$TRGP · Targa Resources Corp.
Targa Resources filed an 8-K (Items 2.02, 7.01, 9.01) reporting Q3 2026 results. Net income attributable to Targa was $658M vs $478M a year ago, and adjusted EBITDA was $1,504M vs $1,275M (+18% YoY). Total revenues rose 35% YoY to $5,598.6M. The company raised full-year 2026 adjusted EBITDA guidance to at least $6.0B and announced plans to recommend a 20% dividend increase to $6.00/share annualized for 2027.
- Q3 2026 adjusted EBITDA of $1,504M, up 18% YoY from $1,275M.
- Net income attributable to Targa was $658M, up 38% from $478M a year ago.
- Total revenues rose 35% YoY to $5,598.6M.
- Full-year 2026 adjusted EBITDA guidance raised to at least $6.0B.
- 2027 common dividend expected to rise 20% to $6.00/share annualized.
Extended-hours last trade $286.15, +0.40% vs regular close of $285.00, a muted reaction despite the guidance raise and dividend increase. Regular session fell 4.54% on the day.
Targa pairs an 18% EBITDA beat-and-raise with a 20% dividend hike signal, underscoring Permian volume momentum and shareholder-return confidence.
Targa's Permian-focused midstream buildout (new ExxonMobil agreements, Train 14 fractionator, multiple processing plants) reflects continued Permian volume growth driving fee-based infrastructure demand.
Sequential adjusted EBITDA fell 6% from Q2 2026 on lower marketing and LPG export margins, a reminder of commodity-price and optimization sensitivity. Heavy capex (~$5.0B net growth) and $19.8B total debt carry execution and leverage risk.