Track market-moving stories before they get noisy

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Oils-Energy stock. TRGP has a Momentum Style Score of B, and shares are up 6.7% over the past four weeks.

Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.09 to $10.75 per share. TRGP also boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TRGP should be on investors' short list.

Posted by Defense World Staff on Jul 20th, 2026

California Public Employees Retirement System decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 376,495 shares of the pipeline company’s stock after selling 4,049 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Targa Resources worth $94,399,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources in the fourth quarter valued at $27,000. Olistico Wealth LLC bought a new stake in Targa Resources during the fourth quarter worth $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the fourth quarter valued at $30,000. Global Assets Advisory LLC acquired a new stake in Targa Resources in the first quarter valued at $41,000. Finally, Leonteq Securities AG bought a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets TRGP has been the topic of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Erste Group Bank started coverage on Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating on the stock. Finally, US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $285.93.

Get Our Latest Report on TRGP

Targa Resources Stock Performance Shares of NYSE:TRGP opened at $283.39 on Monday. The firm has a market cap of $60.83 billion, a PE ratio of 28.65, a PEG ratio of 1.45 and a beta of 0.71. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $285.56. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company’s 50 day moving average price is $267.82 and its two-hundred day moving average price is $238.96.

Targa Resources (NYSE:TRGP – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Equities research analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s payout ratio is presently 50.56%.

Targa Resources Profile (Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

Featured Stories Five stocks we like better than Targa Resources Strait of Hormuz Tensions Spike Tanker Trade: These 2 Stocks Are Set to Benefit Shopify’s Quiet AI Strategy Could Be Its Biggest Advantage Yet Why These 3 Nuclear ETFs Are Getting a Fresh Look as AI Power Demand Rises 3 Aerospace Suppliers That Could Benefit as Aircraft Makers Face Bottlenecks Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP – Free Report).

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEBessemer Group Inc. Acquires 11,211 Shares of Powell Industries, Inc. $POWL

NEXT HEADLINE »Insider Buying: Telecom Plus (LON:TEP) Insider Acquires 2,833 Shares of Stock

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Targa Resources, Inc. (TRGP - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Targa Resources, Inc. currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for TRGP that show why this company shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For TRGP, shares are up 5.59% over the past week while the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry is up 1.82% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 8.44% compares favorably with the industry's 5.89% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Targa Resources, Inc. have risen 21.04%, and are up 66.32% in the last year. In comparison, the S&P 500 has only moved 8.52% and 21.6%, respectively.

Investors should also take note of TRGP's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now TRGP is averaging 1,262,704 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with TRGP.

Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost TRGP's consensus estimate, increasing from $10.66 to $10.75 in the past 60 days. Looking at the next fiscal year, 2 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that TRGP is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Targa Resources, Inc. on your short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Oils-Energy stock. TRGP has a Momentum Style Score of B, and shares are up 1% over the past four weeks.

Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.40 to $10.75 per share. TRGP boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TRGP should be on investors' short list.

The natural gas market has been transformed in recent decades from fracking and transportation advances, which have made natural gas far more of a global energy source. FLEX LNG (FLNG 3.23%) and Targa Resources (TRGP 3.77%) offer distinct ways to play the natural gas market. Which is the better buy today?

FLEX LNG focuses on the global ocean transport of deeply cooled natural gas, while Targa Resources provides the essential pipes and processing plants on American soil. Both companies benefit from rising export demand, but they operate at very different scales. This comparison of their financials and risks helps determine which stock fits your strategy.

The case for FLEX LNGFLEX LNG operates as a pure-play shipping company specializing in the ocean transport of liquefied natural gas using a fleet of 13 carriers. These vessels provide the vital link between gas producers and global consumers by delivering massive loads of around 174,000 cubic meters of LNG, enough to power 45,000 homes for a year. Its standardized, modern fleet helps the company maintain a competitive edge over older, less efficient ships while ensuring reliable delivery for its customers.

In FY 2025, revenue reached nearly $335.3 million, a decrease of about $17 million from the prior year. The company reported net income of roughly $74.8 million, a 36% decline from 2024.

As of its December 2025 balance sheet, the debt-to-equity ratio was nearly 2.6x, indicating a reliance on borrowed funds. The current ratio, which measures the ability to pay short-term obligations using current assets, was a robust 3.0x. Free cash flow, calculated as cash from operations minus capital expenditures, was approximately $134.9 million and supports the ongoing maintenance of its modern vessel fleet.

The case for Targa ResourcesTarga Resources operates a vast network of midstream infrastructure across several major U.S. shale plays, including the Permian Basin and the Bakken. The company gathers, processes, and transports natural gas to domestic and international markets, making it a critical part of the natural gas market. This integrated model uses thousands of employees to manage extensive physical assets that connect American energy production to Gulf Coast export channels.

