TARGA RESOURCES CORP: RAYMOND JAMES INCREASES TARGET PRICE FROM $255 TO $270
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy TRGP?
Source: moomoo
- Target Price Increase: Raymond James has raised the target price for Target Corporation's stock from $255 to $270.
- Market Implications: This adjustment reflects a positive outlook on Target's performance and potential growth in the market.
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Analyst Views on TRGP
Wall Street analysts forecast TRGP stock price to fall
8 Analyst Rating
8 Buy
0 Hold
0 Sell
Strong Buy
Current: 248.120
Low
188.00
Averages
214.75
High
266.00
Current: 248.120
Low
188.00
Averages
214.75
High
266.00
About TRGP
Targa Resources Corp. is a provider of midstream services in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and delivers energy across the United States. The Company is engaged in the business of gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas (LPG) exporters; and gathering, storing, terminaling, and purchasing and selling crude oil. Its segments are Gathering and Processing, and Logistics and Transportation. Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells. Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Targa Resources Reports Record Q1 2026 Earnings Amid Challenges
- Record EBITDA: Targa Resources reported an adjusted EBITDA of $1.4 billion for Q1 2026, reflecting a 5% sequential increase primarily driven by contributions from its Permian Basin acquisition and optimization opportunities, demonstrating the company's ability to achieve profit growth amid challenges.
- Volume Growth: Despite severe winter weather and producer shut-ins due to weak Waha gas prices, Permian volumes are currently over 250 million cubic feet per day higher than the first quarter average, indicating effective resource management by the company.
- Capital Expenditure Plans: The company estimates net growth capital spending for 2026 to be approximately $4.5 billion, unchanged despite the announcement of two new Permian gas processing plants, showcasing its commitment to future growth.
- Shareholder Return Strategy: Targa declared a common dividend of $1.25 per share for the first quarter and repurchased $55 million in common shares during the period, reflecting proactive measures to enhance shareholder value.
See More
Targa Resources Reports Q1 2026 Earnings Highlights
- Net Income Growth: Targa Resources reported a net income of $480 million for Q1 2026, a significant increase from $271 million in Q1 2025, indicating ongoing improvements in profitability despite a decline in overall revenue.
- Revenue Decline: The company's revenue for the first quarter was $4.09 billion, down 10.3% year-over-year, missing market expectations by $590 million, which may exert some pressure on investor confidence.
- EBITDA Guidance Increase: Targa has raised its full-year 2026 adjusted EBITDA estimate to between $5.7 billion and $5.9 billion, reflecting management's optimistic outlook for future performance, potentially attracting more investor interest.
- Dividend Growth Support: The growth momentum at Targa Resources supports future dividend increases, demonstrating the company's strategic commitment to maintaining stable cash flows and returning value to shareholders.
See More
Targa Resources to Announce Q1 Earnings on May 7
- Earnings Announcement: Targa Resources is set to release its Q1 2023 earnings on May 7 before market open, with consensus EPS estimates at $2.57 and revenue expectations at $4.68 billion, indicating stable performance in the market.
- Earnings Forecast Adjustments: Over the past three months, Targa's EPS estimates have seen two upward revisions and one downward revision, while revenue estimates have experienced two upward and two downward revisions, reflecting analyst divergence and market uncertainty regarding the company's future performance.
- Market Performance Analysis: Although Targa Resources' stock has performed well, analysts believe there is still potential for further growth, particularly in the current energy market environment, which could drive stock price increases.
- Industry Positioning: Morgan Stanley has identified Targa Resources as a top midstream pick, underscoring its strong position in the industry and confidence in future growth, especially in the performance of its liquefied petroleum gas (LPG) export operations.
See More
Energy Transfer's Unit Price Poised for Significant Upside
- Price Surge Potential: Energy Transfer's unit price has already increased over 20% this year, nearing $20, and is expected to rise further due to higher oil prices, with a target of $25 representing a more than 25% increase.
- Earnings Growth Drivers: Although Energy Transfer does not produce oil, approximately 10% of its earnings are commodity price-linked, which are expected to rise with oil prices, while increased volumes through its liquids pipelines and marine export terminals will further boost revenue.
