Targa Resources (TRGP) and Targa Resources Partners (NGLS) announced their respective quarterly dividend and distribution for Q2. Targa Resources announced that its board of directors has declared a quarterly cash dividend of 39.375c per share, or $1.575 per common share on an annualized basis, for Q2. The approved dividend represents increases of approximately 8% over the previous quarter's dividend and 36% over the dividend for 2Q11. This cash dividend will be paid August 15 on all outstanding common shares to holders of record as of the close of business on July 23. Targa Resources Partners LP announced that the board of directors of its general partner has declared a quarterly cash distribution of 64.25c per common unit, or $2.57 per common unit on an annualized basis, for Q2. The approved distribution represents an increase of approximately 3% over the previous quarter's distribution and 13% over the distribution for 2Q11. This cash distribution will be paid August 14 on all outstanding common units to holders of record as of the close of business on July 23.