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Targa Resources Corp - Stock Quote TRGP

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Morningstar's Targa Resources Corp Stock Analysis

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Increasing Targa FVE After Strong Permian Gas Volume Growth Drives Growth During Targa’s Q1

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Healthy Permian gas volume growth was the major growth avenue for Targa during its first quarter. If current market conditions and prices hold, the firm now expects to top the high point of its guidance range at $2.5 billion in EBITDA for the year. Given the volume strength, we've increased our fair value to $64 per share from $54, and updated our near-term 2022 EBITDA forecast to $2.7 million from $2.5 billion. 

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Targa Resources Corp's Company Profile

Business Description

Targa Resources is a midstream firm that primarily operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has 840,000 barrels a day of gross fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline recently entered full service.

811 Louisiana Street, Suite 2100
Houston, TX, 77002
T +1 713 584-1000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 2,430

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