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B. Metzler seel. Sohn & Co. AG reduced its position in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 26.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 22,569 shares of the pipeline company’s stock after selling 8,124 shares during the quarter. B. Metzler seel. Sohn & Co. AG’s holdings in Targa Resources were worth $6,051,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY increased its position in shares of Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after buying an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG increased its position in shares of Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources In other Targa Resources news, Director Paul Chung sold 1,816 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles Crisp sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 7,216 shares of company stock worth $2,127,634. Corporate insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth A number of brokerages have issued reports on TRGP. Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Mizuho upped their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $301.18. Check Out Our Latest Stock Report on Targa Resources

Targa Resources Stock Performance Targa Resources stock opened at $293.51 on Friday. The firm has a market capitalization of $62.94 billion, a P/E ratio of 28.06, a PEG ratio of 1.39 and a beta of 0.72. The stock has a fifty day moving average price of $277.16 and a 200 day moving average price of $259.47. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities research analysts anticipate that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio is currently 47.80%.

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.

See Also Five stocks we like better than Targa Resources The Path to $230 Billion: Broadcom Outlines the Next Phase of Its AI Growth Story NVIDIA’s Hugging Face Deal Raises a Bigger Question About Its AI Moat Now Dropping the Dough: Yum! Brands Strategically Trims the Fat These 3 Stock Charts Just Flashed the Dreaded Death Cross Pattern

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Beacon Pointe Advisors LLC purchased a new position in Targa Resources, Inc. (NYSE:TRGP – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,569 shares of the pipeline company’s stock, valued at approximately $1,762,000.

Several other large investors also recently added to or reduced their stakes in the stock. Woodline Partners LP increased its stake in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth lifted its position in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. lifted its position in shares of Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after purchasing an additional 219 shares during the period. Brown Advisory Inc. boosted its stake in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock valued at $5,550,000 after purchasing an additional 3,163 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is owned by company insiders.

Targa Resources Stock Up 0.2% Shares of TRGP stock opened at $288.38 on Monday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The stock’s fifty day moving average price is $275.05 and its 200 day moving average price is $257.39. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72. Targa Resources (NYSE:TRGP – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. On average, research analysts expect that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Analyst Upgrades and Downgrades TRGP has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price objective on shares of Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Raymond James Financial set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. Wells Fargo & Company boosted their price target on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Barclays upped their price objective on Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Erste Group Bank started coverage on Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $298.71.

Get Our Latest 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.

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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 11.1% over the past four weeks.

Eight analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.45 to $11.20 per share. TRGP boasts an average earnings surprise of +3.9%.

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

Bank of New York Mellon Corp reduced its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 8.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,343,665 shares of the pipeline company’s stock after selling 118,380 shares during the period. Bank of New York Mellon Corp owned about 0.63% of Targa Resources worth $360,290,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter worth $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the fourth quarter valued at $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. CoreCap Advisors LLC increased its stake in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 91 shares in the last quarter. Finally, Godfrey Financial Associates Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth about $37,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets Several research firms recently issued reports on TRGP. TD Cowen lifted their price objective on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Wolfe Research set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research report on Friday, May 8th. Scotiabank raised their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $297.18.

Check Out Our Latest Stock Analysis on Targa Resources Targa Resources Price Performance TRGP opened at $300.01 on Friday. The stock’s 50-day moving average price is $271.98 and its 200 day moving average price is $254.10. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94. The firm has a market cap of $64.33 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 1.46 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 11.05 earnings per share for the current year.

Targa Resources Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

More Targa Resources News Here are the key news stories impacting Targa Resources this week:

Positive Sentiment: Long-term ExxonMobil contracts strengthen growth visibility. Targa secured 20-year, fee-based agreements with ExxonMobil covering the Permian Delaware and Midland basins. The arrangements support new processing and takeaway infrastructure through 2046, potentially improving cash-flow visibility and extending Targa’s Permian growth runway. Targa Resources Secures 20-Year Deal With ExxonMobil Positive Sentiment: Jefferies initiated or reiterated a Buy rating. The endorsement provides additional analyst support for TRGP’s long-term growth and infrastructure outlook. Targa Resources Gets a Buy from Jefferies Neutral Sentiment: Higher capital spending raises execution risk. The ExxonMobil-related infrastructure buildout could create meaningful future growth, but increased 2026 spending may pressure near-term free cash flow and heighten construction and execution demands. How Targa’s ExxonMobil Deal Could Extend Its Permian Growth Runway Negative Sentiment: US Capital Advisors reduced multiple EPS forecasts. The firm cut estimates for late 2026, all quarters of 2027, FY2027 EPS from $11.75 to $11.05, and FY2028 EPS from $13.42 to $12.73. Although it maintained a “Moderate Buy” rating, the revisions suggest expectations for slower earnings growth. Negative Sentiment: Premium valuation may limit upside. TRGP is trading close to its 52-week high following an approximately 85% rally, while heavy spending and potentially moderating marketing gains have raised questions about whether the current valuation fully reflects future growth. Targa Resources’ Stock Near 52-Week High 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.

Recommended Stories Five stocks we like better than Targa Resources Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?

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Advisors Capital Management LLC acquired a new position in Targa Resources, Inc. (NYSE:TRGP – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,360 shares of the pipeline company’s stock, valued at approximately $633,000.

Other large investors have also recently made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in Targa Resources in the 4th quarter valued at $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources in the 4th quarter worth $30,000. Leonteq Securities AG purchased a new stake in shares of Targa Resources in the 4th quarter worth $31,000. CoreCap Advisors LLC increased its stake in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after buying an additional 91 shares during the period. Finally, Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources during the fourth quarter valued at $37,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 0.7% Targa Resources stock opened at $300.01 on Friday. The stock has a 50 day moving average of $271.98 and a two-hundred day moving average of $254.10. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The stock has a market capitalization of $64.33 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 1.46 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. As a group, research analysts expect that Targa Resources, Inc. will post 11.05 earnings per share for the current year. Targa Resources Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.

Targa Resources News Roundup Here are the key news stories impacting Targa Resources this week:

Positive Sentiment: Long-term ExxonMobil contracts strengthen growth visibility. Targa secured 20-year, fee-based agreements with ExxonMobil covering the Permian Delaware and Midland basins. The arrangements support new processing and takeaway infrastructure through 2046, potentially improving cash-flow visibility and extending Targa’s Permian growth runway. Targa Resources Secures 20-Year Deal With ExxonMobil Positive Sentiment: Jefferies initiated or reiterated a Buy rating. The endorsement provides additional analyst support for TRGP’s long-term growth and infrastructure outlook. Targa Resources Gets a Buy from Jefferies Neutral Sentiment: Higher capital spending raises execution risk. The ExxonMobil-related infrastructure buildout could create meaningful future growth, but increased 2026 spending may pressure near-term free cash flow and heighten construction and execution demands. How Targa’s ExxonMobil Deal Could Extend Its Permian Growth Runway Negative Sentiment: US Capital Advisors reduced multiple EPS forecasts. The firm cut estimates for late 2026, all quarters of 2027, FY2027 EPS from $11.75 to $11.05, and FY2028 EPS from $13.42 to $12.73. Although it maintained a “Moderate Buy” rating, the revisions suggest expectations for slower earnings growth. Negative Sentiment: Premium valuation may limit upside. TRGP is trading close to its 52-week high following an approximately 85% rally, while heavy spending and potentially moderating marketing gains have raised questions about whether the current valuation fully reflects future growth. Targa Resources’ Stock Near 52-Week High Analysts Set New Price Targets TRGP has been the topic of several analyst reports. UBS Group reiterated a “buy” rating and issued a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Wolfe Research set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. Barclays lifted their price objective on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Truist Financial increased their target price on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Raymond James Financial set a $335.00 target price on Targa Resources in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $297.18.

Read Our Latest Stock Analysis 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.

Further Reading Five stocks we like better than Targa Resources Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? 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).

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Targa Resources Corp (TRGP) announced a major infrastructure expansion after securing long-term, fee-based agreements with ExxonMobil (XOM) across the Permian Delaware and Midland basins. The deal significantly bolsters Targa's processing and takeaway capabilities while offering midstream investors enhanced cash-flow visibility.