For FY 2025, revenue was nearly $17.1 billion, reflecting a year-over-year growth rate of approximately 3.1%. Net income for the period was close to $1.85 billion, which achieved a net margin of roughly 10.8%. This margin represents the percentage of revenue retained as profit and reflects the high costs of operating massive physical pipelines and processing plants.

According to its December 2025 balance sheet, the debt-to-equity ratio was approximately 5.7x, indicating that total debt is more than five times the value of shareholder equity. The current ratio of 0.7x indicates that short-term liabilities exceed current assets, while free cash flow reached roughly $584.1 million. This cash flow figure, which is derived by subtracting capital expenditures from operating cash flow, provides the company with liquidity for its operations.

Risk profile comparisonFLEX LNG faces risks primarily tied to the volatility of global shipping rates and fleet utilization, which can decline if vessel supply exceeds demand. Any disruption in international trade routes or geopolitical tensions near major ports could impact its operations and revenue generation. The company is also subject to environmental regulations that could eventually force expensive upgrades to its carriers to meet new standards.

Targa Resources is  sensitive to commodity price volatility and faces competition from large rivals like Enterprise Products Partners (EPD 2.01%) and Kinder Morgan Partners (KMI 1.60%). Operational hazards, such as pipeline leaks, cyberattacks, and evolving climate regulations, also pose significant financial risks to its daily operations. Additionally, the company relies on third-party storage infrastructure, and any lack of access to these facilities could adversely impact its bottom line.

Valuation comparisonFLEX LNG appears cheaper on a Forward P/E basis, while Targa Resources offers a more attractive P/S ratio based on its total sales volume.

MetricFLEX LNGTarga ResourcesSector BenchmarkForward P/E13.223.8x21.4xP/S ratio4.6x3.3xSector benchmark uses the SPDR XLE sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

One of the great appeals of midstream oil and gas stocks is that they are more insulated from the volatility of energy prices than other parts of the energy system, such as wildcatters, refiners, and retailers.

Targa Resources is a more traditional midstream infrastructure play, as one of the largest independent gathering and distribution pipeline systems in the U.S. In particular, Targa is the largest pipeline operator in the Permian Basin and can transport natural gas from that region and other producing areas, such as the Bakken, to key distribution centers along the Gulf Coast.

For fiscal year 2026, the company is expected to see a robust increase in revenue of around 18%, to more than $20 billion, with improved net income of $2.58 billion, up around $250 million. The war in the Middle East, which has driven up global energy prices and disrupted supply, is a tailwind for demand, which the company is meeting with the opening of two additional processing hubs this year.

FLEX LNG is an intriguing story: the expansion of U.S. natural gas production and the increase in long-haul global LNG shipments, driven by supply changes from the Iran War and other macro factors, should benefit FLEX. But the fact of the matter is, there are too many LNG tankers coming into the market right now to generate a meaningful bump in near-term spot rates for the handful of ships FLEX is marketing (the bulk of the fleet is tied to long-term delivery contracts). Long-term, the structural shift in European demand away from Russia and toward the U.S. is something to watch for FLEX LNG, but for investors seeking a natural gas stock benefiting from today’s market conditions. Targa Resources is the choice.

Family Capital Trust Co lifted its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 2,018.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,162 shares of the pipeline company’s stock after purchasing an additional 21,116 shares during the quarter. Targa Resources accounts for approximately 1.3% of Family Capital Trust Co’s investment portfolio, making the stock its 24th largest position. Family Capital Trust Co’s holdings in Targa Resources were worth $4,089,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRGP. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Targa Resources in the third quarter valued at $121,426,000. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Merewether Investment Management LP grew its holdings in shares of Targa Resources by 52.9% in the second quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock valued at $172,789,000 after purchasing an additional 343,319 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Targa Resources by 107.1% in the third quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company’s stock valued at $98,628,000 after purchasing an additional 304,426 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance TRGP stock opened at $235.63 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The business’s fifty day simple moving average is $237.10 and its two-hundred day simple moving average is $196.80. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The firm has a market cap of $50.61 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 1.52 and a beta of 0.81.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be paid a $1.25 dividend. The ex-dividend date is Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. Targa Resources’s payout ratio is 46.57%.

Analysts Set New Price Targets A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday, February 20th. Citigroup raised their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. BMO Capital Markets restated an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Morgan Stanley raised their price target on Targa Resources from $298.00 to $327.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Finally, Mizuho raised their price target on Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $258.07.