- LNG Project Restart Possibility: The closure of the Strait of Hormuz has disrupted global LNG supplies, prompting Energy Transfer to reconsider its Lake Charles LNG project, with potential discussions with partners that could add long-term value to its gas pipeline business.
- Valuation Upside Potential: Despite the price surge, Energy Transfer still trades at a low valuation, and as its financial position improves and expansion projects come online, the market is likely to reassess its valuation, driving it closer to peer averages.
See More
Energy Transfer's Optimistic Outlook Amid Rising Oil Prices
- Oil Price Growth Catalyst: Energy Transfer (ET) is projected to achieve earnings growth of 9% to 11.5% this year, driven by rising oil prices, particularly as potential U.S. military actions against Iran could lead to significant price spikes, enhancing the company's profitability.
- LNG Project Restart Potential: Although the Lake Charles LNG project was suspended last year, the closure of the Strait of Hormuz, disrupting 20% of global LNG supplies, may prompt Energy Transfer to find a new partner to restart the project, adding long-term value to its gas pipeline business.
- Increased Pipeline Volumes: With U.S. energy exports surging due to geopolitical tensions, Energy Transfer expects significant increases in volumes across its liquids pipelines and marine export terminals, which will drive higher fee-based income and further boost unit prices.
- Valuation Upside Anticipation: Despite a more than 20% rise in unit price this year, Energy Transfer still trades at a discount compared to large-scale energy midstream companies, suggesting that the market may soon recognize its strong financial position and growth prospects, potentially driving unit prices towards the $25 target.
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Cushing Exits Hess Midstream Completely
- Share Sale: Cushing Asset Management sold all 1,357,200 shares of Hess Midstream in Q1 2026, with an estimated transaction value of $50.29 million, indicating a complete exit that reflects diminished confidence in the asset.
- Value Decline: The quarter-end value of Hess Midstream's position dropped by $46.82 million due to both the sale and stock price changes, suggesting a less optimistic market outlook that impacts its standing in Cushing's portfolio.
- Portfolio Restructuring: Cushing's top five holdings are large, diversified pipeline operators, and the concentrated asset base of Hess Midstream, which relies heavily on a single core customer (Chevron), led to its removal from the portfolio, indicating a preference for broader risk diversification.
- Market Performance: As of April 27, 2026, Hess Midstream shares were priced at $37.02, reflecting a 3.2% increase over the past year, yet underperforming the S&P 500 by 26.34 percentage points, highlighting its competitive challenges in the market.
See More
Targa Resources Reports Record Q1 2026 Earnings Amid Challenges
- Record EBITDA: Targa Resources reported an adjusted EBITDA of $1.4 billion for Q1 2026, reflecting a 5% sequential increase primarily driven by contributions from its Permian Basin acquisition and optimization opportunities, demonstrating the company's ability to achieve profit growth amid challenges.
- Volume Growth: Despite severe winter weather and producer shut-ins due to weak Waha gas prices, Permian volumes are currently over 250 million cubic feet per day higher than the first quarter average, indicating effective resource management by the company.
- Capital Expenditure Plans: The company estimates net growth capital spending for 2026 to be approximately $4.5 billion, unchanged despite the announcement of two new Permian gas processing plants, showcasing its commitment to future growth.
- Shareholder Return Strategy: Targa declared a common dividend of $1.25 per share for the first quarter and repurchased $55 million in common shares during the period, reflecting proactive measures to enhance shareholder value.
See More
Targa Resources Reports Q1 2026 Earnings Highlights
- Net Income Growth: Targa Resources reported a net income of $480 million for Q1 2026, a significant increase from $271 million in Q1 2025, indicating ongoing improvements in profitability despite a decline in overall revenue.
- Revenue Decline: The company's revenue for the first quarter was $4.09 billion, down 10.3% year-over-year, missing market expectations by $590 million, which may exert some pressure on investor confidence.
- EBITDA Guidance Increase: Targa has raised its full-year 2026 adjusted EBITDA estimate to between $5.7 billion and $5.9 billion, reflecting management's optimistic outlook for future performance, potentially attracting more investor interest.