Targa Resources secures a transformative 20-year midstream agreement with ExxonMobil, anchoring long-term growth and volume certainty. TRGP will invest in three new processing plants, a 70-mile pipeline, and potentially five additional plants, extending its aggressive growth trajectory. The XOM partnership delays the free cash flow inflection beyond 2028, but rising base EBITDA and project completions maintain positive FCF trends.

18.8.2026 22:02

Trhy v zámoří ke konci obchodní seance se začaly „uklidňovat“ přičemž je mírně uklidnil vývoj ceny ropy. Ta se nakonec posunula do mírně kladných čísel (WTI +0,41 %), a to díky komentářům prezidenta Trumpa ohledně vývoje v Hormuzu. Přesto indexy skončily v červených číslech a obzvláště čipovému sektoru se dnes nedařilo díky stálé obavě o kapitálových nákladech na AI infrastrukturu.

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Index Dow Jones -0,22 % na 53343,64 b.
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Index S&P 500 -0,69 % na 7691,92 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +1,8 % Informační technologie -1,9 % Zdravotní péče +1,6 % Průmysl -1,5 % Nezbytná spotřeba +1,1 % Základní materiály -0,9 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Targa Resources Corp (TRGP) +7,1 % Coherent Corp (COHR) -13 % Insulet Corp (PODD) +6,0 % Lumentum Holdings (LITE) -9,9 % Ulta Beauty (ULTA) +4,8 % Seagate Technology Holdings (STX) -9,2 % Intuit (INTU) +4,4 % Sandisk Corp (SNDK) -9,0 % Monster Beverage Corp (MNST) +4,1 % Ciena Corp (CIEN) -8,9 %
Jan Pazourek, Fio banka, a.s.

Key Takeaways Targa Resources secures 20-year Permian acreage and NGL dedications with ExxonMobil through 2046.Three Delaware plants will add about 825 MMcf/d of processing capacity, with startup planned in 1H 2028.TRGP lifts 2026 growth capital to about $5 billion, including new plants, field spending and Bull Run II. Targa Resources Corp. (TRGP - Free Report) has announced a major expansion of its strategic relationship with ExxonMobil (XOM - Free Report) through new long-term, integrated midstream agreements covering significant acreage in the Permian Basin. The arrangements strengthen Targa’s presence across the Permian Delaware and Midland basins while broadening the range of services it will provide to ExxonMobil subsidiaries.

The new arrangements cover fee-based natural gas gathering and processing (G&P), as well as downstream services. They include 20-year acreage dedications that extend through 2046, giving Targa a long-term opportunity to support ExxonMobil’s production growth. Along with the agreements, Targa announced three new processing plants, additional natural gas takeaway infrastructure and a higher 2026 growth capital outlook.

TRGP Expands ExxonMobil Relationship in the PermianThe new agreements give Targa access to significant additional acreage dedicated to its midstream services. In the Permian Delaware, the arrangements cover natural gas gathering, processing, treating, NGL transportation and fractionation.

These commitments extend through 2046, creating a long-term framework for Targa to provide integrated services as ExxonMobil develops its dedicated acreage.

The Delaware agreements also include 20-year NGL dedications to Targa’s logistics and transportation (L&T) systems. This connects production handled through Targa’s gathering and processing network with its broader NGL infrastructure.

In the Permian Midland, the agreements add new acreage dedications and extend Targa’s existing fee-floor gathering and processing arrangements through 2046. The Midland agreements also include NGL dedications to Targa’s L&T systems.

Together, the arrangements expand Targa’s relationship with ExxonMobil across two of the Permian Basin’s most important operating areas.

New Permian Delaware Processing Plants to Add 825 MMcf/dTo support expected production growth, Targa has announced three new natural gas processing plants in the Permian Delaware: Wrangler, Ranger and Ranger II.

The three facilities are expected to provide approximately 825 million cubic feet per day (MMcf/d) of aggregate processing capacity. Targa expects the plants to be placed into service during the first half of 2028.

The new facilities will expand Targa’s ability to process natural gas associated with growing production in the Delaware. Processing capacity is an important component of the midstream system because natural gas gathered from producing properties must be treated and processed before it can move into downstream markets.

Targa is also evaluating up to five additional processing plants for the Delaware to accommodate production growth beyond the currently announced projects. The potential additions demonstrate that the company is planning capacity around longer-term customer requirements rather than limiting its expansion to the facilities already under development.

Bull Run II Pipeline Will Provide Additional Gas TakeawayTarga is pairing the new processing plants with additional transportation infrastructure. The company has announced Bull Run II, an approximately 70-mile natural gas pipeline that will become part of its Bull Run residue system in the Permian Delaware.

The pipeline is expected to transport natural gas from the newly announced processing facilities to Waha, providing a dedicated takeaway route for residue gas.

Bull Run II is expected to begin operations during the first half of 2028 and will be supported by take-or-pay commitments. Its planned timing corresponds with the expected startup of Wrangler, Ranger and Ranger II.

The project is important because additional processing capacity needs corresponding takeaway infrastructure. By developing the processing plants and pipeline as part of the same expansion program, Targa can create a more complete midstream solution for expected Delaware production.

Targa Raises 2026 Growth Capital Estimate to $5 BillionThe newly announced projects are reflected in TRGP’s updated capital expectations. The company now estimates fiscal 2026 growth capital at approximately $5 billion.

The revised estimate includes investment in the three new Delaware processing plants, incremental field capital and Bull Run II.

The increase represents a substantial infrastructure commitment, but it is directly associated with expected customer growth and the requirements created by the new commercial agreements. Targa expects its plants, field infrastructure and downstream projects currently underway to play an important role in handling future production.

The capital program also provides an indication of the scale of development anticipated across Targa’s Permian operations. Rather than relying solely on existing capacity, the company is adding targeted infrastructure where future volumes are expected to require it.

NGL Transportation and Fractionation Add Downstream OpportunitiesThe ExxonMobil agreements extend beyond natural gas gathering and processing. The inclusion of NGL transportation and fractionation services gives Targa additional opportunities to benefit from growing liquids volumes generated by Permian production.

The 20-year NGL dedications to Targa’s L&T systems across the Delaware and Midland create a durable connection between upstream production and its downstream network.

Targa is also evaluating the timing of an additional fractionation train in Mont Belvieu. The company has not established a specific operating date for the potential expansion, but the evaluation reflects anticipated future requirements for additional NGL processing capacity.

Mont Belvieu is a major center for NGL infrastructure, making additional fractionation capacity strategically relevant as Permian production and associated liquids volumes increase.

Long-Term Commercial Visibility for TRGPOne of the most significant elements of the announcement is the duration of the new commercial arrangements. The 20-year commitments extend through 2046, providing Targa with a lengthy contractual horizon tied to ExxonMobil’s Permian acreage.

The fee-based structure also supports the company’s midstream business model by linking revenue opportunities to contracted services. Targa can therefore plan infrastructure investments around customer commitments and anticipated production requirements.

The agreements further strengthen Targa’s integrated position. Gathering and processing assets provide the connection to the wellhead, while treating, NGL transportation, fractionation and residue gas takeaway extend the company’s involvement across the broader midstream chain.

This combination gives Targa the ability to serve multiple infrastructure requirements within a single customer relationship.

Targa’s Permian Expansion Supports Its Growth StrategyTarga expects the new commercial agreements to contribute to its overall growth rate over the medium and long term. The company plans to utilize its existing infrastructure alongside projects already underway and the newly announced developments.

Chief executive officer Matt Meloy emphasized Targa’s execution capabilities, operational reliability and established Permian footprint when discussing the expanded relationship with ExxonMobil. The company believes these strengths have helped establish it as a long-term infrastructure partner for producer customers.

The latest announcement therefore brings together commercial expansion and a defined infrastructure program. New acreage dedications provide additional volumes, while the processing plants and Bull Run II pipeline are designed to support those volumes as production develops.

What the ExxonMobil Deal Means for TRGPThe expanded ExxonMobil relationship represents a significant development for Targa. The company has secured new long-term acreage commitments in the Delaware and Midland basins, expanded its range of services and identified infrastructure projects to accommodate anticipated production.

The 825 MMcf/d of new processing capacity, Bull Run II pipeline, potential additional processing plants and evaluation of future Mont Belvieu fractionation capacity collectively point to continued investment in the Permian.