Read Our Latest Research Report on Targa Resources

Targa Resources Profile (Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

Further Reading Five stocks we like better than Targa Resources

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Arizona State Retirement System trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,970 shares of the pipeline company’s stock after selling 5,014 shares during the period. Arizona State Retirement System’s holdings in Targa Resources were worth $10,880,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC lifted its holdings in Targa Resources by 30.9% during the 4th quarter. Turtle Creek Wealth Advisors LLC now owns 7,086 shares of the pipeline company’s stock worth $1,307,000 after purchasing an additional 1,674 shares during the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in Targa Resources by 48.6% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 31,275 shares of the pipeline company’s stock worth $5,785,000 after purchasing an additional 10,222 shares during the last quarter. United Asset Strategies Inc. acquired a new stake in Targa Resources during the 4th quarter worth approximately $693,000. M&T Bank Corp lifted its holdings in Targa Resources by 539.6% during the 4th quarter. M&T Bank Corp now owns 130,605 shares of the pipeline company’s stock worth $24,097,000 after purchasing an additional 110,184 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its holdings in Targa Resources by 25.9% during the 4th quarter. Evergreen Capital Management LLC now owns 2,654 shares of the pipeline company’s stock worth $490,000 after purchasing an additional 546 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources In other news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares of the company’s stock, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director owned 77,094 shares of the company’s stock, valued at $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 over the last three months. 1.37% of the stock is owned by corporate insiders.

Targa Resources Trading Up 0.3% Shares of TRGP stock opened at $240.65 on Friday. The firm has a market capitalization of $51.69 billion, a P/E ratio of 28.01, a P/E/G ratio of 1.55 and a beta of 0.81. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The stock’s fifty day simple moving average is $238.75 and its 200 day simple moving average is $199.11.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be given a dividend of $1.25 per share. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is presently 58.21%.

Wall Street Analyst Weigh In A number of research firms have commented on TRGP. Truist Financial raised their price objective on Targa Resources from $279.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Barclays raised their price objective on Targa Resources from $226.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 7th. BMO Capital Markets restated an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen raised their price objective on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Finally, UBS Group lifted their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $259.93.

View Our Latest Research Report on Targa Resources

Targa Resources Company Profile (Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

Featured Stories Five stocks we like better than Targa Resources Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP – Free Report).

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.

In its upcoming report, Targa Resources, Inc. (TRGP - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $2.56 per share, reflecting an increase of 181.3% compared to the same period last year. Revenues are forecasted to be $5.15 billion, representing a year-over-year increase of 12.9%.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.9% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

That said, let's delve into the average estimates of some Targa Resources metrics that Wall Street analysts commonly model and monitor.

The collective assessment of analysts points to an estimated 'Gathering and Processing - NGL sales per day' of 658.33 thousands of barrels of oil. Compared to the present estimate, the company reported 570.20 thousands of barrels of oil in the same quarter last year.

Analysts forecast 'Gathering and Processing - Gross NGL production - Coastal' to reach 37.81 thousands of barrels of oil per day. The estimate compares to the year-ago value of 32.70 thousands of barrels of oil per day.

Based on the collective assessment of analysts, 'Gathering and Processing - Condensate sales per day' should arrive at 21.34 thousands of barrels of oil. The estimate compares to the year-ago value of 18.10 thousands of barrels of oil.

Analysts expect 'Logistics and Marketing - NGL sales' to come in at 1,252.74 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,186.40 thousands of barrels of oil per day in the same quarter of the previous year.

The consensus estimate for 'Logistics and Marketing - Export volumes' stands at 424.49 thousands of barrels of oil per day. The estimate compares to the year-ago value of 447.70 thousands of barrels of oil per day.

The consensus among analysts is that 'Logistics and Marketing - Fractionation volumes' will reach 1,153.74 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 979.90 thousands of barrels of oil per day.

Analysts' assessment points toward 'Gathering and Processing - Total Plant natural gas inlet volumes' reaching . Compared to the present estimate, the company reported in the same quarter last year.

The combined assessment of analysts suggests that 'Gathering and Processing - Total Gross NGL production' will likely reach 1,117.52 thousands of barrels of oil per day. The estimate compares to the year-ago value of 943.10 thousands of barrels of oil per day.

The average prediction of analysts places 'Gathering and Processing - Average realized prices - Condensate' at $87.29 . Compared to the current estimate, the company reported $72.32 in the same quarter of the previous year.

It is projected by analysts that the 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' will reach . The estimate compares to the year-ago value of .

Analysts predict that the 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' will reach . Compared to the current estimate, the company reported in the same quarter of the previous year.

According to the collective judgment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' should come in at . The estimate is in contrast to the year-ago figure of .

View all Key Company Metrics for Targa Resources here>>>

Shares of Targa Resources have experienced a change of +5.4% in the past month compared to the +9.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), TRGP is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2026 results.

First quarter 2026 net income attributable to Targa Resources Corp. was $480 million compared to $271 million for the first quarter of 2025. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,403 million for the first quarter of 2026 compared to $1,179 million for the first quarter of 2025.

