Targa Resources Posts Record 2025 Results, Hikes Dividend

Targa Resources ( (TRGP) ) just unveiled an announcement.

Targa Resources reported record results for the fourth quarter and full year 2025, with net income rising to $545 million for the quarter and $1.923 billion for the year, and adjusted EBITDA climbing 20 percent year-on-year to $4.96 billion on surging Permian, NGL transportation, fractionation and LPG export volumes. In 2025 the company repurchased $642 million of common stock, paid a $1.00 per share fourth-quarter dividend on February 13, 2026, completed its Bull Moose II plant and two bolt-on Permian deals, and on January 6, 2026 closed the $1.25 billion Stakeholder Midstream acquisition, while maintaining about $4.1 billion of year-end liquidity and refinancing higher-cost notes with new longer-dated debt.

To support continued growth, Targa is advancing a large slate of Permian and Gulf Coast projects, including multiple new gas processing plants, expansions of NGL pipelines, LPG export capacity, and a newly announced Train 13 fractionator at Mont Belvieu scheduled for early 2028. For 2026, the company projects adjusted EBITDA of $5.4 billion to $5.6 billion and about $4.5 billion in net growth capital spending, expects record volumes across its Permian and NGL systems, and plans to recommend a 25 percent increase in the annual common dividend to $5.00 per share, signaling confidence in its cash flow growth and reinforcing returns to shareholders.

The most recent analyst rating on (TRGP) stock is a Buy with a $231.00 price target. To see the full list of analyst forecasts on Targa Resources stock, see the TRGP Stock Forecast page.

Spark’s Take on TRGP Stock

According to Spark, TipRanks’ AI Analyst, TRGP is a Outperform.

Targa Resources’ strong financial performance and strategic growth initiatives, highlighted in the earnings call, are the most significant factors driving the score. Technical indicators support a bullish outlook, although high leverage and valuation concerns slightly temper the overall assessment.

To see Spark’s full report on TRGP stock, click here.

More about Targa Resources

Targa Resources Corp., based in Houston, is a midstream energy infrastructure company focused on gathering and processing natural gas, transporting and fractionating natural gas liquids, and exporting liquefied petroleum gas, with a strategic concentration in the Permian Basin and large downstream assets at Mont Belvieu, Texas. The company operates extensive logistics and transportation systems that connect growing U.S. production to domestic and global markets, positioning it as a key facilitator of NGL and LPG flows.

Average Trading Volume: 1,401,840

Technical Sentiment Signal: Buy

Current Market Cap: $48.15B

For a thorough assessment of TRGP stock, go to TipRanks’ Stock Analysis page.