With its 2026 growth capital estimate now at approximately $5 billion, Targa is committing substantial resources to support this development. The combination of long-term contracts, new acreage and targeted infrastructure gives the company greater visibility into future midstream activity while deepening its relationship with one of the largest energy producers operating in the Permian Basin.

TRGP's Zacks Rank & Key PicksCurrently, both TRGP and XOM have a Zacks Rank of #3 (Hold).

Investors interested in the energy sector might consider some better-ranked stocks, such as Par Pacific (PARR - Free Report) and Delek US Holdings (DK - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Par Pacific is valued at $4.02 billion. It is a diversified energy company that owns and operates petroleum refineries, logistics assets and retail fuel businesses across the United States. Par Pacific focuses on refining, transporting and marketing fuel products while serving regional markets with reliable energy solutions.

Delek US Holdings is valued at $4.01 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.

 | Source: Targa Resources Corp.

Highlights

Establishes new 20-year fee-based, integrated midstream agreements to support ExxonMobil’s development of its premier Permian Basin acreageEstablishes an extensive new area of mutual interest (AMI) across the Permian Delaware for gathering and processing, and downstream services for 20 yearsAdds new acreage to our existing AMI in the Permian MidlandExtends Targa’s current Permian Midland agreements to 20 years for gathering and processing, and downstream servicesAdds a new 20-year NGL dedication for transportation and fractionation services across both the Permian Delaware and Permian MidlandAnnounced today three new natural gas processing plants in the Permian Delaware to support production growth in the areaEvaluating up to five additional new processing plants in the Permian Delaware to accommodate expected production growth in the area over the longer termAnnounced today a new ~70-mile natural gas pipeline in the Permian Delaware (“Bull Run II”) to increase natural gas takeaway capacity to the Waha HubFurther enhances Targa’s existing long-term relationship with ExxonMobilUpdating full year 2026 net growth capital estimate to ~$5.0 billion HOUSTON, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) today announced the execution of new long-term, integrated midstream agreements with subsidiaries of ExxonMobil, further strengthening the parties’ strategic relationship across the Permian Basin.

Targa has entered into long-term fee-based agreements with ExxonMobil for integrated natural gas gathering and processing (“G&P”) and downstream services in the Permian Basin. These agreements meaningfully add to and extend our strategic relationship with ExxonMobil with significant acreage dedications in the Delaware and Midland basins under 20-year agreements.

In the Permian Delaware our agreements with ExxonMobil add significant new acreage dedications for integrated fee-based services, including gathering, processing, treating, NGL transportation, and fractionation through 2046. In the Permian Midland, our agreements add new acreage dedications and extend our existing fee-floor gathering and processing agreements through 2046. The agreements in both the Delaware and Midland include 20-year NGL dedications to Targa’s logistics and transportation (“L&T”) systems.

The new commercial agreements will add substantial long-term volume growth across Targa’s integrated wellhead to water position, utilizing our existing infrastructure, projects currently underway, and planned future system expansions. Targa’s commercial success is a result of our proven execution capabilities, expansive integrated footprint and strong operational reliability. We expect these agreements will add to Targa’s overall growth rate over the medium and long term.

“We are excited to meaningfully expand our strategic relationship with ExxonMobil,” said Matt Meloy, Targa’s Chief Executive Officer. “Our track record has positioned us as an attractive partner, and a provider of exceptional execution and reliability for our producer customers. As the largest gatherer and processor in the Permian, we continue to invest across our footprint and our execution allows Targa the unmatched ability to handle our customers’ long-term production growth plans. We expect this expansion of our strategic relationship with ExxonMobil to meaningfully add to Targa’s strong growth rate well into the next decade and bolster our outlook for durable and growing adjusted free cash flow over the long term.”

Growth Project Update and 2026 Capital Outlook

To accommodate our customers’ continued growth plans and these new commercial agreements, Targa announced three new natural gas processing plants in the Permian Delaware, the Wrangler, Ranger and Ranger II plants, with aggregate capacity of ~825 million cubic feet per day (MMcf/d). The three new plant additions are expected to be in service in the first half of 2028 and we are evaluating up to five additional new processing plants to accommodate expected production growth in the area over the longer term. Targa is also evaluating the timing of an additional fractionation train in Mont Belvieu.

Targa also announced a new ~70-mile natural gas pipeline as part of our Bull Run residue system in the Permian Delaware (“Bull Run II”). The pipeline will provide natural gas takeaway from the new plant additions announced today to Waha and will be supported by take or pay commitments. Bull Run II is expected to begin operations in the first half of 2028.

We are updating our estimate for FY26 growth capital to ~$5.0B which incorporates expected investment in the new Delaware processing plants announced today, incremental associated field capital, and the Bull Run II natural gas pipeline. The new commercial success announced today adds long-term visibility to our growth, and we expect our plant, field and downstream infrastructure currently underway will be much needed to accommodate planned volume growth. 

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.

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, including the Company’s realization of the expected benefits of new commercial agreements, 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

Acumen Wealth Advisors LLC lifted its stake in Targa Resources, Inc. (NYSE: TRGP) by 171.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,977 shares of the pipeline company's stock after acquiring an additional 5,666 shares during the period. Acumen Wealth Advisors LLC's

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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 A, forecasting year-over-year earnings growth of 28.6% for the current fiscal year.

For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.20 to $10.92 per share. TRGP boasts an average earnings surprise of +3.9%.

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

Targa Resources, Inc. (TRGP - Free Report) came out with quarterly earnings of $3.54 per share, beating the Zacks Consensus Estimate of $2.83 per share. This compares to earnings of $2.87 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +25.09%. A quarter ago, it was expected that this company would post earnings of $2.55 per share when it actually produced earnings of $2.21, delivering a surprise of -13.33%.

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 $4.44 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.35%. This compares to year-ago revenues of $4.26 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 41% since the beginning of the year versus the S&P 500's gain of 12.8%.

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 $2.79 on $4.93 billion in revenues for the coming quarter and $10.83 on $19.4 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 18% 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.

Borr Drilling (BORR - Free Report) , another stock in the broader Zacks Oils-Energy sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.

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Borr Drilling's revenues are expected to be $249 million, down 7% from the year-ago quarter.

Targa Resources Corp. (TRGP) Q2 2026 Earnings Call August 6, 2026 11:00 AM EDT

Company Participants

Tristan Richardson - VP of Investor Relations & Fundamentals
Matt Meloy - CEO & Director
Jennifer Kneale - President
William Byers - Chief Financial Officer
Benjamin Branstetter - President of Logistics & Transportation
Patrick McDonie - President of Gathering & Processing

Conference Call Participants

Jeremy Tonet - JPMorgan Chase & Co, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Jacqueline Koletas - Goldman Sachs Group, Inc., Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Gabriel Moreen - Mizuho Securities USA LLC, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Burke Sansiviero - Wolfe Research, LLC
Jason Gabelman - TD Cowen, Research Division
Sunil Sibal - Seaport Research Partners

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Targa Resources Corp. Second Quarter 2026 Earnings Webcast and Presentation. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead.

Tristan Richardson
VP of Investor Relations & Fundamentals

Thanks, operator. Good morning, and welcome to the Second Quarter 2026 Earnings Call for Targa Resources Corp. The second quarter earnings release, a supplement presentation and our latest investor presentation are available in the Investors section of our website at targaresources.com. Statements made during this call that may include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our latest SEC filings.

Our speakers for the call today will be Matt Meloy, Chief Executive Officer; Jen Kneale, President; and Will Byers, Chief Financial

HOUSTON, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported second quarter 2026 results.

Second quarter 2026 net income attributable to Targa Resources Corp. was $765 million compared to $629 million for the second quarter of 2025. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,603 million for the second quarter of 2026 compared to $1,163 million for the second quarter of 2025.

Highlights

Record adjusted EBITDA for the second quarter of $1.6 billion, an increase of 38% year-over-year and a 14% increase compared to the first quarterRecord Permian inlet, NGL transportation, fractionation, and LPG export volumes during the second quarterCommenced operations of our Train 11 fractionator and Delaware Express NGL Pipeline expansion during the second quarterCommenced operations of our new East Driver processing plant in Permian Midland late in the second quarter, ahead of scheduleEstimate full year 2026 adjusted EBITDA to be towards the top end of $5.7 billion to $5.9 billion rangeContinue to estimate 2026 net growth capital expenditures of approximately $4.5 billion On July 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 second quarter of 2026. This dividend represents a 25 percent increase over the common dividend declared with respect to the second quarter of 2025. Total cash dividends of approximately $268 million will be paid on August 14, 2026 on all outstanding shares of common stock to holders of record as of the close of business on July 31, 2026.

