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 $281.74 | ▼ −4.02% | ▼ −2.83% | $281.74 (−4.02%) |
Aug 26, 2026 5w ago | 144 | $294.03 $289.36 | ▼ −1.59% | ▼ −2.79% | $281.74 (−4.18%) |
Aug 26, 2026 5w ago | Insider Cluster | $294.03 $289.36 | ▼ −1.59% | ▼ −2.79% | $281.74 (−4.18%) |
Aug 25, 2026 5w ago | 8-K | $286.91 $283.01 | ▼ −1.36% | ▼ −2.33% | $281.74 (−1.80%) |
Jul 17, 2026 11w ago | 8-K | $282.91 $275.79 | ▼ −2.52% | ▼ −6.96% | $281.74 (−0.41%) |
Jul 16, 2026 11w ago | Press Release | $282.91 $275.79 | ▼ −2.52% | ▼ −6.96% | $281.74 (−0.41%) |
May 7, 2026 21w ago | 8-K | $251.51 $262.69 | ▲ +4.45% | ▲ +1.31% | $281.74 (+12.02%) |
Apr 16, 2026 24w ago | Press Release | $235.27 $267.48 | ▲ +13.69% | ▲ +8.32% | $281.74 (+19.75%) |
Mar 26, 2026 27w ago | DEFA14A | $250.13 $241.18 | ▼ −3.58% | ▼ −16.32% | $281.74 (+12.64%) |
Feb 26, 2026 31w ago | Insider Cluster | $230.95 $250.36 | ▼ −8.40% | ▼ −14.81% | $281.74 (−21.99%) |
US Market Status
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