average of 74%.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Read full Disclaimer & Disclosure
Related News:
P&G Posts Q2 Beat & Raises Guidance; Shares Up 3.4%
Chesapeake Energy May Snap up Chief Oil & Gas for $2.4B – Report
Disney Forms International Hub to Bolster DTC Business
