Targa Resources shares closed at $297.77 on Tuesday, near their 52-week high of $305.08, after surging 85.2% over the past year. The rally followed a new 20-year agreement with ExxonMobil across the Permian Basin, which adds significant acreage dedications and is expected to drive volume growth through 2046. The Zacks Consensus Estimate for Targa's 2026 earnings is $11.01 per share, implying 29.7% year-over-year growth, while revenues are pegged at $19.12 billion, up 12.3%. However, the company raised its 2026 growth capital spending to $5 billion from $4.5 billion, and management expects marketing gains to moderate in the second half. Targa trades at an EV/EBITDA of 15.24, above the industry average of 12.35, and carries a Zacks Rank #3 (Hold).
Targa Resources IncNew 20-year ExxonMobil agreement adds acreage dedications, driving volume growth through 2046.
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Exxon Mobil CorpExxonMobil's deal with Targa secures long-term midstream services, supporting its Permian operations.
