Targa Resources (NYSE:TRGP) given new $338.00 price target at Citigroup. November 6, 2026 Key points. * Citigroup raised its Targa Resources price target to $338 from $325 and maintained a Buy rating, implying 27.72% upside from the prior close. Analysts overall have a consensus Buy rating and an average target of $326.37. * Targa reported quarterly EPS of $3.04, beating the $2.74 consensus, and revenue of $5.60 billion, above estimates. The company also expects its 2027 common dividend to rise 20% and announced expansion plans. * Despite the strong results and positive outlook, shares fell 2.6% on Friday to $264.65. * Five stocks to consider instead of Targa Resources. Targa Resources (NYSE:TRGP - Get Free Report) had its price target raised by stock analysts at Citigroup from $325.00 to $338.00 in a research report issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the pipeline company's stock. Citigroup's price target points to a potential upside of 27.72% from the company's previous close. Other equities analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Targa Resources from $284.00 to $294.00 and gave the stock an "overweight" rating in a report on Thursday, October 8th. BMO Capital Markets increased their price target on shares of Targa Resources from $303.00 to $328.00 and gave the company an "outperform" rating in a research note on Wednesday, October 21st. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Morgan Stanley lifted their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an "overweight" rating in a research report on Wednesday, September 16th. Finally, Scotiabank restated an "outperform" rating and set a $319.00 price objective on shares of Targa Resources in a research note on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $326.37. Targa Resources stock down 2.6%. NYSE TRGP traded down $7.17 during trading hours on Friday, hitting $264.65. 2,564,176 shares of the company traded hands, compared to its average volume of 1,301,405. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The business's 50-day moving average is $289.81 and its 200-day moving average is $260.95. The stock has a market capitalization of $56.75 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 1.17 and a beta of 0.76. Targa Resources has a twelve month low of $166.18 and a twelve month high of $316.60. Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.30. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $4.77 billion. Sell-side analysts anticipate that Targa Resources will post 11.48 earnings per share for the current year. Insider buying and selling. In related news, Director Charles Crisp sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director S Davis sold 2,400 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company's stock. Hedge funds weigh in on Targa Resources. A number of large investors have recently made changes to their positions in the company. First Eagle Investment Management LLC raised its holdings in shares of Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock valued at $27,000 after purchasing an additional 80 shares during the period. Jones Financial Companies Lllp acquired a new stake in Targa Resources in the second quarter valued at approximately $32,000. Compass Financial Management LLC bought a new stake in shares of Targa Resources during the second quarter valued at approximately $33,000. CoreCap Advisors LLC increased its holdings in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in shares of Targa Resources during the second quarter worth approximately $35,000. Institutional investors own 92.13% of the company's stock. Targa Resources news roundup. Here are the key news stories impacting Targa Resources this week: * Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74-$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. * Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company's cash-return outlook. * The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. * Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Targa Resources company profile. Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company's services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Further reading. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Targa Resources, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Targa Resources wasn't on the list. While Targa Resources currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys. The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge - and the key risks investors should watch as the global AI buildout accelerates. Continue following MarketBeat