Highlights

Record adjusted EBITDA for the first quarter of $1.4 billion, an increase of 19% year-over-yearRecord Permian inlet volumes during the first quarterRecord fractionation volumes during the first quarterIncreasing full year 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billionIn February 2026, completed our new Falcon II processing plant in Permian DelawareIn late March 2026, completed our new East Pembrook processing plant in Permian MidlandIn April 2026, completed our new Train 11 fractionator in Mont Belvieu, TXIn May 2026, starting up operation of our Delaware Express NGL Pipeline expansionAnnounced today two new processing plants in Permian Delaware (“Roadrunner III” and “Copperhead II”)Continue to estimate 2026 net growth capital expenditures of approximately $4.5 billion On April 16, 2026, the Company declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the first quarter of 2026. This dividend represents a 25 percent increase over the common dividend declared with respect to the first quarter of 2025. Total cash dividends of approximately $268 million will be paid on May 15, 2026 on all outstanding shares of common stock to holders of record as of the close of business on April 30, 2026.

During the first quarter of 2026, Targa repurchased 227,801 shares of its common stock at a weighted average per share price of $241.43 for a total net cost of $55 million. As of March 31, 2026, there was $1,319 million remaining under the Company’s share repurchase programs.

First Quarter 2026 - Sequential Quarter over Quarter Commentary

Targa reported record first quarter adjusted EBITDA of $1,403 million, representing a 5 percent increase compared to the fourth quarter of 2025. The sequential increase was driven by record Permian volumes in our Gathering and Processing (“G&P”) segment, primarily from the acquisition of certain assets in the Permian Basin, as well as higher marketing margin and record NGL fractionation volumes in our Logistics and Transportation (“L&T”) segment.

In our G&P segment, higher sequential adjusted operating margin was driven by higher Permian inlet volumes attributable to the acquisition of certain assets in the Permian Basin, the completion of our Falcon II plant, and continued strong producer activity, partially offset by severe winter weather and price-related producer curtailments which impacted our Permian volumes during the first quarter. 

In our L&T segment, lower sequential first quarter adjusted operating margin was attributable to lower NGL transportation volumes and lower LPG export volumes, partially offset by higher marketing margin. NGL transportation and fractionation volumes were affected by the impacts of severe winter weather and price-related producer curtailments on our G&P systems. LPG export volumes were reduced by an unplanned outage at a portion of our export facility late in the first quarter, which was resolved early in the second quarter. Marketing margin increased due to greater optimization opportunities.

Capitalization, Financing and Liquidity

The Company’s total consolidated debt as of March 31, 2026 was $19,132 million, net of $132 million of debt issuance costs and $39 million of unamortized discount, with $17,900 million of outstanding senior unsecured notes, $457 million outstanding under the Commercial Paper Program, $600 million outstanding under the Securitization Facility, and $347 million of finance lease liabilities.

Total consolidated liquidity as of March 31, 2026 was approximately $3.1 billion, including $3.0 billion available under the TRGP Revolver and $100 million of cash.

Financing Update

In March 2026, Targa completed an underwritten public offering of $750 million of 4.350% Notes due 2031 and $750 million of 6.050% Notes due 2056. The Company used the net proceeds from the debt issuance for general corporate purposes, including to reduce borrowings under the Commercial Paper Program.

Growth Projects Update

In our G&P segment, we commenced operations of our new Falcon II plant in the Permian Delaware in February 2026 and our new East Pembrook plant in the Permian Midland in late March 2026. Construction continues on our East Driver plant in Permian Midland, and our Copperhead, Yeti I and Yeti II plants in Permian Delaware, and our G&P projects remain on track.

In May 2026, in response to increasing production and to meet the infrastructure needs of our customers, we announced the construction of a new 265 million cubic feet per day (“MMcf/d”) natural gas processing plant, Roadrunner III, and a new 275 MMcf/d natural gas processing plant, Copperhead II.  Both plants will be located in the Permian Delaware and are expected to begin operations in the first quarter of 2028. In February 2026, we announced orders of long-lead items for Roadrunner III and Copperhead II.

In our L&T segment, we commenced operations of our Train 11 fractionator in Mont Belvieu in early April 2026 and are currently starting up operation of our Delaware Express NGL Pipeline expansion. Construction continues on our Train 12 and Train 13 fractionators in Mont Belvieu, our Speedway NGL Pipeline, our GPMT LPG Export Expansion, and our Bull Run, Buffalo Run and Forza intra-basin residue gas pipeline projects. Our L&T projects remain on track.

2026 Outlook

Targa now estimates full year 2026 adjusted EBITDA to be between $5.7 billion and $5.9 billion, a 17 percent increase year-over-year, based on the midpoint of the range. The increase in our full year financial outlook is driven by our strong outlook for marketing and optimization opportunities, LPG export operations, and continued strength of volume growth across Targa’s integrated assets. Second quarter 2026 Permian inlet volumes are currently trending significantly higher relative to the first quarter, and our estimated full year average 2026 inlet volumes remain consistent with our expectations despite the impacts of price-related producer curtailments. We continue to estimate net growth capital expenditures to be approximately $4.5 billion which includes capital spending for announced infrastructure projects underway including our new Roadrunner III and Copperhead II processing plants in the Permian announced today. Our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.

