Targa Resources shares are down about 3% in the latest session, aligning with the stock trading ex-dividend after the company raised its quarterly dividend to $1.25 per share (up 25% from $1.00). Once a stock goes ex-dividend, new buyers no longer receive the upcoming payout, and prices often adjust lower by roughly the dividend amount alongside routine profit-taking and order-flow effects. In this case, the upcoming dividend is scheduled to be paid on May 15, 2026, to shareholders of record as of April 30, 2026, with the ex-dividend date around April 30, 2026.

Ex-dividend moves can be amplified when a stock has had a strong run into the record date, when passive and dividend-capture strategies rebalance, or when traders reduce exposure ahead of nearby catalysts. TRGP also has a near-term earnings catalyst on the calendar, with the company set to report first-quarter 2026 results before the market opens on May 7, 2026, followed by an earnings webcast later that morning.

Investors will focus on whether TRGP stabilizes after the ex-dividend reset and whether pre-earnings positioning continues to pressure the stock. The next major catalyst is the May 7, 2026 quarterly report and outlook commentary, which could quickly outweigh any dividend-related trading effects if guidance, volumes, or project timelines surprise expectations.