Movement Alert｜Targa Resources Rises 3.01% in Regular Trading, Q2 Profit Significantly Beats Expectations with Full-Year Guidance Raised

Market Focus08-11 01:00

On August 11, Targa Resources rose 3.01% in regular trading, trading at $264.68/share, with turnover of $80.87 million. The move follows the company's Q2 earnings release on August 6, which showed core profit metrics substantially exceeding market expectations alongside an upward revision to full-year guidance.

Targa Resources reported Q2 net income of $764.6 million, up 21.5% year-over-year and well above the analyst consensus estimate of $612 million. The company raised its full-year adjusted EBITDA guidance to the high end of the $57 billion to $59 billion range. Revenue came in at $4.44 billion, missing the $4.745 billion estimate, reflecting a pattern of volume growth offset by lower LNG prices. The Gathering and Processing segment saw adjusted operating margins expand quarter-over-quarter, driven primarily by significantly higher Permian Basin natural gas inlet volumes.

The broader Oil and Gas Storage and Transportation sector traded higher on the session, with Cheniere up 3.33%, ONEOK up 3.22%, and Energy Transfer up 2.38%. Jefferies maintained a Buy rating post-earnings with a $324 price target, while Raymond James holds a Strong Buy with a $330 target.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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