An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of our website at www.targaresources.com/investors/events.

Conference Call

We will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on May 7, 2026 to discuss first quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of our website at www.targaresources.com/investors/events, or by going directly to  https://edge.media-server.com/mmc/p/r9w9ai8y/. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

(1)Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.” Targa Resources Corp. – Consolidated Financial Results of Operations

 Three Months Ended March 31,       2026  2025  2026 vs. 2025  (In millions) Revenues:          Sales of commodities$3,344.6  $3,884.4  $(539.8) (14%)Fees from midstream services 750.1   677.1   73.0  11%Total revenues 4,094.7   4,561.5   (466.8) (10%)Product purchases and fuel 2,394.5   3,257.8   (863.3) (26%)Operating expenses 333.7   303.6   30.1  10%Depreciation and amortization expense 426.0   367.6   58.4  16%General and administrative expense 107.8   94.5   13.3  14%Other operating (income) expense (14.2)  (5.3)  (8.9) 168%Income (loss) from operations 846.9   543.3   303.6  56%Interest expense, net (227.6)  (197.1)  (30.5) 15%Equity earnings (loss) 8.6   5.5   3.1  56%Other, net (16.6)  0.3   (16.9)NM Income tax (expense) benefit (123.9)  (72.2)  (51.7) 72%Net income (loss) 487.4   279.8   207.6  74%Less: Net income (loss) attributable to noncontrolling interests 7.8   9.3   (1.5) (16%)Net income (loss) attributable to Targa Resources Corp. 479.6   270.5   209.1  77%Premium on repurchase of noncontrolling interests, net of tax —   70.5   (70.5) (100%)Net income (loss) attributable to common shareholders$479.6  $200.0  $279.6  140%Financial data:          Adjusted EBITDA (1)$1,402.7  $1,178.5  $224.2  19%Adjusted cash flow from operations (1) 1,179.9   970.0   209.9  22%Adjusted free cash flow (1) 227.9   328.2   (100.3) (31%) (1)Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”NMDue to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful. Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The decrease in commodity sales reflected lower NGL, natural gas and condensate prices ($1,064.2 million), partially offset by higher NGL, natural gas and condensate volumes ($476.9 million) and the favorable impact of hedges ($47.5 million).

The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, partially offset by lower export volumes.

The decrease in product purchases and fuel reflected lower NGL and natural gas prices, partially offset by higher NGL and natural gas volumes.

The increase in operating expenses was primarily due to higher labor and maintenance costs due to increased activity and system expansions, and the acquisition of certain assets in the Permian Basin.

See “—Results of Operations—By Reportable Segment” for additional information on a segment basis.

The increase in depreciation and amortization expense was primarily due to the acquisition of certain assets in the Permian Basin and the impact of system expansions on the Company’s asset base.

The increase in general and administrative expense was primarily due to higher compensation and benefits.

The increase in interest expense, net, was primarily due to higher borrowings, partially offset by an increase in capitalized interest.

The decrease in other, net, was primarily due to the premium paid on the redemption of all of the Partnership’s 6.875% Notes due 2029.

The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income.

The premium on repurchase of noncontrolling interests, net of tax was due to the Badlands Transaction in the first quarter of 2025.

Review of Segment Performance

The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

Gathering and Processing Segment

The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

 Three Months Ended March 31,         2026  2025  2026 vs. 2025  (In millions, except operating statistics and price amounts) Operating margin$ 703.5  $ 602.2  $ 101.3   17%Operating expenses  233.6    208.2    25.4   12%Adjusted operating margin$ 937.1  $ 810.4  $ 126.7   16%Operating statistics (1):              Plant natural gas inlet, MMcf/d (2) (3)              Permian Midland (4)  3,153.9    2,985.6    168.3   6%Permian Delaware  3,576.1    3,020.3    555.8   18%Total Permian  6,730.0    6,005.9    724.1   12%               Central (5)  1,027.3    984.7    42.6   4%               Badlands (5) (6)  127.0    136.9    (9.9)  (7%)               Coastal  547.1    398.8    148.3   37%               Total  8,431.4    7,526.3    905.1   12%NGL production, MBbl/d (3)              Permian Midland (4)  464.7    429.5    35.2   8%Permian Delaware  469.6    366.4    103.2   28%Total Permian  934.3    795.9    138.4   17%               Central (5)  102.1    98.1    4.0   4%               Badlands (5)  16.2    16.4    (0.2)  (1%)               Coastal  37.8    32.7    5.1   16%               Total  1,090.4    943.1    147.3   16%Crude oil gathered, MBbl/d  135.1    136.1    (1.0)  (1%)Natural gas sales, BBtu/d (3)  3,040.3    2,592.8    447.5   17%NGL sales, MBbl/d (3)  625.9    570.2    55.7   10%Condensate sales, MBbl/d  21.8    18.1    3.7   20%Average realized prices (7):              Natural gas, $/MMBtu  0.57    2.24    (1.67)  (75%)NGL, $/gal  0.39    0.50    (0.11)  (22%)Condensate, $/Bbl  65.51    72.32    (6.81)  (9%) _______________________
(1)Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period, and the denominator is the number of calendar days during the period.(2)Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant.(3)Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.(4)Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.(5)Operations include facilities that are not wholly owned by the Company.(6)Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.(7)Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees. The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

