Analyst Consensus ?
ConsensusBuy34 ratings
Bullish2779.4%
Neutral720.6%
Bearish00.0%
Targa Resources Corp. · TRGP · FY2026 Q1 · Calendar Q2 2026
Targa Resources Posts Record Q1 EBITDA, Raises Full-Year Guidance
Targa Resources reported a record $1.4 billion in adjusted EBITDA for Q1 FY2026, up 5% sequentially, and raised full-year EBITDA guidance by $300 million to $5.7-$5.9 billion. The company continues to benefit from Permian volume growth and an expanding midstream infrastructure footprint, including new gas processing plants, the Speedway NGL pipeline, and growing LPG export capacity exceeding 19 MMbbl/mo. Despite bottom-line misses (EPS $2.21 vs. $2.48 estimate; revenue $4.09B vs. $4.68B estimate), management expressed confidence in the integrated platform's ability to capture growth across the Permian and Gulf Coast. Capital returns accelerated with a 25% dividend increase and $55M in share repurchases, supported by $3.1 billion in liquidity and 3.6x leverage. The market responded modestly positively, with a 1.5% abnormal move on the report and 4.6% subsequent drift over the following…
Reported Before market openNYSEEnergy
$56.16B market cap
100quality score
Company context
Snapshot as of publicationTarga Resources Corp., alongside its subsidiary Targa Resources Partners LP, is a significant entity in the North American midstream energy sector, focusing on the ownership, operation, acquisition, and development of crucial energy infrastructure assets. Its business is structured into two main divisions: "Gathering and Processing" and "Logistics and Transportation." Within these segments, the company undertakes a broad range of activities, including the collection, compression, treatment, processing, transport, and sale of natural gas. It also manages the storage, fractionation, treatment, transportation, and distribution of natural gas liquids (NGLs) and their associated products, providing services even to liquefied petroleum gas (LPG) exporters. Furthermore, Targa handles the gathering, storage, terminaling, purchasing, and selling of crude oil.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.21
Consensus $2
EPS surprise
-10.9%
Reported versus consensus
Reported revenue
$4.09B
Consensus $4.68B
Revenue surprise
-12.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$264.67Current
$45Low
$194.27Average
$333High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Jul 16, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 9, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 27, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | May 12, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 12, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 8, 2026 |
| Seaport Global | Neutral | Buy | Downgrade | May 4, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 20, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 13, 2026 |
| UBS | Buy | Buy | Maintain | Mar 24, 2026 |
| Citigroup | Buy | Buy | Maintain | Feb 24, 2026 |
| Stifel | Buy | Buy | Maintain | Feb 20, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 6, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Apr 21, 2023 |
| B of A Securities | Buy | Buy | Maintain | Jan 18, 2022 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Nov 15, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 10, 2021 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 14, 2021 |
| Piper Sandler | Neutral | Neutral | Maintain | Oct 9, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 13, 2020 |
| Baird | Neutral | Outperform | Downgrade | Mar 9, 2020 |
| Piper Jaffray | Neutral | Neutral | Maintain | Nov 19, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Oct 11, 2019 |
| Jefferies | Buy | Hold | Upgrade | Dec 20, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Oct 25, 2018 |
| Guggenheim | Buy | Neutral | Upgrade | Aug 15, 2017 |
| Capital One Financial | Overweight | Equal Weight | Upgrade | May 2, 2016 |
| Capital One | Overweight | Equal Weight | Upgrade | May 2, 2016 |
| Wunderlich Securities | Buy | Buy | Maintain | Mar 18, 2015 |
