Targa Resources Corp. (TRGP) has solidified its position as the second-best performing Oil/Energy stock on the S&P 500 in 2024, delivering a remarkable return of more than 100%. Only Texas Pacific Land Corporation (TPL) has surpassed it, surging 123%. TRGP’s meteoric growth far outshines leading energy stocks like ExxonMobil (XOM) , up a modest 10.1%, and Chevron (CVX) , which edged up 0.7%.TRGP, TPL, XOM, CVX Year-to-Date Stock PerformanceImage Source: Zacks Investment ResearchThis extraordinary rally rais ...

Shares of Targa Resources (TRGP -0.30%) were blistering hot in 2024. The midstream company was up more than 105% heading into the final trading days of the year. Add in its dividend, and the total return was even higher. That absolutely crushed the S&P 500, which had a very strong year by delivering a total return of almost 30%. Here's a look at what fueled the energy stock's rally this year, and whether it has the power to continue producing market-crushing returns in 2025.A record-breaking yearTarga Resou ...

Core Viewpoint - Targa Resources, Inc. (TRGP) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimate Revisions - Analysts have been consistently raising their earnings estimates for Targa Resources, with the Zacks Consensus Estimate increasing by 6.5% over the past three months [7]. - For the fiscal year ending December 2024, Targa Resources is expected to earn $6.26 per share, reflecting a 71% increase from the previous year's reported number [11]. Impact on Stock Price - The upgrade in Zacks Rank indicates a positive outlook on Targa Resources' earnings, which is likely to have a favorable impact on its stock price [3][5]. - The correlation between earnings estimate revisions and near-term stock movements suggests that tracking these revisions can be beneficial for investment decisions [6][4]. Zacks Rating System - The Zacks rating system maintains a balanced approach, with an equal proportion of 'buy' and 'sell' ratings across its universe of over 4,000 stocks, ensuring that only the top 20% receive a Zacks Rank 2 or better [8][14]. - The Zacks Rank stock-rating system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [10].

The price trend for Targa Resources, Inc. (TRGP) has been bearish lately and the stock has lost 7.5% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall S ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

Core Viewpoint - Targa Resources Corp. (TRGP) reported strong third-quarter earnings driven by robust volumes in the Permian Basin, increased NGL sales, and lower product costs, despite a slight decline in revenues due to lower natural gas prices and hedging impacts [1][2]. Financial Performance - Earnings per share for Q3 2024 were $1.75, exceeding the Zacks Consensus Estimate of $1.58 and up from $0.97 in the same quarter last year [1]. - Total revenues reached $3.9 billion, a decrease of 1.1% year-over-year, and fell short of the Zacks Consensus Estimate of $4.2 billion [2]. - Adjusted EBITDA for the quarter was $1.1 billion, an increase from $840.2 million in the prior year [2]. Dividend and Share Repurchase - Targa declared a quarterly cash dividend of $0.75 per share, amounting to an annualized $3, with total cash dividends of approximately $164 million to be distributed on November 15 [3]. - The company repurchased over 1.1 million shares for approximately $167.9 million at an average price of $146.02 per share, with $1.1 billion remaining in its share repurchase program as of September 30 [4]. Operational Highlights - Significant volumes were recorded in the Permian Basin, with the new Greenwood II plant achieving high utilization [5]. - The Gathering and Processing segment reported an operating margin of $584.3 million, up 16% year-over-year, although it missed the consensus estimate [6]. - The Logistics and Transportation segment saw an operating margin of $619.2 million, a 35% increase year-over-year, surpassing the consensus estimate [7]. Volume and Cost Metrics - Fractionation volumes increased by 20% year-over-year to 953.8 thousand barrels per day, while NGL pipeline transportation volumes rose by 26% [8]. - Product costs were $2.4 billion, down 12% from the previous year, while operating expenses increased by 8% to $301 million [9]. Balance Sheet and Debt - As of September 30, Targa had cash and cash equivalents of $127.2 million and long-term debt of $13.6 billion, resulting in a debt-to-capitalization ratio of approximately 76.2% [10]. Future Guidance - For 2024, Targa anticipates adjusted EBITDA to exceed the upper end of its guidance range of $3.95 billion to $4.05 billion, driven by increased infrastructure spending [11]. - The company plans to increase its common dividend to $1.00 per share for Q1 2025, pending approval [12]. - The East Pembrook plant is expected to be completed ahead of schedule in Q2 2026, with new gas processing plants in the Permian expected to commence operations in 2026 [13].

Industry Analysis - The oil and gas industry is described as a cyclical, boom-bust sector, requiring patience and experience to navigate effectively [2] - Long-term focus and expertise are emphasized as critical for success in this volatile industry [2] Company Analysis (Targa Resources) - Targa Resources (NYSE: TRGP) demonstrated resilience during challenging times, as evidenced by its survival strategy in 2020 [2] - The company implemented a dividend cut to $0.10 per share in 2020 to prioritize debt repayment, showcasing a focus on financial stability [2] Research Methodology - The analysis of oil and gas companies involves a comprehensive examination of balance sheets, competitive positioning, and development prospects [1] - The research service provides exclusive, in-depth analysis on select companies not available on free platforms [1] Analyst Background - The analyst has extensive experience in the oil and gas industry, with a professional background as a retired CPA and holding both an MBA and MA degree [2]

| --- | --- | --- | |-------|-------|--------------------------------------------------------------------| | | | Exhibit 99.1 | | | | | | | | 811 Louisiana, Suite 2100 Houston, TX 77002 713.584.1000 | Targa Resources Corp. Reports Record Third Quarter 2024 Results and Announces Expectations for a 33% Year-Over-Year Increase to its 2025 Common Dividend HOUSTON – November 5, 2024 - Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported third quarter 2024 results. Third quarter 20 ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Whi ...

HOUSTON, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced its quarterly dividend on common shares with respect to the third quarter of 2024. Targa announced today that its board of directors has declared a quarterly cash dividend of $0.75 per common share, or $3.00 per common share on an annualized basis, for the third quarter of 2024. This cash dividend will be paid November 15, 2024 on all outstanding common shares to holders of record as of the clo ...