  Three Months Ended March 31, 2026  Three Months Ended March 31, 2025   (In millions, except volumetric data and price amounts)   Volume
Settled  Price
Spread (1)  Gain
(Loss)  Volume
Settled  Price
Spread (1)  Gain
(Loss) Natural gas (BBtu)  8.4  $2.02  $17.0   7.7  $0.96  $7.4 NGL (MMgal)  67.7   0.01   0.9   97.5   (0.07)  (6.6)Crude oil (MBbl)  0.7   (4.14)  (2.9)  0.7   1.00   0.7         $15.0        $1.5 (1)The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction. Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian which drove higher fee-based margin, partially offset by lower commodity prices. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Pembrook II plant during the third quarter of 2025, the Bull Moose II plant during the fourth quarter of 2025, the Falcon II plant during the first quarter of 2026, continued strong producer activity and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

The increase in operating expenses was primarily due to higher volumes, multiple plant additions and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

Logistics and Transportation Segment

The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Targa’s NGL pipeline system, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

 Three Months Ended March 31,         2026  2025  2026 vs. 2025  (In millions, except operating statistics) Operating margin$ 773.3  $ 646.7  $ 126.6   20%Operating expenses  100.2    95.5    4.7   5%Adjusted operating margin$ 873.5  $ 742.2  $ 131.3   18%Operating statistics MBbl/d (1):              NGL pipeline transportation volumes (2)  1,016.8    843.5    173.3   21%Fractionation volumes  1,145.2    979.9    165.3   17%Export volumes (3)  437.0    447.7    (10.7)  (2%)NGL sales  1,304.0    1,186.4    117.6   10%_______________________
(1)Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.
(2)Represents the total quantity of mixed NGLs that earn a transportation margin.(3)Export volumes represent the quantity of NGL products delivered to third-party customers at the Company’s Galena Park Marine Terminal that are destined for international markets. Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The increase in adjusted operating margin was due to higher marketing margin and higher pipeline transportation and fractionation margin. Marketing margin increased due to greater optimization opportunities. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems.

The increase in operating expenses was due to higher repairs and maintenance and higher compensation and benefits.

Other

 Three Months Ended March 31,     2026  2025  2026 vs. 2025  (In millions) Operating margin$(110.3) $(248.8) $138.5 Adjusted operating margin$(110.3) $(248.8) $138.5              Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company’s website at www.targaresources.com.

Non-GAAP Financial Measures

This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

Adjusted Operating Margin

The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

Gathering and Processing adjusted operating margin consists primarily of:

service fees related to natural gas and crude oil gathering, treating and processing; andrevenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements. Logistics and Transportation adjusted operating margin consists primarily of:

service fees (including the pass-through of energy costs included in certain fee rates);system product gains and losses; andNGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.
The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.
Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

Adjusted EBITDA

The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit . The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures and growth capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

 Three Months Ended March 31,  2026  2025  (In millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow     Net income (loss) attributable to Targa Resources Corp.$479.6  $270.5 Interest (income) expense, net 227.6   197.1 Income tax expense (benefit) 123.9   72.2 Depreciation and amortization expense 426.0   367.6 (Gain) loss on sale or disposition of assets (1.0)  (0.5)Write-down of assets 4.3   2.0 (Gain) loss from financing activities 10.1   0.6 Equity (earnings) loss (8.6)  (5.5)Distributions from unconsolidated affiliates 4.7   4.9 Change in contingent consideration 0.7   — Compensation on equity grants 23.2   17.6 Risk management activities 110.3   248.8 Noncontrolling interests adjustments (1) 1.9   3.2 Adjusted EBITDA$1,402.7  $1,178.5 Interest expense on debt obligations (2) (222.8)  (193.2)Cash tax (expense) benefit —   (15.3)Adjusted Cash Flow from Operations$1,179.9  $970.0 Maintenance capital expenditures, net (3) (37.6)  (47.3)Growth capital expenditures, net (3) (914.4)  (594.5)Adjusted Free Cash Flow$227.9  $328.2 _______________________
(1)Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.(2)Excludes amortization recognized in interest expense.(3)Represents capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and includes contributions to investments in unconsolidated affiliates. The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2026:

