TRGP
Earnings did the heavy lifting
Targa Resources came out swinging in Q4 2025, with adjusted earnings of $2.51 per share beating the $2.39 consensus. Revenue, though, didn’t exactly join the party — a classic case of “the headline looks great, the footnotes are doing cardio.”
The real investor breadcrumb trail
What matters for you isn’t just the beat. It’s the company’s 2026 setup:
- Management guided 2026 EBITDA to $5.4 billion-$5.6 billion
- The story is being underpinned by Permian growth and new projects
- Targa declared a quarterly cash dividend of $1 per share for Q4 2025
- It also repurchased about 226,987 shares in the quarter, spending roughly $37 million
That combo tells you the cash engine is still running, even if the top line didn’t sparkle as much as the EPS print.
Dividends, buybacks, and the “we like our own stock” signal
Targa paid out about $215 million in dividends on Feb. 13 to shareholders of record from Jan. 30. And it’s already talking about hiking the first-quarter 2026 dividend to $1.25 per share, pending board approval. That would lift the annualized payout to $5.00 per share — basically management saying, “Yes, we’d like to keep rewarding you for hanging around.”
Big picture
For investors, this is the familiar midstream playbook: beat earnings, miss revenue, talk up projects, and return cash like it’s a side quest. If Targa can actually hit that EBITDA range while keeping capital returns growing, the stock has a decent case to keep flexing.