| Wunderlich | Buy | Buy | Maintain | Mar 18, 2015 |
| Tudor Pickering | Buy | Accumulate | Maintain | Oct 14, 2014 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 15, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $264.67. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $333 | $279.69 | +25.8% | Jul 21, 2026 |
| RBC Capital | Analyst unavailable | $310 | $282.35 | +17.1% | Jul 21, 2026 |
| Barclays | Theresa Chen | $282 | $273.35 | +6.5% | Jul 13, 2026 |
| UBS | Manav Gupta | $318 | $277.58 | +20.1% | Jul 9, 2026 |
| Barclays | Analyst unavailable | $270 | $264.51 | +2.0% | Jun 23, 2026 |
| Jefferies | Julien Dumoulin-Smith | $314 | $260.74 | +18.6% | Jun 18, 2026 |
| Mizuho Securities | Gabriel Moreen | $300 | $269.89 | +13.3% | May 27, 2026 |
| Barclays | Theresa Chen | $262 | $263.29 | -1.0% | May 14, 2026 |
| RBC Capital | Analyst unavailable | $281 | $253.72 | +6.2% | May 12, 2026 |
| Morgan Stanley | Analyst unavailable | $331 | $254.27 | +25.1% | May 12, 2026 |
| Scotiabank | Analyst unavailable | $257 | $253.18 | -2.9% | May 12, 2026 |
| Truist Financial | Analyst unavailable | $289 | $253.18 | +9.2% | May 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $268 | $252.44 | +1.3% | May 8, 2026 |
| Wells Fargo | Analyst unavailable | $270 | $252.44 | +2.0% | May 8, 2026 |
| Goldman Sachs | John Mackay | $268 | $235.5 | +1.3% | Apr 20, 2026 |
| Scotiabank | Analyst unavailable | $249 | $243.75 | -5.9% | Apr 13, 2026 |
| Scotiabank | Holly Stewart | $246 | $229.47 | -7.1% | Feb 24, 2026 |
| Goldman Sachs | Analyst unavailable | $242 | $231.35 | -8.6% | Feb 20, 2026 |
| BMO Capital | Ameet Thakkar | $241 | $227.92 | -8.9% | Feb 20, 2026 |
| Stifel Nicolaus | Selman Akyol | $243 | $224.16 | -8.2% | Feb 20, 2026 |
| Barclays | Analyst unavailable | $226 | $224.16 | -14.6% | Feb 20, 2026 |
| Seaport Global | Analyst unavailable | $231 | $228.58 | -12.7% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $266 | $199.96 | +0.5% | Jan 28, 2026 |
| Scotiabank | Analyst unavailable | $224 | $182.73 | -15.4% | Jan 16, 2026 |
| Goldman Sachs | John Mackey | $196 | $176.86 | -25.9% | Jan 12, 2026 |
| Wells Fargo | Analyst unavailable | $207 | $182.37 | -21.8% | Dec 18, 2025 |
| Scotiabank | Analyst unavailable | $199 | $179.92 | -24.8% | Dec 17, 2025 |
| RBC Capital | Elvira Scotto | $218 | $174.47 | -17.6% | Dec 3, 2025 |
| UBS | Manav Gupta | $228 | $173.39 | -13.9% | Dec 2, 2025 |
| Stifel Nicolaus | Analyst unavailable | $213 | $170.72 | -19.5% | Nov 6, 2025 |
| Mizuho Securities | Analyst unavailable | $207 | $166.96 | -21.8% | Aug 29, 2025 |
| RBC Capital | Elvira Scotto | $205 | $175.01 | -22.5% | Jun 26, 2025 |
| Scotiabank | Brandon Bingham | $193 | $161.93 | -27.1% | May 20, 2025 |
| Mizuho Securities | Gabriel Moreen | $212 | $161.93 | -19.9% | May 20, 2025 |
| Morgan Stanley | Analyst unavailable | $244 | $196.6 | -7.8% | Mar 17, 2025 |
| Scotiabank | Analyst unavailable | $210 | $181.98 | -20.7% | Mar 6, 2025 |
| Stifel Nicolaus | Selman Akyol | $224 | $135.69 | -15.4% | Nov 19, 2024 |
| Truist Financial | Neal Dingmann | $225 | $193.48 | -15.0% | Nov 15, 2024 |
| Mizuho Securities | Gabriel Moreen | $181 | $161.71 | -31.6% | Oct 22, 2024 |
| Bank of America Securities | Jean Ann Salisbury | $182 | $162.63 | -31.2% | Oct 17, 2024 |
| RBC Capital | Elvira Scotto | $172 | $162.02 | -35.0% | Oct 16, 2024 |
| Barclays | Theresa Chen | $155 | $153.24 | -41.4% | Oct 3, 2024 |
| Seaport Global | Sunil Sibal | $141 | $134.14 | -46.7% | Jul 30, 2024 |
| Scotiabank | Tristan Richardson | $142 | $136.22 | -46.3% | Jul 17, 2024 |
| Argus Research | John Staszak | $140 | $129.83 | -47.1% | Jun 26, 2024 |
| Truist Financial | Neal Dingmann | $125 | $118 | -52.8% | Jun 7, 2024 |
| RBC Capital | Elvira Scotto | $128 | $115.58 | -51.6% | May 16, 2024 |
| Barclays | Christine Cho | $122 | $114.41 | -53.9% | Apr 9, 2024 |
| Mizuho Securities | Gabriel Moreen | $130 | $113.29 | -50.9% | Apr 3, 2024 |
| Truist Financial | Neal Dingmann | $120 | $109.11 | -54.7% | Mar 19, 2024 |