 2026E  (In millions) Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to  Estimated Adjusted EBITDA  Net income attributable to Targa Resources Corp.$2,265.0 Interest expense, net 945.0 Income tax expense 640.0 Depreciation and amortization expense 1,745.0 Equity earnings (30.0)Distributions from unconsolidated affiliates 35.0 Compensation on equity grants 80.0 Risk management activities and other 123.0 Noncontrolling interests adjustments (1) (3.0)Estimated Adjusted EBITDA$5,800.0 _______________________
(1)Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting. Regulation FD Disclosures 

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or the Company’s website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the company to monitor these distribution channels for material disclosures.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding the Company’s projected financial performance, capital spending, payment of future dividends and stock repurchase activity. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of the Company’s completion of capital projects and business development efforts, the expected growth of volumes on the Company’s systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
[email protected]
(713) 584-1133

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Targa Resources, Inc. (TRGP - Free Report) is headquartered in Houston, and is in the Oils-Energy sector. The stock has seen a price change of 35.23% since the start of the year. The company is currently shelling out a dividend of $1.25 per share, with a dividend yield of 2%. This compares to the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry's yield of 5.83% and the S&P 500's yield of 1.41%.

Looking at dividend growth, the company's current annualized dividend of $5.00 is up 33.3% from last year. Over the last 5 years, Targa Resources, Inc. has increased its dividend 4 times on a year-over-year basis for an average annual increase of 69.99%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Targa Resources's current payout ratio is 47%, meaning it paid out 47% of its trailing 12-month EPS as dividend.

TRGP is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $10.32 per share, with earnings expected to increase 21.55% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, TRGP is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Targa Resources, Inc. (TRGP - Free Report) came out with quarterly earnings of $2.21 per share, missing the Zacks Consensus Estimate of $2.55 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.24%. A quarter ago, it was expected that this company would post earnings of $2.39 per share when it actually produced earnings of $2.51, delivering a surprise of +5.02%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Targa Resources, which belongs to the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, posted revenues of $4.09 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 19.64%. This compares to year-ago revenues of $4.56 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Targa Resources shares have added about 35.2% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Targa Resources?While Targa Resources has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Targa Resources was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.42 on $5.08 billion in revenues for the coming quarter and $10.32 on $20.52 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing - Master Limited Partnerships is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Oils-Energy sector, Natural Gas Services (NGS - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.

This maker of natural gas compression equipment and industrial flare systems is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +18.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Natural Gas Services' revenues are expected to be $47.88 million, up 15.7% from the year-ago quarter.

Key Takeaways TRGP posted record Q1 adjusted EBITDA of $1.4B, up 19% on strong Permian and fractionation volumes.Targa raised its dividend 25%, repurchased shares and expanded Permian processing capacity.TRGP expects 2026 adjusted EBITDA of $5.7B-$5.9B, driven by growth and fee-based cash flows. Targa Resources Corp. (TRGP - Free Report) reported first-quarter 2026 earnings of $2.21 per share, which missed the Zacks Consensus Estimate of $2.55. The underperformance can be attributed to severe winter weather that impacted volumes across its systems, weak Waha natural gas prices that led to producer curtailments in the Permian Basin during the quarter and higher operating expenses related to maintenance activity, system expansions and acquired Permian assets.

The bottom line, however, increased from the year-ago quarter’s level of 91 cents. The year-over-year improvement can be attributed to higher operating margins in the company’s Gathering and Processing and Logistics and Transportation segments.

Total quarterly revenues of $4.1 billion missed the Zacks Consensus Estimate of $5.1 billion by 19.64%. Revenues also declined 10% from the year-ago quarter’s level of $4.6 billion, primarily due to lower commodity sales, partly offset by higher fees from midstream services.

Despite the revenue miss, Targa delivered record first-quarter adjusted EBITDA of $1.4 billion, up 19% from the prior-year quarter. The increase was driven by record Permian inlet volumes, record fractionation volumes and higher marketing margins.

Taking a Closer Look at Q1 ResultsOn April 16, 2026, Houston, TX-based oil and gas storage and transportation company declared a quarterly dividend of $1.25 per share, or $5 annualized, representing a 25% increase from the first-quarter 2025 dividend. The company also repurchased $55 million of common stock during the quarter.

In the first quarter, Targa benefited from continued strength across its integrated Permian-to-Mont Belvieu footprint. Management mentioned that the company still achieved record first-quarter adjusted EBITDA, Permian volumes and NGL fractionation volumes despite winter weather and periodic shut-ins. The company also mentioned that current Permian volumes were running more than 250 million cubic feet per day above the first-quarter average, even with 200-400 million cubic feet per day of temporary producer shut-ins on any given day.

