Targa Anticipates Increasing FY23 Annual Dividend By 43% To $2 Per Share

Targa expects to recommend a 43 percent year-over-year increase to its annualized common stock dividend per share for 2023 to $2.00 per share. The increased dividend will be recommended to Targa’s Board of Directors in April for the first quarter of 2023, with payment to shareholders in May 2023. Targa also expects to remain in position to continue to execute opportunistically under its existing $500 million common share repurchase program and currently plans on recommending that the Board of Directors authorize a new $1 billion share repurchase program as the Company gets closer to exhausting available capacity under the existing program.