The significant guidance raise and dividend increase signal confidence in volume growth and margin expansion. Monitor Q2 volumes for continued strength after winter weather impacts; the stock may re-rate higher if commodity prices stabilize.
Price Chart
Executive Summary
Targa Resources reported Q1 2026 earnings with total revenue declining 10% YoY to $4.09B due to lower commodity prices, but adjusted EBITDA rose 19% to a record $1.40B driven by record Permian inlet and fractionation volumes. The company raised its full-year 2026 adjusted EBITDA guidance to $5.7B-$5.9B (up 17% at midpoint) and increased its quarterly dividend by 25% to $1.25/share. While revenue decline caps the sentiment to mixed, the underlying volume growth and guidance raise are strongly positive.
Key Financial Metrics
Key Facts
- Record adjusted EBITDA of $1,403M, up 19% YoY
- Total revenue $4,095M, down 10% YoY on lower commodity prices
- Full-year 2026 adjusted EBITDA guidance raised to $5.7B-$5.9B
- Quarterly dividend increased 25% to $1.25/share ($5.00 annualized)
- Record Permian inlet volumes (6,730 MMcf/d) and record fractionation volumes (1,145 MBbl/d)
- Repurchased $55M in stock during Q1; $1.32B remaining under buyback program
- Completed Falcon II and East Pembrook plants; Train 11 fractionator started up in April
Financial Impact
Adjusted EBITDA record $1.40B vs $1.18B prior year; 2026 EBITDA guidance raised ~$600M at midpoint to $5.8B
Risk Factors
- Commodity price volatility could further pressure top-line revenue
- Execution risk on large growth capex program ($4.5B in 2026)
- Debt levels increased to $19.1B (up from $17.4B in Sept 2025)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-210165 |
| Document: trgp-20260507.htm | 0001193125-26-210165 |
| Document: 0001193125-26-210165-index-headers.html | 0001193125-26-210165 |
| Document: 0001193125-26-210165-index.html | 0001193125-26-210165 |
| Document: 0001193125-26-210165.txt | 0001193125-26-210165 |
| 8-K Data (Synthetic) | 0001193125-26-210165 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | Insider Cluster | $293.54 $290.25 | ▼ −1.12% | ▲ +0.03% | $277.28 (−5.54%) |
Aug 26, 2026 5w ago | 144 | $294.03 $293.46 | ▼ −0.19% | ▼ −0.07% | $277.28 (−5.70%) |
Aug 26, 2026 5w ago | Insider Cluster | $294.03 $293.46 | ▼ −0.19% | ▼ −0.07% | $277.28 (−5.70%) |
Aug 25, 2026 5w ago | 8-K | $286.91 $296.06 | ▲ +3.19% | ▲ +3.73% | $277.28 (−3.36%) |
Jul 17, 2026 11w ago | 8-K | $282.91 $285.58 | ▲ +0.94% | ▲ +1.63% | $277.28 (−1.99%) |
Jul 16, 2026 11w ago | Press Release | $282.91 $285.58 | ▲ +0.94% | ▲ +1.63% | $277.28 (−1.99%) |
May 7, 2026 21w ago | 8-K | $251.51 $263.29 | ▲ +4.69% | ▲ +3.18% | $277.28 (+10.25%) |
Apr 16, 2026 24w ago | Press Release | $235.27 $240.69 | ▲ +2.31% | ▲ +1.75% | $277.28 (+17.86%) |
Mar 26, 2026 27w ago | DEFA14A | $250.13 $245.57 | ▼ −1.82% | ▼ −5.69% | $277.28 (+10.86%) |
Feb 26, 2026 31w ago | Insider Cluster | $230.95 $238.81 | ▼ −3.40% | ▼ −4.53% | $277.28 (−20.06%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access