During the second quarter of 2026, Targa repurchased 308,102 shares of its common stock at a weighted average per share price of $259.93 for a total net cost of $80 million. As of June 30, 2026, there was $1,239 million remaining under the Company’s share repurchase programs.

Second Quarter 2026 - Sequential Quarter over Quarter Commentary

Targa reported record second quarter adjusted EBITDA of $1,603 million, representing a 14 percent increase compared to the first quarter of 2026. The sequential increase was driven by higher marketing margin in our Logistics and Transportation (“L&T”) segment, record Permian volumes in our Gathering and Processing (“G&P”) segment, and record NGL transportation, fractionation, and LPG export volumes in our L&T segment.

In our G&P segment, higher sequential adjusted operating margin was driven by record Permian natural gas inlet volumes, partially offset by lower natural gas prices. Permian inlet volumes increased more than 450 million cubic feet per day (“MMcf/d”) despite temporary curtailments by certain producer customers in response to negative Waha natural gas prices in the second quarter.

In our L&T segment, higher sequential adjusted operating margin was driven by higher marketing margin, and record NGL pipeline transportation, fractionation, and LPG export volumes. Marketing margin increased due to greater optimization opportunities. NGL pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian G&P systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

Capitalization, Financing and Liquidity

The Company’s total consolidated debt as of June 30, 2026 was $19,578 million, net of $128 million of debt issuance costs and $39 million of unamortized discount, with $17,900 million of outstanding senior unsecured notes, $600 million outstanding under our Commercial Paper Program, $451 million outstanding under our accounts receivable securitization facility (the “Securitization Facility”), and $794 million of finance lease liabilities.

Total consolidated liquidity as of June 30, 2026 was approximately $3.2 billion, including $2.9 billion available under the TRGP Revolver, $149 million under the Securitization Facility and $132 million of cash.

In July 2026, Targa amended the Securitization Facility to, among other things, extend the facility termination date to July 30, 2027 and increase borrowing capacity to up to $800 million.

Growth Projects Update

In our G&P segment, we commenced operations of our new East Driver plant in the Permian Midland late in the second quarter, ahead of schedule. Construction remains underway on our Copperhead, Yeti, Yeti II, Roadrunner III, and Copperhead II plants in Permian Delaware, and our G&P projects remain on track.

In our L&T segment, we commenced operations of our Train 11 fractionator in Mont Belvieu, TX and our Delaware Express NGL Pipeline expansion in the second quarter. 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

Given the strength of Targa’s performance through the first two quarters of the year, Targa now estimates full year 2026 adjusted EBITDA to be towards the top end of our $5.7 billion to $5.9 billion range. The higher outlook for full year 2026 is driven by the realization of strong marketing and optimization margin particularly in the first and second quarters of the year, and continued strength of volume growth of our integrated assets across the full year.

We continue to estimate net growth capital expenditures to be approximately $4.5 billion, and 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 August 6, 2026 to discuss second 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/o7q55fuf/lan/en/. 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 June 30,
   Six Months Ended June 30,
     2026
 2025
 2026 vs. 2025
 2026
 2025
 2026 vs. 2025
   (In millions)
 Revenues:
                        Sales of commodities$3,592.9  $3,636.3  $(43.4) (1%) $6,937.5  $7,520.7  $(583.2)(8%)  Fees from midstream services 847.2   623.8   223.4  36%  1,597.3   1,300.9   296.4 23%  Total revenues 4,440.1   4,260.1   180.0  4%  8,534.8   8,821.6   (286.8)(3%) Product purchases and fuel
 2,302.0   2,436.0   (134.0) (6%)  4,696.5   5,693.8   (997.3)(18%) Operating expenses
 354.1   323.6   30.5  9%  687.8   627.2   60.6 10% Depreciation and amortization expense
 453.1   373.7   79.4  21%  879.1   741.3   137.8 19% General and administrative expense
 108.1   95.0   13.1  14%  215.9   189.5   26.4 14% Other operating (income) expense
 (11.7)  (1.8)  (9.9) NM   (25.9)  (7.1)  (18.8)265% Income (loss) from operations
 1,234.5   1,033.6   200.9  19%  2,081.4   1,576.9   504.5 32% Interest expense, net
 (236.6)  (218.4)  (18.2) 8%  (464.2)  (415.5)  (48.7)12% Equity earnings (loss)
 7.8   5.1   2.7  53%  16.4   10.6   5.8 55% Other, net
 (0.8)  1.0   (1.8) NM   (17.4)  1.3   (18.7)NM  Income tax (expense) benefit
 (227.2)  (184.1)  (43.1) 23%  (351.1)  (256.3)  (94.8)37% Net income (loss)
 777.7   637.2   140.5  22%  1,265.1   917.0   348.1 38% Less: Net income (loss) attributable to
noncontrolling interests
 13.1   8.1   5.0  62%  20.9   17.4   3.5 20% Net income (loss) attributable to Targa
Resources Corp.
 764.6   629.1   135.5  22%  1,244.2   899.6   344.6 38% Premium on repurchase of noncontrolling
interests, net of tax
 —   —   —  —   —   70.5   (70.5)(100%) Net income (loss) attributable to common
shareholders
$764.6  $629.1  $135.5  22% $1,244.2  $829.1  $415.1 50% Financial data:
                       Adjusted EBITDA (1)
$1,603.1  $1,163.0  $440.1  38% $3,005.8  $2,341.5  $664.3 28% Adjusted cash flow from operations (1)
 1,371.0   934.4   436.6  47%  2,550.9   1,904.4   646.5 34% Adjusted free cash flow (1)
 205.3   (9.6)  214.9  NM   433.2   318.6   114.6 36%                                (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 June 30, 2026 Compared to Three Months Ended June 30, 2025

Commodity sales were relatively flat due to lower natural gas prices ($784.8 million) and the unfavorable impact of hedges ($291.6 million), partially offset by higher NGL and condensate prices ($597.8 million) and higher NGL, natural gas and condensate volumes ($435.2 million).

The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, higher transportation and fractionation fees, and higher export volumes.

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

The increase in operating expenses was primarily due to higher labor and maintenance costs in part due to system expansions, and the acquisition of certain assets in the Permian Basin, partially offset by lower compressor rental costs.

See “—Review of Segment Performance—” 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, higher amortization of right-of-use assets for finance leases, 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 other operating (income) expense was primarily due to lower asset abandonment costs.

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

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

The decrease in commodity sales reflected lower natural gas and NGL prices ($1,309.2 million) and the unfavorable impact of hedges ($244.1 million), partially offset by higher NGL, natural gas and condensate volumes ($899.6 million) and higher condensate prices ($70.5 million).

The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, higher transportation and fractionation fees, and higher export volumes.

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

The increase in operating expenses was primarily due to higher labor and maintenance costs, and taxes in part due to system expansions, partially offset by lower compressor rental costs.

See “—Review of Segment Performance—” 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, higher amortization of right-of-use assets for finance leases, 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 other operating (income) expense was primarily due to recognition of Section 45Q tax credits earned through the Company’s carbon capture and sequestration activities, and lower asset abandonment costs.

