Targa Resources Corp.’s board of directors increased the midstream services provider’s cash dividend to $0.75 per common share—$3 per common share annualized—for the first-quarter of 2024.

The dividend for first quarter 2024 is priced at a more than 50% increase compared to first-quarter 2023 dividend of $0.35.

The cash dividend will be paid out on May 15 for all outstanding common shares to holders of record by close of business on April 30.