Citi analyst Spiro Dounis raised the firm’s price target on Targa Resources (TRGP) to $262 from $200 and keeps a Buy rating on the shares. The firm applies a higher multiple to reflect accelerated growth in 2027 and later after the company pointed to $4.5B of 2026 growth capex, which Citi says is over $1B higher than expected. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders’ Hot Stocks on TipRanks >> Read More on TRGP: Disclaim ...

Key Takeaways Targa Resources posted Q4 EPS of $2.51, beating estimates and rising from $1.44 a year ago.TRGP's revenues fell to $4B, missing estimates on lower commodity sales.TRGP guided 2026 EBITDA of $5.4-$5.6B, backed by Permian growth and new projects.Targa Resources Corp. (TRGP) reported fourth-quarter 2025 adjusted earnings of $2.51 per share, which beat the Zacks Consensus Estimate of $2.39. The bottom line also increased from the year-ago quarter’s level of $1.44. The outperformance can be attribu ...

Financial giants have made a conspicuous bearish move on Targa Resources. Our analysis of options history for Targa Resources (NYSE:TRGP) revealed 8 unusual trades.Delving into the details, we found 0% of traders were bullish, while 75% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $82,444, and 6 were calls, valued at $828,450.What's The Price Target?Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a p ...

Record 2025 performance was driven by an 11% increase in Permian volumes and record NGL transport, fractionation, and LPG export throughput. Management attributes growth to a combination of existing customer drilling activity and significant commercial success, adding several billion cubic feet per day of gas volumes beyond legacy dedications. The company is executing an aggressive 8-plant expansion plan over two years to provide 2.2 billion cubic feet per day of incremental processing capacity to mee ...

Financial Performance - Targa Resources, Inc. reported revenue of $4.06 billion for the quarter ended December 2025, a decrease of 7.9% compared to the same period last year [1] - The earnings per share (EPS) was $2.51, an increase from $1.44 in the year-ago quarter, resulting in an EPS surprise of +5.15% against the consensus estimate of $2.39 [1] Market Comparison - Targa Resources' stock has returned +19.8% over the past month, contrasting with the Zacks S&P 500 composite's decline of -0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Key Metrics - Gathering and Processing - NGL sales per day were 650.6 million barrels, below the average estimate of 922.53 million barrels by two analysts [4] - Gathering and Processing - Gross NGL production in Coastal areas was 37.5 million barrels, exceeding the estimate of 35.28 million barrels [4] - Logistics and Marketing - NGL sales reached 1261.2 million barrels, slightly above the estimate of 1260.49 million barrels [4] - Average realized prices for condensate were $62.14, higher than the estimated $59.59 [4] - Average realized prices for natural gas were $0.38, significantly lower than the estimated $2.24 [4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-34991 TARGA RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 20-3701075 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [8][20][21] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase from the previous quarter [19][20] - The company expects full-year Adjusted EBITDA for 2026 to be between $5.4 billion and $5.6 billion, representing an 11% increase over 2025 [22][23] Business Line Data and Key Metrics Changes - Permian volumes averaged a record 6.65 billion cubic feet per day in the fourth quarter, up 10% from the previous year [14] - NGL transportation volumes averaged a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] - LPG export volumes averaged 13.5 million barrels per month [18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [15] - The outlook for natural gas prices at Waha is expected to remain volatile throughout 2026, but improved egress is seen as a long-term positive for Targa and its producers [17] Company Strategy and Development Direction - Targa plans to invest in two new projects: the Yeti Two processing plant and a thirteenth fractionator in Mont Belvieu, with additional plants planned for early 2028 [10][12] - The company aims to maintain a strong free cash flow profile post-completion of major projects like Speedway and LPG export expansion, with a focus on growing Adjusted EBITDA and dividends [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit volume growth in the Permian for 2026 and beyond, supported by strong commercial success and existing customer relationships [9][32] - The company anticipates reaching a run rate Adjusted EBITDA of over $6 billion following the completion of Speedway, which will enable further investments in growth [12] Other Important Information - Targa's net consolidated leverage ratio was approximately 3.5 times at year-end, well within the long-term target range of 3-4 times [22] - The company repurchased $642 million of common shares in 2025 at a weighted average price of $170.45 [21] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026 [30][31] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and field capital spending to support growth, reflecting a larger base for future growth [33][34] Question: Durability of commercial success - Management indicated that strong growth is expected even without additional commercial success due to existing contracts and dedicated acreage [44][45] Question: Waha price outlook - Management expects Waha prices to remain volatile but sees long-term improvements with new pipeline capacity coming online [54][56] Question: Marketing opportunities for 2026 - Management remains conservative in forecasting marketing gains for 2026, with potential upside from market conditions [62][63] Question: Growth in the Delaware Basin - Management noted that growth in the Delaware is driven by both market share gains and overall production increases from dedicated producers [64][66] Question: Impact of technological advancements on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Details on recent bolt-on acquisitions - Acquisitions were made from producers with strong relationships, aimed at enhancing Targa's asset base and operational efficiency [76]