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 June 30,   Six Months Ended June 30,
     2026
 2025 2026 vs. 2025
 2026
 2025
 2026 vs. 2025
    (In millions, except operating statistics and price amounts)  Operating margin
$732.6  $587.6 $145.0  25% $1,436.1  $1,189.8 $246.3  21% Operating expenses
 240.9   219.4  21.5  10%  474.5   427.6  46.9  11% Adjusted operating margin
$973.5  $807.0 $166.5  21% $1,910.6  $1,617.4 $293.2  18% Operating statistics (1):
                            Plant natural gas inlet, MMcf/d (2) (3)
                             Permian Midland (4) 3,393.5   3,106.2  287.3  9%  3,274.4   3,046.3  228.1  7%  Permian Delaware 3,793.8   3,171.8  622.0  20%  3,685.6   3,096.5  589.1  19%  Total Permian 7,187.3   6,278.0  909.3  14%  6,960.0   6,142.8  817.2  13%                                Central (5) 1,010.3   1,086.3  (76.0) (7%)  1,018.8   1,035.8  (17.0) (2%)                                Badlands (5) (6) 133.8   130.9  2.9  2%  130.4   133.9  (3.5) (3%)                                Coastal 577.5   398.8  178.7  45%  562.4   398.8  163.6  41%                                Total 8,908.9   7,894.0  1,014.9  13%  8,671.6   7,711.3  960.3  12% NGL production, MBbl/d (3)
                             Permian Midland (4) 506.1   450.1  56.0  12%  485.6   439.9  45.7  10%  Permian Delaware 500.8   406.7  94.1  23%  485.4   386.8  98.6  25%  Total Permian 1,006.9   856.8  150.1  18%  971.0   826.7  144.3  17%                                Central (5) 118.3   120.2  (1.9) (2%)  110.2   109.1  1.1  1%                                Badlands (5) 16.9   16.6  0.3  2%  16.5   16.5  —  —                                 Coastal 38.7   31.6  7.1  22%  38.2   32.2  6.0  19%                                Total 1,180.8   1,025.2  155.6  15%  1,135.9   984.5  151.4  15% Crude oil gathered, MBbl/d
 143.8   116.5  27.3  23%  139.5   126.3  13.2  10% Natural gas sales, BBtu/d (3)
 3,080.1   2,819.5  260.6  9%  3,060.3   2,706.7  353.6  13% NGL sales, MBbl/d (3)
 680.8   606.4  74.4  12%  653.5   588.4  65.1  11% Condensate sales, MBbl/d
 22.4   20.1  2.3  11%  22.1   19.1  3.0  16% Average realized prices (7):
                            Natural gas, $/MMBtu
 (2.48)  1.01  (3.49) NM   (0.97)  1.59  (2.56) (161%) NGL, $/gal
 0.48   0.41  0.07  17%  0.44   0.46  (0.02) (4%) Condensate, $/Bbl
 90.57   63.79  26.78  42%  78.29   67.80  10.49  15%                               (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. Negative realized natural gas prices during the second quarter of 2026 were a result of an extended period of negative Waha prices due to significant egress constraint in the Permian Basin.   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 June 30, 2026
 Three Months Ended June 30, 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)7.7 $5.351  $41.2  7.4 $2.095  $15.5  NGL (MMgal)106.5  (0.052)  (5.5) 83.6  (0.005)  (0.4) Crude oil (MBbl)0.8  (22.750)  (18.2) 0.7  7.714   5.4         $17.5        $20.5      Six Months Ended June 30, 2026
 Six Months Ended June 30, 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)
16.0 $3.638  $58.2  15.1 $1.517  $22.9  NGL (MMgal)
208.6  (0.022)  (4.6) 181.2  (0.038)  (7.0) Crude oil (MBbl)
1.5  (14.067)  (21.1) 1.4  4.357   6.1          $32.5        $22.0                      (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 June 30, 2026 Compared to Three Months Ended June 30, 2025 

The increase in adjusted operating margin was primarily due to higher natural gas inlet volumes in the Permian which drove higher fee-based margin, partially offset by lower natural gas 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, the East Pembrook plant during the second 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 resulting from multiple plant additions and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

The increase in adjusted operating margin was primarily due to higher natural gas inlet volumes in the Permian which drove higher fee-based margin, partially offset by lower natural gas and NGL 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, the East Pembrook plant during the second 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 resulting from 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 June 30,
   Six Months Ended June 30,
     2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025
   (In millions, except operating statistics)
 Operating margin
$948.3 $632.4 $315.9 50% $1,721.6 $1,279.1 $442.5 35% Operating expenses
 114.3  105.4  8.9 8%  214.5  200.9  13.6 7% Adjusted operating margin
$1,062.6 $737.8 $324.8 44% $1,936.1 $1,480.0 $456.1 31% Operating statistics MBbl/d (1):
                        NGL pipeline transportation volumes (2)
 1,098.9  961.2  137.7 14%  1,058.1  902.7  155.4 17% Fractionation volumes
 1,206.1  969.1  237.0 24%  1,175.8  974.5  201.3 21% Export volumes (3)
 487.1  423.1  64.0 15%  462.2  435.3  26.9 6% NGL sales
 1,310.9  1,151.1  159.8 14%  1,307.5  1,168.6  138.9 12%                           (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 June 30, 2026 Compared to Three Months Ended June 30, 2025

The increase in adjusted operating margin was due to higher marketing margin, higher pipeline transportation and fractionation margin and higher LPG export margin. Marketing margin increased due to greater optimization opportunities. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

The increase in operating expenses was primarily due to higher compensation and benefits including amounts related to system expansions.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

The increase in adjusted operating margin was due to higher marketing margin, higher pipeline transportation and fractionation margin and higher LPG export margin. Marketing margin increased due to greater optimization opportunities. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

The increase in operating expenses was primarily due to higher compensation and benefits including amounts related to system expansions.

Other

 Three Months Ended June 30,   Six Months Ended June 30,    2026 2025 2026 vs. 2025
 2026
 2025 2026 vs. 2025
  (In millions)  Operating margin$103.1 $280.5 $(177.4) $(7.2) $31.7 $(38.9) Adjusted operating margin$103.1 $280.5 $(177.4) $(7.2) $31.7 $(38.9)   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 June 30,
 Six Months Ended June 30,
   2026
 2025
 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.$764.6  $629.1  $1,244.2  $899.6   Interest (income) expense, net 236.6   218.4   464.2   415.5   Income tax expense (benefit) 227.2   184.1   351.1   256.3   Depreciation and amortization expense 453.1   373.7   879.1   741.3   (Gain) loss on sale or disposition of assets (0.8)  (0.7)  (1.8)  (1.2)  Write-down of assets 0.7   9.6   5.0   11.6   (Gain) loss from financing activities —   —   10.1   0.6   Equity (earnings) loss (7.8)  (5.1)  (16.4)  (10.6)  Distributions from unconsolidated affiliates 7.2   6.2   11.9   11.1   Change in contingent consideration 0.5   —   1.2   —   Compensation on equity grants 18.0   17.1   41.2   34.7   Risk management activities (103.1)  (280.5)  7.2   (31.7)  Noncontrolling interests adjustments (1) 6.9   2.5   8.8   5.7   Litigation and environmental reserves (2) —   8.6   —   8.6  Adjusted EBITDA
$1,603.1  $1,163.0  $3,005.8  $2,341.5   Interest expense on debt obligations (3) (231.4)  (214.3)  (454.2)  (407.5)  Cash tax (expense) benefit (0.7)  (14.3)  (0.7)  (29.6) Adjusted Cash Flow from Operations
$1,371.0  $934.4  $2,550.9  $1,904.4   Maintenance capital expenditures, net (4) (52.4)  (58.9)  (90.0)  (106.2)  Growth capital expenditures, net (4) (1,113.3)  (885.1)  (2,027.7)  (1,479.6) Adjusted Free Cash Flow
$205.3  $(9.6) $433.2  $318.6                    (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)
Litigation and environmental reserves includes charges related to specific litigation and environmental compliance matters that are nonrecurring in nature and outside the ordinary course of our business and/or not reflective of our ongoing core operations. We may incur such charges from time to time, and we believe it is useful to exclude these charges as we do not consider them reflective of our ongoing core operations.(3)
Excludes amortization recognized in interest expense.(4)
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.$2,285.0   Interest expense, net 945.0   Income tax expense 680.0   Depreciation and amortization expense 1,785.0   Equity earnings (30.0)  Distributions from unconsolidated affiliates 30.0   Compensation on equity grants 80.0   Risk management activities and other 20.0   Noncontrolling interests adjustments (1) 5.0  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

Analysts on Wall Street project that Targa Resources, Inc. (TRGP - Free Report) will announce quarterly earnings of $2.71 per share in its forthcoming report, representing a decline of 5.6% year over year. Revenues are projected to reach $4.95 billion, increasing 16.3% from the same quarter last year.

The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation 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.

Given this perspective, it's time to examine the average forecasts of specific Targa Resources metrics that are routinely monitored and predicted by Wall Street analysts.

Analysts' assessment points toward 'Gathering and Processing - NGL sales per day' reaching 665.02 thousands of barrels of oil. The estimate compares to the year-ago value of 606.40 thousands of barrels of oil.