| UBS | Analyst unavailable | $106 | $71.11 | -60.0% | Dec 15, 2022 |
| Citigroup | Analyst unavailable | $95 | $68.27 | -64.1% | Dec 9, 2022 |
| Truist Financial | Analyst unavailable | $90 | $72.98 | -66.0% | Nov 29, 2022 |
| Mizuho Securities | Analyst unavailable | $91 | $66.2 | -65.6% | Aug 9, 2022 |
| Morgan Stanley | Analyst unavailable | $105 | $63.18 | -60.3% | Jul 20, 2022 |
| Barclays | Analyst unavailable | $87 | $62.64 | -67.1% | Jul 20, 2022 |
| RBC Capital | Analyst unavailable | $100 | $58.93 | -62.2% | Jul 12, 2022 |
| Truist Financial | Analyst unavailable | $78 | $72.37 | -70.5% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $86 | $74.27 | -67.5% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $103 | $73.22 | -61.1% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $92 | $79.62 | -65.2% | Apr 20, 2022 |
| Wolfe Research | Keith Stanley | $71 | $61.06 | -73.2% | Feb 4, 2022 |
| UBS | Shneur Gershuni | $72 | $57.01 | -72.8% | Jan 26, 2022 |
| Barclays | Theresa Chen | $72 | $55.22 | -72.8% | Jan 20, 2022 |
| Bank of America Securities | Chase Mulvehill | $72 | $57.08 | -72.8% | Jan 18, 2022 |
| Citigroup | Timm Schneider | $67 | $54.24 | -74.7% | Jan 10, 2022 |
| Morgan Stanley | Robert Kad | $74 | $55.57 | -72.0% | Jan 7, 2022 |
| Piper Sandler | Pearce Hammond | $46 | $44.01 | -82.6% | Aug 25, 2021 |
| Neuberger Berman | Mirek Zak | $45 | $37.84 | -83.0% | May 7, 2021 |
Track every rating change on TRGP the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+1.2%
Event window
SPY move
-0.3%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+4.6%
Up to 20 sessions
TRGPSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
FY2026 adjusted EBITDA guidance raised $300M from $5.4-$5.6B to $5.7-$5.9B. Guidance sentiment shifted from maintained to raised; capex outlook moved from increasing to stable. Dividend increased 25%. $1.5B debt offering completed: 4.35% notes due 2031 and 6.05% notes due 2056. Two new Permian Delaware gas processing plants announced: Roadrunner III and Copperhead II for Q1 2028. LPG export capacity now exceeds 19 MMbbl/mo with further Galena Park expansions planned. Liquidity rose from $1.9B to $3.1B; leverage moved from ~3.5x to 3.6x.
Guidance delta
Management raised FY2026 adjusted EBITDA guidance by $300 million, from $5.4-$5.6 billion to $5.7-$5.9 billion. The prior quarter's guidance sentiment was maintained; this quarter it shifted to raised. Capex outlook moved from increasing to stable. The company continues to expect adjusted EBITDA exceeding $6 billion once the Speedway NGL pipeline is online.
Key takeaways
- Record Q1 adjusted EBITDA of $1.4 billion, up 5% sequentially, despite severe winter weather and producer shut-ins
- FY2026 EBITDA guidance raised $300M to $5.7-$5.9 billion, up from the prior $5.4-$5.6 billion range
- Permian gas and NGL volumes held steady despite low Waha prices and weather-driven shut-ins
- Dividend increased 25% and $55M in shares repurchased; liquidity stood at $3.1B with 3.6x leverage
- Two new Permian Delaware processing plants announced (Roadrunner III and Copperhead II) for Q1 2028 service
- Speedway NGL pipeline ramp-up targeted for Q3 2027; fractionation Trains 12 and 13 slated for Q1 2027 and Q1 2028
Management priorities
- Expanding Permian processing capacity with new plants (East Driver in Q3 2026, Roadrunner III and Copperhead II in Q1 2028)
- Advancing the Speedway NGL pipeline toward a Q3 2027 ramp-up
- Growing LPG export capacity beyond 19 MMbbl/mo at Galena Park on the Gulf Coast
- Adding fractionation capacity with Train 12 in Q1 2027 and Train 13 in Q1 2028
- Maintaining a strong balance sheet ($3.1B liquidity, 3.6x leverage) while increasing shareholder returns
- Optimizing marketing opportunities in gas and LPG markets to capture incremental margin
Related earnings events
EnergySources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T19:03:57.305774+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T19:03:57.302508+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.