Targa (NYSE: TRGP) eyes 20% dividend hike, but quarterly free cash flow shrinks. Posted by Don Miller on Nov 5th, 2026 What happened. Targa Resources Corp. (NYSE: TRGP) expects to recommend a 20% higher common dividend for 2027, or $6.00 a share. The Houston midstream company announced the plan on Nov. 5 with third-quarter results. Adjusted EBITDA reached $1.5 billion, up 18% from a year earlier. Targa now estimates full-year 2026 adjusted EBITDA of at least $6.0 billion. Net income attributable to Targa was $658 million, compared with $478 million in the third quarter of 2025. Adjusted EBITDA slipped 6% from the second quarter of 2026. Lower marketing and LPG export margins offset record Permian inlet, NGL transportation and fractionation volumes. Key numbers. | Metric | Latest | Change | Source | | Third-quarter adjusted EBITDA | $1.50 billion | from $1.27 billion, +18.0% | SEC 8-K, earnings release | | Third-quarter net income attributable to Targa | $658 million | from $478 million, +37.6% | Calculated from SEC 8-K | | Third-quarter adjusted free cash flow | $33.6 million | from $172.8 million, -80.6% | Calculated from SEC 8-K | | Third-quarter net growth capital spending | $1.19 billion | from $853 million, +39.0% | Calculated from SEC 8-K | | Full-year 2026 adjusted EBITDA estimate | At least $6.0 billion | / | SEC 8-K, earnings release | | Expected 2027 annual common dividend per share | $6.00 | from $5.00, +20.0% | SEC 8-K, earnings release | Where the growth came from. Fees carried the year-over-year gain. Fees from midstream services rose 29% to $875.7 million from $681.3 million in the third quarter of 2025. Gathering and Processing adjusted operating margin rose 22% to $1.07 billion. Logistics and Transportation rose 10% to $888.1 million. Permian plant natural gas inlet volumes averaged 7,536.6 MMcf/d, up 14%. Targa credits plants added since the fourth quarter of 2025, strong producer activity and a Permian asset acquisition in the first quarter of 2026. Where the cash is going. Growth spending is absorbing the gain. Net growth capital expenditures were $1.19 billion in the quarter, up from $853 million a year earlier. Adjusted free cash flow fell 80.6% to $33.6 million from $172.8 million. For the nine months, it was $466.8 million, against $491.4 million a year earlier. Targa still estimates 2026 net growth capital expenditures of approximately $5.0 billion. Its third-quarter dividend of $1.25 a share, 25% above the year-earlier level, costs about $268 million and is payable Nov. 17. Targa also repurchased 180,768 shares in the quarter at a weighted average $287.64, a net cost of $52 million. It has room left under its repurchase programs. Total consolidated debt was $19.8 billion on Sept. 30. That included $17.9 billion of senior unsecured notes and $860 million of commercial paper. Liquidity was approximately $2.9 billion, with $2.6 billion available under the revolver. New Permian commitments. In August, Targa announced 20-year, fee-based agreements with ExxonMobil subsidiaries for gathering, processing and downstream services in the Permian Basin. It also announced three Delaware plants, Wrangler, Ranger and Ranger II, to support them. On Nov. 5, Targa said it is ordering long-lead items for one more Midland plant and two more Delaware plants, likely needed in 2028 or early 2029. It is also moving forward with Train 14, a 150 MBbl/d fractionator in Mont Belvieu expected to start in the first quarter of 2029. Yeti and Yeti II are now expected in the second and third quarters of 2027, earlier than before. Why it matters. OptimistFi has argued that Targa's value depends on scarce gas infrastructure turning producer volumes into rising cash flow while leverage stays under control. The quarter supports the first half. Fee income and Permian volumes grew by double digits. The ExxonMobil agreements and new plants add to future volumes. The leverage half is less settled. Adjusted free cash flow shrank as growth spending rose. The sequential EBITDA dip came from marketing and export margins. A larger dividend adds a claim on cash. A higher annual EBITDA estimate does not by itself show that cash conversion will hold. OptimistFi reads the filing as mixed for the case. What's next. Management intends to recommend to Targa's board a first-quarter 2027 dividend of $1.50 a share, or $6.00 annualized. If approved, it would be payable in May 2027. Targa also expects to keep providing meaningful annual dividend increases beyond 2027. The nearer test is cash. Copperhead is in start-up and Yeti is expected in the second quarter of 2027. Adjusted free cash flow that recovers as those plants contribute would ease the leverage question. Continued heavy spending against flat EBITDA would sharpen it. From optimistfi perps. Sources. * Targa Resources Corp. Form 8-K, Exhibit 99.1 (earnings release, Nov. 5, 2026) - Third quarter 2026 financial results, 2026 outlook, 2027 dividend expectation, capitalization and growth project update. * SEC filing Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research. Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.