Targa Resources Posts Record Q1 Results, Lifts Outlook
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Targa Resources ( (TRGP) ) just unveiled an update.
Targa Resources reported record first quarter 2026 results on May 7, 2026, with net income rising to $480 million from $271 million a year earlier and adjusted EBITDA climbing 19 percent to $1.4 billion, driven by record Permian inlet and fractionation volumes. The company boosted its 2026 adjusted EBITDA outlook to $5.7–$5.9 billion, declared a sharply higher dividend, continued share repurchases, and detailed substantial growth investments in new processing plants, fractionators and NGL pipelines to support rising Permian production and strengthen its midstream position.
Operationally, Targa brought online the Falcon II and East Pembrook gas processing plants in the Permian, commissioned its Train 11 fractionator in Mont Belvieu, and began starting up the Delaware Express NGL Pipeline expansion, while announcing two additional Permian Delaware plants, Roadrunner III and Copperhead II, slated for 2028. Backed by $3.1 billion in liquidity and recent long‑term debt issuances, the company plans about $4.5 billion of 2026 growth capital and maintains maintenance spending guidance as it seeks to capitalize on higher volumes, marketing and export opportunities despite winter weather and producer curtailment headwinds.
The most recent analyst rating on (TRGP) stock is a Buy with a $264.00 price target. To see the full list of analyst forecasts on Targa Resources stock, see the TRGP Stock Forecast page.
Spark’s Take on TRGP Stock
According to Spark, TipRanks’ AI Analyst, TRGP is a Outperform.
The score is driven primarily by improving profitability and strong cash generation, reinforced by upbeat 2026 guidance and visible multi-year growth projects. Momentum is technically strong but shows overbought signals, while valuation (P/E ~27.8 with a ~1.67% yield) and high leverage keep the overall score in the low-70s.
To see Spark’s full report on TRGP stock, click here.
More about Targa Resources
Targa Resources Corp., based in Houston and listed on the NYSE under TRGP, operates as a leading midstream energy infrastructure company. It focuses on gathering and processing natural gas, transporting and fractionating natural gas liquids, and providing logistics and export services, with a significant operational footprint in the Permian Basin and Mont Belvieu, Texas.
Average Trading Volume: 1,468,450
Technical Sentiment Signal: Buy
Current Market Cap: $53.59B
See more data about TRGP stock on TipRanks’ Stock Analysis page.