Based on the collective assessment of analysts, 'Gathering and Processing - Gross NGL production - Coastal' should arrive at 38.36 thousands of barrels of oil per day. The estimate compares to the year-ago value of 31.60 thousands of barrels of oil per day.

The consensus among analysts is that 'Gathering and Processing - Condensate sales per day' will reach 21.59 thousands of barrels of oil. Compared to the current estimate, the company reported 20.10 thousands of barrels of oil in the same quarter of the previous year.

According to the collective judgment of analysts, 'Logistics and Marketing - NGL sales' should come in at 1,222.45 thousands of barrels of oil per day. Compared to the present estimate, the company reported 1,151.10 thousands of barrels of oil per day in the same quarter last year.

The combined assessment of analysts suggests that 'Logistics and Marketing - Export volumes' will likely reach 435.14 thousands of barrels of oil per day. The estimate compares to the year-ago value of 423.10 thousands of barrels of oil per day.

It is projected by analysts that the 'Logistics and Marketing - Fractionation volumes' will reach 1,166.05 thousands of barrels of oil per day. The estimate compares to the year-ago value of 969.10 thousands of barrels of oil per day.

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

The consensus estimate for 'Gathering and Processing - Total Gross NGL production' stands at 1,131.45 thousands of barrels of oil per day. Compared to the present estimate, the company reported 1,025.20 thousands of barrels of oil per day in the same quarter last year.

Analysts predict that the 'Gathering and Processing - Average realized prices - Condensate' will reach $85.35 . The estimate is in contrast to the year-ago figure of $63.79 .

The collective assessment of analysts points to an estimated 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' of . Compared to the present estimate, the company reported in the same quarter last year.

The average prediction of analysts places 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' at . Compared to the current estimate, the company reported in the same quarter of the previous year.

Analysts expect 'Gathering and Processing - Plant natural gas inlet volumes - Permian Midland' to come in at . The estimate compares to the year-ago value of .

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

Over the past month, Targa Resources shares have recorded returns of +0.4% versus the Zacks S&P 500 composite's +1.7% change. Based on its Zacks Rank #3 (Hold), TRGP will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Wall Street expects a year-over-year decline in earnings on higher revenues when Targa Resources, Inc. (TRGP - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 6. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $2.71 per share in its upcoming report, which represents a year-over-year change of -5.6%.

Revenues are expected to be $4.9 billion, up 15.1% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.46% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Targa Resources?For Targa Resources, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.88%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Targa Resources will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Targa Resources would post earnings of $2.55 per share when it actually produced earnings of $2.21, delivering a surprise of -13.33%.

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

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Targa Resources appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Vzhledem k tomu, že technologický sektor čelí zvýšené volatilitě a investoři stále častěji zpochybňují vysoké valuace některých AI titulů, doporučují stratégové Morgan Stanley zaměřit se na kvalitní společnosti s robustním cash flow, silnými rozvahami a stabilní ziskovostí. Do konce roku nadále očekává růst amerických akcií, byť s odlišnými lídry, než jací dominovali dosavadní AI rally.

V úterý posílil index Dow Jones Industrial Average, zatímco Nasdaq Composite oslabil. ETF Technology Select Sector SPDR Fund (XLK), které sleduje technologický sektor, kleslo na nejnižší úroveň od 7. května. Naopak rostly akcie ze zdravotnictví a finančního sektoru. Přesun investorů ke kvalitním společnostem představuje „klasickou přechodovou fázi uprostřed hospodářského cyklu, kdy ekonomika dozrává,“ uvedl hlavní americký akciový stratég Morgan Stanley Mike Wilson.

Krátkodobě nelze podle Wilsona vyloučit konsolidaci nebo i další pokles směrem k 7 000 bodům na indexu S&P 500, pokud by konflikt na Blízkém východě dále eskaloval nebo by Fed dnes nečekaně zvýšil sazby. Rotace směrem ke kvalitním titulům by však měla ve výsledku podpořit odolnost indexu i širší účast jednotlivých sektorů na růstu, byť s jinými lídry než doposud, domnívá se Wilson s tím, že hranice 7 000 bodů by měla být „ubráněna“ a do konce roku by mohl index vzrůst až k 8 000 bodům, cituje CNBC.

V současném prostředí Morgan Stanley preferuje společnosti s vysokým výnosem volného cash flow, nízkou kolísavostí zisku na akcii (EPS), silnými rozvahami a vysokými maržemi. Wilson a jeho tým proto vybrali kvalitní společnosti, na které má banka doporučení Overweight, u nichž mnohé z těchto firem vyplácejí dividendy. CNBC zveřejnila dividendové tituly, které tímto sítem prošly:

Ticker  Akcie Sektor Letošní výnos Dividendový výnos KO Coca-Cola Spotřeba 25,66% 2,41% CL Colgate-Palmolive Spotřeba 18,51% 2,26% SLB SLB Energetika 30,98% 2,35% TRGP Targa Resources Energetika 42,07% 1,91% LNC Lincoln National Finance -4,06% 4,21% GILD Gilead Sciences Zdravotnictví 9,92% 2,43% NOC Northrop Grumman Průmysl -3,57% 1,80% ROL Rollins Průmysl -35,20% 1,88% Coca Cola nabízí dividendový výnos 2,41 %. Včera vzrostly její akcie o více než 4 % po zveřejnění výsledků hospodaření za druhý kvartál, kdy tento nápojový gigant překonal očekávání trhu jak na úrovni tržeb, tak zisku a zároveň zvýšil celoroční výhled. Morgan Stanley na ni minulý měsíc potvrdila doporučení Overweight.

„Coca Cola zůstává naším nejatraktivnějším tipem. Nadprůměrný dlouhodobý růst organických tržeb podporuje několik pozitivních krátkodobých faktorů, včetně zrychlujícího růstu značky Fairlife v USA díky navyšování výrobních kapacit. Zároveň si Coca Cola udržuje silnou cenotvorbu ve srovnání s ostatními výrobci spotřebního zboží. Domníváme se, že její konkurenční výhoda vůči klíčovým rivalům, jako jsou PepsiCo a Keurig Dr Pepper, se dále zvyšuje,“ uvedl analytik Dara Mohsenian v komentáři z 10. června. Akcie Coca Coly od začátku roku vzrostly o 26 %.

Na seznam kvalitních dividendových titulů Morgan Stanley se dostala také společnost Colgate-Palmolive, která nabízí dividendový výnos 2,26 %. Výrobce produktů osobní hygieny a péče o domácnost zveřejní výsledky za druhé čtvrtletí v pátek. Morgan Stanley u něj v květnu potvrdila doporučení Overweight a podle analytika Dary Mohseniana se dlouhodobý výhled firmy zlepšuje. „I po solidním růstu akcií od začátku roku nadále vidíme prostor pro růst valuace,“ uvedl Mohsenian ve zprávě klientům. Akcie Colgate Palmolive od začátku roku 2026 vzrostly přibližně o 18 %.

Společnost SLB, dříve Schlumberger, je poskytovatelem služeb pro ropný a plynárenský průmysl a letos si připsala růst o 31 %. Firma navíc nedávno zveřejnila výsledky za druhé čtvrtletí, které překonaly očekávání trhu na úrovni tržeb i zisku. Podle společnosti vyšší aktivita těžby na moři více než vykompenzovala narušení způsobená situací na Blízkém východě.

„Bez efektů Blízkého východu rostly tržby mezikvartálně ve všech divizích. Podpořila je vyšší aktivita v offshore projektech, oživení těžby z nekonvenčních ložisek v USA a silná poptávka po řešeních pro těžbu a zvyšování výtěžnosti ložisek,“ uvedl CEO Olivier Le Peuch. SLB nabízí dividendový výnos 2,35 %.

Targa Resources je jedna z největších severoamerických midstream energetických společností, která zajišťuje těžbu, zpracování, přepravu a skladování ropy a zemního plynu a měla by těžit z nárůstu těžby v Permské pánvi. Podle dat Bloombergu u ní 20 analytiků drží doporučení „buy“, 4 „hold“ s průměrnou cílovou cenou 289,40 USD/akcie, která naznačuje potenciální zhodnocení o 10,6 %. Letos si připsala již přes 40 % a dividendový výnos u ní činí 1,9 %.