- Dividend Growth Support: The growth momentum at Targa Resources supports future dividend increases, demonstrating the company's strategic commitment to maintaining stable cash flows and returning value to shareholders.
See More
Targa Resources to Announce Q1 Earnings on May 7
- Earnings Announcement: Targa Resources is set to release its Q1 2023 earnings on May 7 before market open, with consensus EPS estimates at $2.57 and revenue expectations at $4.68 billion, indicating stable performance in the market.
- Earnings Forecast Adjustments: Over the past three months, Targa's EPS estimates have seen two upward revisions and one downward revision, while revenue estimates have experienced two upward and two downward revisions, reflecting analyst divergence and market uncertainty regarding the company's future performance.
- Market Performance Analysis: Although Targa Resources' stock has performed well, analysts believe there is still potential for further growth, particularly in the current energy market environment, which could drive stock price increases.
- Industry Positioning: Morgan Stanley has identified Targa Resources as a top midstream pick, underscoring its strong position in the industry and confidence in future growth, especially in the performance of its liquefied petroleum gas (LPG) export operations.
See More
Energy Transfer's Unit Price Poised for Significant Upside
- Price Surge Potential: Energy Transfer's unit price has already increased over 20% this year, nearing $20, and is expected to rise further due to higher oil prices, with a target of $25 representing a more than 25% increase.
- Earnings Growth Drivers: Although Energy Transfer does not produce oil, approximately 10% of its earnings are commodity price-linked, which are expected to rise with oil prices, while increased volumes through its liquids pipelines and marine export terminals will further boost revenue.
- LNG Project Restart Possibility: The closure of the Strait of Hormuz has disrupted global LNG supplies, prompting Energy Transfer to reconsider its Lake Charles LNG project, with potential discussions with partners that could add long-term value to its gas pipeline business.
- Valuation Upside Potential: Despite the price surge, Energy Transfer still trades at a low valuation, and as its financial position improves and expansion projects come online, the market is likely to reassess its valuation, driving it closer to peer averages.
See More
Energy Transfer's Optimistic Outlook Amid Rising Oil Prices
- Oil Price Growth Catalyst: Energy Transfer (ET) is projected to achieve earnings growth of 9% to 11.5% this year, driven by rising oil prices, particularly as potential U.S. military actions against Iran could lead to significant price spikes, enhancing the company's profitability.
- LNG Project Restart Potential: Although the Lake Charles LNG project was suspended last year, the closure of the Strait of Hormuz, disrupting 20% of global LNG supplies, may prompt Energy Transfer to find a new partner to restart the project, adding long-term value to its gas pipeline business.
- Increased Pipeline Volumes: With U.S. energy exports surging due to geopolitical tensions, Energy Transfer expects significant increases in volumes across its liquids pipelines and marine export terminals, which will drive higher fee-based income and further boost unit prices.
- Valuation Upside Anticipation: Despite a more than 20% rise in unit price this year, Energy Transfer still trades at a discount compared to large-scale energy midstream companies, suggesting that the market may soon recognize its strong financial position and growth prospects, potentially driving unit prices towards the $25 target.
See More
Cushing Exits Hess Midstream Completely
- Share Sale: Cushing Asset Management sold all 1,357,200 shares of Hess Midstream in Q1 2026, with an estimated transaction value of $50.29 million, indicating a complete exit that reflects diminished confidence in the asset.
- Value Decline: The quarter-end value of Hess Midstream's position dropped by $46.82 million due to both the sale and stock price changes, suggesting a less optimistic market outlook that impacts its standing in Cushing's portfolio.
- Portfolio Restructuring: Cushing's top five holdings are large, diversified pipeline operators, and the concentrated asset base of Hess Midstream, which relies heavily on a single core customer (Chevron), led to its removal from the portfolio, indicating a preference for broader risk diversification.
- Market Performance: As of April 27, 2026, Hess Midstream shares were priced at $37.02, reflecting a 3.2% increase over the past year, yet underperforming the S&P 500 by 26.34 percentage points, highlighting its competitive challenges in the market.
See More
