TRGP
Big quarter, bigger swagger
Targa Resources came out swinging with a Q4 2025 net income of $545 million, up from $351 million a year earlier. For the full year, adjusted EBITDA climbed to a record $4.957 billion, which is Wall Street-speak for: the pipes, processing, and Permian machine are still throwing off serious cash.
The shareholder candy aisle
The company also spent 2025 repurchasing 3.765 million shares for $642 million. That’s not subtle. Targa is basically telling investors it thinks its own stock still has juice — and it’s willing to buy more of it when the market gives it a discount.
2026 is looking pretty chunky too
Management is aiming for 2026 adjusted EBITDA between $5.4 billion and $5.6 billion, which would be another step up from 2025. On top of that, Targa plans to lift its annual dividend to $5.00 per share, a 25% bump, so the payout crowd gets a little extra love too.
And then RBC showed up with a boost
As if the earnings pop wasn’t enough, RBC Capital raised its price target to $270 from $260 and kept an Outperform rating. The firm said its new commodity price forecast supports the move and still likes Targa’s setup if prices stay elevated.
Big picture: this is the kind of report that says “we’re growing” and “we’re sharing the spoils” in the same breath. Not a bad combo if you own the stock.