Lincoln National je finanční společnost, která nabízí dividendový výnos 4,2 %. Bloomberg u ní monitoruje 6 nákupních doporučení, 6 doporučení držet a 2 prodejní doporučení. Cílová cena 44,31 USD představuje potenciální výnos 3,5 %, přičemž za letošní rok odepsala 4 %. Výsledky bude firma reportovat zítra a trh počítá s poklesem upraveného zisku na akcii asi o 15 %, ale se zdravým momentem u výnosů a snižováním nákladů.

Mezi další kvalitní dividendové tituly zařadila Morgan Stanley také Gilead Sciences, která zveřejní své nejnovější výsledky příští týden. Morgan Stanley ve zprávě z počátku měsíce uvedl, že letos očekává tržby z preventivní HIV injekce Yeztugo od společnosti Gilead Sciences 1,1 miliardy dolarů, tj. nad tržním konsensem 1,05 miliardy dolarů i oficiálním výhledem Gileadu, který počítá s 1 miliardou dolarů. Akcie Gilead Sciences, která nabízí dividendový výnos 2,43 %, letos vzrostly téměř o 10 %.

Northrop Grumman, jeden z největších světových obranných a letecko-kosmických koncernů, nabízí dividendový výnos 1,80 %. V průzkumu Bloombergu u něj má 14 analytiků doporučení koupit a 9 držet. Průměrná cílová cena 650,5 USD nabízí 18,4% možný výnos a za letošní rok akcie firmy klesly o necelá 4 %. Trh u firmy očekává růst tržeb o vysoká jednociferná čísla díky rekordním nevyřízeným objednávkám za 105 miliard dolarů.

Rollins, přední světová firma v oblasti hubení škůdců, nabízí dividendový výnos 1,9 % a od začátku roku tato akcie odepsala více než třetinu své hodnoty. Bloomberg u ní monitoruje 8 doporučení koupit, 8 držet a 3 prodat. Průměrná cílová cena 43,56 USD nabízí možnost 11,7% zisku. UBS nicméně upozorňuje, že tržby za 2Q byly slabší, než očekával trh, i přes snížené odhady a že může ještě nějakou dobu trvat, než se plně obnoví organický růst.

Posted by Defense World Staff on Jul 27th, 2026

Gabelli Funds LLC increased its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 3.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,100 shares of the pipeline company’s stock after acquiring an additional 1,800 shares during the quarter. Gabelli Funds LLC’s holdings in Targa Resources were worth $12,060,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Hardy Reed LLC raised its stake in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after purchasing an additional 41 shares during the last quarter. Hantz Financial Services Inc. grew its position in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after buying an additional 50 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in shares of Targa Resources by 0.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after acquiring an additional 51 shares during the period. First Horizon Corp increased its position in shares of Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after buying an additional 57 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Targa Resources by 4.1% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Down 0.1% Shares of Targa Resources stock opened at $281.04 on Monday. 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 firm has a market cap of $60.32 billion, a P/E ratio of 28.42, a P/E/G ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04. The business has a 50-day moving average price of $269.86 and a 200 day moving average price of $242.40.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results 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 firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. On average, sell-side analysts forecast that Targa Resources, Inc. will post 10.76 earnings per share for the current fiscal year.

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

Analyst Ratings Changes Several equities analysts have weighed in on the company. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Truist Financial lifted their price objective on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Jefferies Financial Group began coverage on shares of Targa Resources in a research report on Thursday, June 18th. They set a “buy” rating and a $314.00 price target for the company. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $288.00.

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.

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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.

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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.

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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 26.6% for the current fiscal year.

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 Growth and VGM Style Scores, TRGP should be on investors' short list.

July 16, 2026 17:00 ET  | Source: Targa Resources Corp.

HOUSTON, July 16, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today that its board of directors has declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the second quarter of 2026. This cash dividend will be paid August 14, 2026 on all outstanding common shares to holders of record as of the close of business on July 31, 2026.

The Company will report its second quarter 2026 financial results before the market opens for trading on Thursday, August 6, 2026, and will host a live webcast at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss its 2026 second quarter financial results.

Event Information
Event: Targa Resources Corp. Second Quarter 2026 Earnings Webcast and Presentation
Date: Thursday, August 6, 2026
Time: 11:00 a.m. Eastern Time (10:00 a.m. Central Time)
Webcast: www.targaresources.com under "Events and Presentations" or directly at https://edge.media-server.com/mmc/p/o7q55fuf/lan/en/

Replay Information 
A webcast replay will be available at the link above approximately two hours after the conclusion of the event. A quarterly earnings supplement presentation and updated investor presentation will also be available under Events and Presentations in the Investors section of the Company’s website prior to the start of the conference call, or directly at https://www.targaresources.com/investors/events.

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.

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

5.56K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

On June 15, 2026, Targa Resources Corp TRGP shares fell 3.8% to $262.33, reflecting a slight decline over the past week and month, but a notable increase of 43.6% year-to-date. The stock has traded between $144.14 and $280.00 over the past 52 weeks.

GF Value™ verdict: Current price of $262.33 vs GF Value™ of $167.33, indicating a 56.8% overvaluation.GF Score™: 74/100, categorized as Above Average, suggesting potential for higher long-term returns.Most notable signal: Insiders sold $2.7 million in shares over the last three months, indicating a lack of buying support from those closest to the company. Is TRGP Overvalued or Undervalued? The current price of Targa Resources Corp TRGP stands at $262.33, significantly higher than the GF Value™ estimate of $167.33. This discrepancy highlights a considerable margin of safety for potential investors, as the stock is marked as 56.8% overvalued according to GF Value™. The GF Valuation label categorizes TRGP as significantly overvalued, which suggests that the market price may not accurately reflect the company's intrinsic value.

Being overvalued presents risk for investors, as the potential for price correction could lead to losses if the market realigns with the underlying value of the company. The GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. With the current high price relative to its estimated fair value, investors might want to consider this valuation carefully.

How Does TRGP's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 26.7x 27.7x Forward P/E 24.8x N/A The current P/E (TTM) of 26.7x is slightly below its 5-year median of 27.7x, indicating that TRGP is trading close to its historical valuation levels. The forward P/E of 24.8x suggests a potential decrease in earnings expectations. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that TRGP is overvalued at its current price point.

What Does TRGP's GF Score™ Tell Us? Metric Rating GF Score™ 74 Financial Strength 4/10 Profitability 7/10 Growth 7/10 Valuation 3/10 Momentum 6/10 The GF Score™ of 74/100 indicates that Targa Resources Corp is positioned above average, suggesting the potential for better long-term returns. The strongest areas, profitability and growth, both rated 7/10, highlight the company's ability to generate returns and expand. However, the valuation score of 3/10 signals a significant concern regarding the current price, suggesting that the market may not be reflecting the company's fundamentals accurately.

What Are Insiders Doing with TRGP Stock? Recent insider activity shows a selling trend, with insiders selling $2.7 million worth of shares over the last three months and no reported buying. This pattern could indicate a lack of confidence among insiders regarding the stock's future performance, as they appear to be liquidating their holdings rather than accumulating more shares.

Such selling by insiders can be a red flag for investors, as it may suggest that those with the most knowledge about the company's operations do not anticipate any significant upside in the near future.

What This Means for Investors Based on the GF Value™ assessment, Targa Resources Corp TRGP is currently overvalued. The significant disparity between the current price and the estimated fair value indicates that the stock may be at risk of correction.

For the complete analysis, visit the Targa Resources Corp TRGP stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is TRGP's GF Score™?

TRGP's GF Score™ is 74/100, indicating an above-average potential for long-term returns based on key aspects like financial strength and profitability.

Is TRGP overvalued or undervalued?

TRGP is considered overvalued based on the GF Value™ estimate of $167.33 compared to the current price of $262.33.

What is TRGP's P/E ratio?

TRGP's P/E (TTM) is 26.7x, which is slightly below its 5-year median of 27.7x, suggesting it is trading at a price close to historical levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Key Takeaways Targa Resources gained 58.9% in a year, outperforming peers, its sub-industry and the broader energy sector.TRGP is advancing major projects and expanding LPG exports with rising demand and new long-term contracts.Targa Resources faces Permian concentration risk, weak Waha gas prices, high capex and a premium valuation. Targa Resources Corp. (TRGP - Free Report) has posted an impressive performance over the past year, with its shares rising 58.9%. This gain outperformed the sub-industry and the broader energy sector’s growth of 39% and 28.9%, respectively. Peer comparison further highlights its strength, as Targa Resources significantly outpaced rivals Sunoco LP (SUN - Free Report) , Western Midstream Partners, LP (WES - Free Report) and CrossAmerica Partners LP (CAPL - Free Report) , which lagged behind with just 23.4%, 15.9% and 4% growth, respectively, during the same period. Targa Resources’ stronger upward momentum reflects greater investor confidence and more consistent resilience.