TRGP’s Segmental PerformanceGathering and Processing: The segment’s operating margin was $703.5 million, up 17% from $602.2 million in the year-ago quarter. However, the figure missed the Zacks Consensus Estimate of $757 million. Adjusted operating margin increased 16% year over year to $937.1 million, primarily driven by higher Permian natural gas inlet volumes, which boosted fee-based margin, partially offset by lower commodity prices.

Total Permian plant natural gas inlet volumes averaged 6,730 MMcf/d, up 12% year over year. The improvement was supported by the Pembrook II, Bull Moose II and Falcon II plants, continued producer activity and the acquisition of certain Permian Basin assets in the first quarter.

Logistics and Transportation: This unit reflects TRGP’s downstream operations. The segment’s operating margin increased 20% year over year to $773.3 million, and beat the Zacks Consensus Estimate of $783 million, while adjusted operating margin rose 18% to $873.5 million. The improvement was driven by higher marketing margin and stronger pipeline transportation and fractionation margin.

NGL pipeline transportation volumes averaged 1,016.8 MBbl/d, up 21% year over year. Fractionation volumes averaged 1,145.2 MBbl/d, up 17%. Export volumes declined 2% year over year to 437 MBbl/d, affected by the outage at a portion of the Galena Park export facility.

TRGP’s Costs, Capex & Balance SheetProduct purchases and fuel declined 26% year over year to $2.39 billion, reflecting lower NGL and natural gas prices, partly offset by higher volumes. Operating expenses rose 10% to $333.7 million, mainly due to higher labor and maintenance costs from increased activity, system expansions and the Permian asset acquisition.

The company spent $914.4 million on growth capital programs compared with $594.5 million in the year-ago period. While maintenance capital expenditures were $37.6 million compared with $47.3 million in the year-ago period, adjusted free cash flow was $227.9 million.

As of March 31, 2026, TRGP had cash and cash equivalents of $100.1 million and long-term debt of $18.4 billion, with a debt-to-capitalization of around 85.5%.

TRGP’s Project UpdatesTarga completed the Falcon II processing plant in Permian Delaware in February 2026 and the East Pembrook plant in Permian Midland in late March. The company also completed Train 11 in Mont Belvieu in April and began start-up operations for its Delaware Express NGL Pipeline expansion in May.

Targa announced two new Permian Delaware processing plants — Roadrunner III and Copperhead II — expected to begin operations in the first quarter of 2028. The company’s investor presentation shows several other major projects underway, including Train 12, Train 13, Speedway, the GPMT LPG Export Expansion and residue gas pipeline projects.

TRGP’s 2026 GuidanceThe company expects a stronger 2026 financial performance, supported by continued growth across the Permian gathering and processing footprint and record volumes through its integrated NGL system. Management guided to a 2026 adjusted EBITDA of approximately $5.7 billion to $5.9 billion, representing roughly 17% year-over-year growth, driven by higher throughput volumes, strength in marketing and optimization activities and contributions from recently completed and ongoing expansion projects. The company also plans to invest about $4.5 billion in net growth capital expenditures during 2026, while maintenance capital is expected to total roughly $250 million.

Importantly, more than 90% of expected EBITDA is projected to be fee-based, providing greater cash flow stability and limiting direct exposure to commodity price volatility.

Overall, management’s outlook reflects confidence in sustained producer activity, rising infrastructure demand in the Permian Basin and continued operating momentum heading into 2026. TRGP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a GlanceWhile we have discussed TRGP’s first-quarter results in detail, let us take a look at three other key reports in this space.

Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents.

Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, this oil and gas equipment and services company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.

Houston, TX-based oil and gas storage and transportation company, Kinder Morgan Inc. (KMI - Free Report) , posted first-quarter 2026 adjusted earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased year over year from 34 cents. The strong quarterly results can be primarily attributed to contributions from the Natural Gas Pipelines business segment.

As of March 31, 2026, KMI reported $72 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.72 billion. KMI’s project backlog was reported at $10.1 billion by the end of the first quarter. The midstream energy major added that natural gas projects comprise approximately 92% of its project backlog, with nearly 60% dedicated to supporting local distribution companies and power generation.

Fort Worth, TX-based oil and gas exploration and production company, Range Resources Corporation (RRC - Free Report) , posted first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents. Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.

Drilling and completion expenditure totaled $130 million. An additional $5 million was spent on acreage and $4 million on infrastructure and other investments. At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. TRGP has a Growth Style Score of B, forecasting year-over-year earnings growth of 25.6% for the current fiscal year.

For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.47 to $10.66 per share. TRGP boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, TRGP should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Oils-Energy stock. TRGP has a Momentum Style Score of A, and shares are up 4.3% over the past four weeks.

Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.43 to $10.75 per share. TRGP also boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TRGP should be on investors' short list.