NEW YORK ( TheStreet) -- The ex-dividend date for Targa Resources Partners (NYSE: NGLS) is tomorrow, October 19, 2011. Owners of shares as of market close today will be eligible for a dividend of 58 cents per share. At a price of $34.70 as of 9:30 a.m. ET, the dividend yield is 6.6%.

The average volume for Targa has been 316,600 shares per day over the past 30 days. Targa has a market cap of $3 billion and is part of the basic materials sector and energy industry. Shares are up 4.2% year to date as of the close of trading on Monday.

Targa Resources Partners LP provides midstream natural gas and natural gas liquid (NGL) services in the United States. The company operates through two divisions, Natural Gas Gathering and Processing; and NGL Logistics and Marketing. The company has a P/E ratio of 24.1, equal to the average energy industry P/E ratio and above the S&P 500 P/E ratio of 17.7.
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TheStreet Ratings rates Targa as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Targa Ratings Report.

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