Targa Resources Announces Dividend Boosts
The closely related energy firms Targa Resources and Targa Resources Partners are teaming up to return more money to shareholders. Both companies have raised the stockholder payouts for their respective Q1s. For the quarter, Resources will dispense a dividend of $0.4950 per share of its common stock on May 16 to shareholders of record as of April 29. Partners will pay $0.6975 per common unit, to be distributed May 15 to unitholders as of April 29.
The two fresh payouts represent increases of 8% and 3%, respectively, on the previous distributions handed out by the twin Targas.
Resources' new dividend annualizes to $1.98 per share. That yields just under 3% at the firm's current stock price of $66.88. For Partners, those figures are $2.79, 5.9%, and $47.06, respectively.
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