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, an increase of over $800 million year-over-year, representing a 20% growth compared to 2024 [8][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% for the year, adding over 600 million cubic feet per day [8] - NGL transport volumes increased by almost 170,000 barrels per day, while fractionation volumes averaged a record 1.14 million barrels per day [8][18] - LPG export volumes averaged 13.5 million barrels per month [18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [15] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day [18] Company Strategy and Development Direction - Targa plans to continue investing in growth capital, with an estimated $4.5 billion in growth capital spending for 2026 [23] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [12][24] - Targa's strategy remains centered on executing core projects with strong returns along its integrated value chain [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026, supported by strong producer relationships and commercial success [9][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][42] - Management acknowledged the volatility in natural gas prices at Waha but remains optimistic about long-term growth prospects [17][93] Other Important Information - The company is in an elevated growth capital environment, with several new processing plants and fractionators planned for the coming years [11][10] - Targa's net consolidated leverage ratio was approximately 3.5 times at year-end, well within the long-term target range of 3-4 times [22] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted the strong footprint across Delaware and Midland, strong producer relationships, and commercial success as key drivers for resilience in growth outlook for 2026 [30][31] Question: CapEx increase and growth expectations - Management explained the increase in CapEx is driven by new plants and field capital to support existing contracts and commercial success [33][34] Question: Durability of commercial success - Management stated that even without significant new commercial success, strong growth is expected from existing dedicated acreage [44][45] Question: Waha price outlook and impact on ethane recovery - Management indicated that while Waha prices may fluctuate, the overall recovery in the Permian is expected to continue, with no significant headwinds anticipated for ethane recovery [93] Question: Marketing opportunities for 2026 - Management noted that while there may be bumpy conditions in Waha pricing, they remain well-positioned to capture marketing opportunities as they arise [62][63]

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [6][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [20][21] - The net consolidated leverage ratio at year-end was approximately 3.5 times, within the long-term target range of 3-4 times [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% in 2025, translating to an increase of over 600 million cubic feet per day [6] - NGL transport volumes increased by almost 170,000 barrels per day, while frac volumes rose by more than 120,000 barrels per day [6] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [14] - The Delaware Express project and other expansions are expected to enhance the company's market position and operational capacity [18] Company Strategy and Development Direction - Targa Resources plans to continue investing in growth capital projects, with an estimated $4.5 billion in growth capital spending for 2026 [21][22] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [11][22] - The strategy emphasizes growing Adjusted EBITDA, increasing common dividends, and reducing common shares outstanding [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026 and beyond, supported by strong producer relationships and commercial success [7][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][32] - Management acknowledged the potential for volatility in natural gas prices but emphasized the stability provided by fee-based contracts [22][88] Other Important Information - The company is in an elevated growth capital environment, investing in gathering, processing, and downstream infrastructure [10] - Targa is ordering long lead items for additional processing plants planned for early 2028, indicating a proactive approach to future capacity needs [9][10] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026, with low double-digit growth expected [30][32] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and additional field capital, reflecting a larger base for growth and the need for incremental spending [33][37] Question: Durability of commercial success - Management indicated that even without significant new commercial success, strong growth is expected from existing contracts and dedicated acreage [44][45] Question: Waha price exposure and marketing opportunities - Management noted that while Waha prices may be volatile, the company has significant transport positions to mitigate risks and capture marketing opportunities [86][88] Question: Impact of new technologies on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Export volumes and capacity - The company remains confident in growing export volumes in tandem with new capacity coming online, supported by strong commercial commitments [108]

Fourth Quarter 2025 Earnings Supplement February 19, 2026 | TARGA RESOURCES CORP. Forward Looking Statements + Reduction in non-controlling interests attributable to Badlands transaction and acquisition of CBF minority interest Certain statements in this presentation 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, include ...