The closely related energy firms Targa Resources (NYSE:TRGP) and Targa Resources Partners (UNKNOWN:NGLS.DL) 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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