Targa Resources is asking its board to raise the company’s quarterly dividend to 75 cents from 50 cents a share for the first quarter.
If approved the new payout would be equal $3 per year, and would represent an annual yield of 3.6% based on Thursday’s closing price of $82.59 per share.
The Houston natural-gas pipeline operator said on Thursday that the increased dividend will be paid out in May 2024 if its recommendation is approved.
For the fourth quarter, Targa will issue a dividend of 50 cents a share on Feb. 15 to shareholders of record as of Jan. 31.