Why Targa Resources, Inc. (TRGP) is a Top Dividend Stock for Your Portfolio

Earnings Growth - Targa Resources, Inc. (TRGP) is expected to see solid earnings growth, with the Zacks Consensus Estimate for 2024 at $5.27 per share, reflecting a 43.99% increase from the previous year [1] Dividend Information - The current annualized dividend of Targa Resources is $3, which represents a 62.2% increase from last year. Over the past five years, the company has increased its dividend twice on a year-over-year basis, averaging an annual increase of 1.67% [3] - The company's payout ratio is currently 41%, indicating that it pays out 41% of its trailing 12-month earnings per share as dividends [3] Stock Performance - Targa Resources has experienced a price change of 49.45% since the beginning of the year [7] - The stock currently offers a dividend of $0.75 per share, resulting in a dividend yield of 2.31%. This yield is lower than the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry's yield of 6.24% and the S&P 500's yield of 1.6% [7] Investment Considerations - Targa Resources is considered a compelling investment opportunity, particularly as a strong dividend play, and currently holds a Zacks Rank of 3 (Hold) [4]