Targa Resources Corp. Announces Quarterly Dividend and Timing of Third Quarter 2024 Earnings Webcast

Rhea-AI Summary

Targa Resources Corp. (NYSE: TRGP) has announced its quarterly dividend for the third quarter of 2024. The company's board of directors has declared a quarterly cash dividend of $0.75 per common share, which equates to $3.00 per common share on an annualized basis. This dividend will be paid on November 15, 2024 to shareholders of record as of the close of business on October 31, 2024.

Additionally, Targa will report its third quarter 2024 financial results before the market opens on Tuesday, November 5, 2024. The company will host a live webcast at 11:00 a.m. Eastern Time to discuss these results. A webcast replay and quarterly earnings supplement presentation will be available on the company's website after the event.

Positive

• Quarterly cash dividend of $0.75 per common share declared
• Annualized dividend of $3.00 per common share

Negative

• None.

Insights

Financial Analyst

Targa Resources Corp's announcement of a $0.75 quarterly dividend ($3.00 annualized) represents a consistent payout to shareholders, maintaining its dividend policy. This stability in dividend payments is generally viewed positively by income-focused investors. However, without comparative data to previous quarters or year-over-year growth, it's challenging to assess the dividend's trajectory.

The company's market cap of $33.49 billion suggests it's a significant player in the midstream energy sector. The timing of the earnings release and webcast is standard practice, providing transparency to investors. While this news doesn't offer groundbreaking insights, it does signal the company's commitment to shareholder returns and open communication.

Investors should look forward to the November 5th earnings report for more substantial information on Targa's financial health and operational performance, which will be important for assessing the sustainability of the dividend and potential for future growth.

HOUSTON, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced its quarterly dividend on common shares with respect to the third quarter of 2024.

Targa announced today that its board of directors has declared a quarterly cash dividend of $0.75 per common share, or $3.00 per common share on an annualized basis, for the third quarter of 2024. This cash dividend will be paid November 15, 2024 on all outstanding common shares to holders of record as of the close of business on October 31, 2024.

The Company will report its third quarter 2024 financial results before the market opens for trading on Tuesday, November 5, 2024 and will host a live webcast over the internet at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss its 2024 third quarter financial results.

Event Information
Event: Targa Resources Corp. Third Quarter 2024 Earnings Webcast and Presentation
Date: Tuesday, November 5, 2024
Time: 11:00 a.m. Eastern Time
Webcast: www.targaresources.com under "Events and Presentations" or directly at https://edge.media-server.com/mmc/p/yf8cw4hf

Replay Information 
A webcast replay will be available at the link above approximately two hours after the conclusion of the event. A quarterly earnings supplement presentation and updated investor presentation will also be available under Events and Presentations in the Investors section of the Company’s website prior to the start of the conference call, or directly at https://www.targaresources.com/investors/events.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company’s website at www.targaresources.com.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance and capital spending. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the timing and success of business development efforts and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact the Company's investor relations department by email at
InvestorRelations@targaresources.com or by phone at (713) 584-1133.

Sanjay Lad
Vice President, Finance & Investor Relations

William Byers
Chief Financial Officer

Jennifer Kneale
President – Finance and Administration

FAQ

What is Targa Resources Corp.'s (TRGP) quarterly dividend for Q3 2024?

Targa Resources Corp. (TRGP) has declared a quarterly cash dividend of $0.75 per common share for the third quarter of 2024.

When will Targa Resources Corp. (TRGP) pay its Q3 2024 dividend?

Targa Resources Corp. (TRGP) will pay its Q3 2024 dividend on November 15, 2024 to shareholders of record as of October 31, 2024.

When will Targa Resources Corp. (TRGP) report its Q3 2024 financial results?

Targa Resources Corp. (TRGP) will report its third quarter 2024 financial results before the market opens on Tuesday, November 5, 2024.

What is the annualized dividend for Targa Resources Corp. (TRGP) based on the Q3 2024 declaration?

Based on the Q3 2024 declaration, the annualized dividend for Targa Resources Corp. (TRGP) is $3.00 per common share.