HOUSTON, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today that representatives from the Company will participate in investor meetings at the Citi One-on-One Midstream and New Energy Infrastructure Conference in Las Vegas, NV on Tuesday, August 13 and Wednesday, August 14, 2024. A copy of the slides used for the conference meetings will be available in the Investors section of the Company's website at www.targaresources.com, or by going to https: ...

Financial Performance - Targa Resources Corp. reported second-quarter 2024 earnings of $1.33 per share, exceeding the Zacks Consensus Estimate of $1.21, but down from $1.44 in the same quarter last year due to higher product costs [1] - Revenues reached $3.6 billion, a 4.6% increase year over year, driven by higher sales of commodities and midstream service fees, although it fell short of the Zacks Consensus Estimate of $4.3 billion [2] - Adjusted EBITDA for the quarter was $984.3 million, up from $789.1 million in the prior-year period [2] Dividend and Share Repurchase - Targa declared a quarterly cash dividend of 75 cents per common share, totaling approximately $164 million to be distributed on August 15, 2024 [3] - The company repurchased over 2.9 million shares for approximately $355 million at an average price of $118.91 per share, with $291.3 million remaining in its existing $1 billion share repurchase program [4] Operational Highlights - Significant volumes were recorded in the Permian Basin, with the new Roadrunner II plant achieving high utilization [5] - The Gathering and Processing segment reported an operating margin of $572.6 million, up 14% year over year, reflecting a 12% increase in Permian Basin volumes [6] - The Logistics and Transportation segment's operating margin increased 34.2% year over year to $547.7 million, driven by higher pipeline transportation and fractionation margins [6][7] Cost and Capital Expenditure - Product costs for the second quarter were $2.2 billion, a 6% increase from the previous year, while operating expenses rose to $290.7 million [9] - Capital expenditures for growth programs were $798.7 million, compared to $579.5 million in the prior year [9] Future Guidance - For 2024, Targa anticipates adjusted EBITDA between $3.95 billion and $4.05 billion, a 5% increase from previous estimates, driven by increased operational activity [11] - Capital expenditures for 2024 are projected at $2.7 billion, including investments in new gas processing plants and expanded infrastructure [12] - Continued growth is expected in 2025, with higher adjusted EBITDA and free cash flow, leading to increased shareholder returns [13]

Core Thesis - Targa Resources (NYSE:TRGP) is a midstream company focused on a vertically integrated value chain for natural gas and natural gas liquids from the Permian Basin to international markets, with significant capital deployment for growth [2][3] Company Profile - TRGP derives over 80% of its natural gas and NGL volumes from the Permian Basin, with operations encompassing gathering, processing, and fractionation, culminating in LPG exports to Asia [3] Growth Trajectory - Since the end of the pandemic, TRGP has completed several M&A transactions and built out its integrated system, increasing CAPEX from $500 million in 2021 to an estimated $2.7 billion through 2024, with 2024 expected to be the peak year for CAPEX [4][5] EBITDA Growth - TRGP projects EBITDA to reach $4.0 billion in 2024, with potential growth to $5.1 billion by 2026, implying over 25% growth and a 13% CAGR, driven by ongoing projects [6][7] Investment Strategy - The company is investing in the Blackcomb pipeline, taking a 17.5% minority stake with a $200 million investment, which supports production growth in the Permian [8] Valuation Analysis - TRGP currently trades at a higher EV to EBITDA multiple than EPD, but the expected higher EBITDA growth rate suggests that TRGP will outperform EPD in share price performance [9][10] Financial Projections - EBITDA for 2024 is projected at $4.0 billion, with a net cash burn of $1.185 billion, but 2025 is expected to show a neutral cash balance after CAPEX, dividends, and buybacks [14][13] Key Takeaways - Targa Resources is positioned for high growth with an integrated system for NGL delivery, comparable to Enterprise Products, but with a larger growth rate due to its smaller size [16] - CAPEX is expected to decrease by approximately $1 billion from 2024 levels, allowing the company to operate within free cash flow and stabilize debt levels [16] - The combination of higher growth rates and share repurchases is anticipated to drive significant share price appreciation, making TRGP ideal for investors seeking capital appreciation [16]

HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("TRGP," the "Company" or "Targa") today reported second quarter 2024 results. Second quarter 2024 net income attributable to Targa Resources Corp. was $298.5 million compared to $329.3 million for the second quarter of 2023. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items ("adjusted EBITDA")(1) of $984.3 million for the second quarter of 2024 compared t ...

Based in Houston, Targa Resources, Inc. (TRGP) is in the Oils-Energy sector, and so far this year, shares have seen a price change of 53.81%. The company is paying out a dividend of $0.75 per share at the moment, with a dividend yield of 2.25% compared to the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry's yield of 6.29% and the S&P 500's yield of 1.57%. High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more establishe ...

About Targa Resources Corp. Targa is a FORTUNE 500 company and is included in the S&P 500. For more information, please visit the Company's website at www.targaresources.com. Forward-Looking Statements Sanjay Lad Vice President, Finance & Investor Relations Jennifer Kneale Chief Financial Officer Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diver ...

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 second quarter of 2024. This cash dividend will be paid August 15, 2024 on all outstanding common shares to holders of record as of the close of business on July 31, 2024. Event Information Event: Targa Resources Corp. Second Quarter 2024 Earnings Webcast and Presentation Date: Thursday, August 1, 2024 Time: 11:00 a.m. Eastern Time Webc ...

Earnings growth looks solid for TRGP for this fiscal year. The Zacks Consensus Estimate for 2024 is $5.27 per share, with earnings expected to increase 43.99% from the year ago period. Bottom Line From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. It's important to keep in mind that not all companies provide a quarterly payout. Looking at dividend growth, the company's current annualized ...

HOUSTON, June 24, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today the following organizational changes, with the changes approved by Targa's Board of Directors effective July 22, 2024. As part of Targa's long-term development plans, Jennifer R. Kneale, current Chief Financial Officer ("CFO"), will become President - Finance and Administration. Jen will continue to report to Matthew J. Meloy, Targa's Chief Executive Officer. William A. Byers will join Ta ...

HOUSTON, June 24, 2024 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today the following organizational changes, with the changes approved by Targa's Board of Directors effective July 22, 2024. As part of Targa's long-term development plans, Jennifer R. Kneale, current Chief Financial Officer ("CFO"), will become President - Finance and Administration. Jen will continue to report to Matthew J. Meloy, Targa's Chief Executive Officer. William A. Byers will join Ta ...