TRGP Outperforms Industry, Sector & Peer Companies (SUN, WES, CAPL)
Image Source: Zacks Investment Research

Targa Resources is a leading North American midstream energy company headquartered in Houston, specializing in natural gas and NGL services. Its core operations include gathering, compressing, processing and marketing natural gas, along with handling crude oil and LPG-related services. A key strength is its integrated NGL pipeline and fractionation network, which connects major inland basins to Mont Belvieu, enabling efficient transport of over one million barrels per day and supporting global demand through fee-based revenues.

The company has a strong footprint in the Permian Basin and operates across other regions like Eagle Ford, Barnett, Anadarko, Williston and the Gulf Coast, ensuring diversification. Its business is divided into Gathering & Processing and Logistics & Transportation segments, covering upstream processing and downstream NGL transportation, storage and marketing. With rising performance indicators, it’s worth exploring the factors behind Targa Resources’ recent strength and what they mean for its near-term outlook.

Factors Favoring TRGP Stock’s GrowthMassive Multi-Year Growth Pipeline Already Under Construction: One of Targa Resources’ strongest investment attributes is its extensive backlog of growth projects. The company currently has multiple processing plants, fractionators, pipeline projects and export expansions under construction. Management announced two additional Delaware Basin gas processing plants that are expected to begin service in 2028. These projects are not speculative but are largely backed by customer demand and existing contracts. Historically, Targa Resources has brought 27 major projects online over six years, including 16 processing plants and five fractionators — all on time or ahead of schedule. This proven execution record significantly reduces project risk while creating visible EBITDA growth opportunities through 2027 and 2028, boosting investors’ confidence that future earnings expansion is already largely embedded in the capital program.

Growing Exposure to Global LPG Export Demand: Targa Resources' LPG export business has become an increasingly valuable earnings driver. The company reported strong demand for U.S. Gulf Coast LPG exports and expects record loading volumes in the second quarter. Management noted rising interest in long-term export contracts from customers around the world and indicated that the company is securing additional multi-year agreements. The ongoing expansion of the Galena Park export facility, which will increase capacity to over 19 million barrels per month, positions Targa Resources to benefit from growing global demand for propane and butane. Since export economies are often less dependent on domestic energy prices and more tied to global supply-demand dynamics, this business provides an attractive source of diversification and long-term growth.

Strong Balance Sheet and Financial Flexibility: Targa Resources enters this major growth phase from a position of financial strength. The company completed a $1.5 billion debt issuance during the quarter, ending with approximately $3.1 billion of available liquidity. Its leverage ratio remains around 3.6x, comfortably within management's target range of 3.0x to 4.0x. This financial flexibility allows Targa Resources to fund its significant capital spending program while continuing to return cash to shareholders. Importantly, the company does not appear financially stretched despite its aggressive expansion plans. A healthy balance sheet reduces refinancing risk, provides flexibility during commodity market downturns and positions Targa Resources to pursue attractive acquisitions should opportunities arise in the future.

A Positive 2026 Earnings Estimate: The Zacks Consensus Estimate for TRGP’s 2026 earnings is pegged at $10.75 per share, indicating 26.6% year-over-year growth. Additionally, the consensus mark for 2026 revenues is pegged at $19.3 billion, also implying a 13.1% year-over-year rise. The positive earnings estimate outlook makes the stock attractive for investors. In comparison to Targa Resources, the Zacks Consensus Estimate of the above-mentioned peer companies, namely Sunoco, Western Midstream and CrossAmerica Partners, also indicates positive year-over-year growth for 2026.

TRGP’s Earnings Estimate Overview
Image Source: Zacks Investment Research

Challenges for TRGP StockHeavy Dependence on the Permian Basin: While the Permian Basin is a major growth driver, it also creates concentration risk. A significant portion of Targa Resources’ gathering, processing, transportation and fractionation business depends on activity in a single region. If drilling activity slows due to lower oil prices, regulatory challenges, infrastructure bottlenecks or producer capital discipline, Targa Resources’ growth trajectory could weaken considerably. Although management remains bullish on long-term Permian activity, the company's future project economics and volume forecasts are closely tied to continued basin growth. Investors should recognize that any meaningful slowdown in the Permian could disproportionately affect Targa Resources compared with more geographically diversified midstream operators.

Persistent Waha Gas Price Weakness and Producer Shut-Ins: Management acknowledged that between 200 MMcf/d and 400 MMcf/d of production is currently being shut in by producers due to weak Waha natural gas prices and insufficient takeaway capacity. While Targa Resources has maintained its volume forecasts despite these curtailments, prolonged weakness could eventually impact throughput growth and earnings. The company is effectively relying on future pipeline expansions to relieve basin congestion. If those projects are delayed or if production growth continues to outpace takeaway additions, the Permian could remain oversupplied for longer than expected, reducing the expected volume uplift that investors are currently anticipating.

Elevated Capital Spending Requirements: Targa Resources expects approximately $4.5 billion of growth capital expenditures in 2026 alone. While these investments are intended to generate attractive returns, they represent a substantial financial commitment. Large capital programs expose investors to risks including construction delays, cost inflation, labor shortages, supply chain disruptions and lower-than-expected project utilization. Even though Targa Resources has an impressive execution record, the sheer scale of its current expansion program increases operational and financial complexity. If project economics deteriorate or producer growth slows, returns on these investments may not meet expectations, potentially reducing future shareholder value creation.

TRGP’s Premium Valuation: From a valuation perspective — in terms of Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA) ratio — Targa Resources is trading at a premium of 14.94 compared with the industry average of 12.45. The stock is also trading above its five-year mean of 11.79.

TRGP’s Valuation
Image Source: Zacks Investment Research

Final Thoughts on TRGP StockTarga Resources remains a compelling midstream growth story, supported by a large backlog of contracted projects, expanding LPG export capacity, strong Permian Basin exposure, solid financial flexibility, expectations for double-digit earnings growth over the next two years and strong stock performance as compared to peers like SUN, WES and CAPL.

However, investors should balance these positives against meaningful risks, including heavy reliance on the Permian Basin, weak Waha gas pricing and producer shut-ins, elevated capital spending requirements and a premium valuation relative to both the industry and its historical average.

Given the company's attractive long-term growth prospects but limited margin for error at current valuation levels, retaining this Zacks Rank #3 (Hold) company appears prudent. Existing investors can benefit from future growth execution, while new investors may prefer to wait for a more attractive entry point or greater visibility on project returns and volume growth.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Apr 20th, 2026

Mirae Asset Global Investments Co. Ltd. grew its stake in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 16.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,427 shares of the pipeline company’s stock after buying an additional 7,666 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Targa Resources were worth $10,042,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Peoples Financial Services CORP. acquired a new stake in shares of Targa Resources in the third quarter valued at about $34,000. Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $42,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $39,000. Finally, Avion Wealth increased its stake in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets In related news, Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director owned 11,670 shares of the company’s stock, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the sale, the insider directly owned 197,401 shares of the company’s stock, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their position. 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 in the last quarter. Insiders own 1.37% of the company’s stock.

Targa Resources Trading Up 0.1% NYSE TRGP opened at $235.63 on Monday. The business has a 50 day simple moving average of $237.10 and a 200 day simple moving average of $196.80. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $253.87. The stock has a market capitalization of $50.61 billion, a P/E ratio of 27.43, a P/E/G ratio of 1.52 and a beta of 0.81. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $4.12 billion. Research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend The company also recently disclosed 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. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources’s payout ratio is 46.57%.

Analysts Set New Price Targets Several equities research analysts recently commented on the company. Wells Fargo & Company raised their target price on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. BMO Capital Markets reaffirmed an “outperform” rating and set a $241.00 target price on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen raised their target price on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Finally, Mizuho raised their target price on Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, March 19th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average price target of $258.07.

View Our Latest Analysis 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.

Further Reading Five stocks we like better than Targa Resources

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