NYSE$TRGP
Targa Resources Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported record results driven by higher volumes across Gathering and Processing and Logistics and Transportation systems.
Targa Resources Corp. reported strong third quarter 2024 results, achieving a record adjusted EBITDA of $1,069.7 million, up from $840.2 million in the third quarter of 2023. The company saw increased volumes across its Gathering and Processing and Logistics and Transportation systems and expects full year 2024 adjusted EBITDA to be above the top end of its $3.95 billion to $4.05 billion range. They also announced expectations for a 33% year-over-year increase to its 2025 common dividend.
- Record adjusted EBITDA for the third quarter of $1.07 billion.
- Record Permian, NGL transportation, and fractionation volumes during the third quarter.
- Completed its Daytona NGL Pipeline expansion during the third quarter.
- Repurchased approximately $168 million of common stock during the third quarter.
Headline financials
Revenue & EPS history
Targa Resources · Revenue · Quarterly
$3.85B
Revenue by segment
Targa Resources · $4.47B total across 3 segments · Q2 2023
- Logistics and Transportation$2.76B-51.6%61.6%
- Gathering and Processing$1.57B-50.6%35.0%
- Other$152M+3475.6%3.4%
Forward guidance
Targa anticipates a meaningful inflection in 2025 adjusted free cash flow generation relative to 2024 and estimates full year 2024 adjusted EBITDA to be above the top end of its $3.95 billion to $4.05 billion range.
Tailwinds
- Expects to recommend to Targa’s Board of Directors an annual common dividend per share of $4.00 in 2025, a 33% increase to 2024
- Higher volumes across Targa’s Gathering and Processing (“G&P”) and Logistics and Transportation (“L&T”) systems.
- Record Permian natural gas inlet volumes
- Higher Badlands crude volumes, and higher fees.
- Higher marketing margin and higher LPG export volumes drove the sequential increase in segment adjusted operating margin.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+0.7%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.8%
Avg return
30 days after
53%
34 / 64 earnings
Positive
+18.4%
Q1 2020
Best reaction
-13.9%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +0.3% | +5.8% | |
| Q4 2025 | -0.6% | +1.8% | +4.3% | |
| Q3 2025 | +5.2% | +9.6% | +16.9% | |
| Q2 2025 | +2.4% | +3.1% | -0.4% | |
| Q1 2025 | -5.0% | -7.9% | -7.6% | |
| Q4 2024 | -2.7% | -7.3% | -6.1% | |
| Q3 2024 | +10.0% | +13.6% | +17.2% | |
| Q2 2024 | -3.5% | -2.7% | +8.6% | |
| Q1 2024 | -0.1% | +0.4% | +5.2% | |
| Q4 2023 | +9.7% | +9.1% | +20.0% | |
| Q3 2023 | +4.7% | +1.6% | +7.1% | |
| Q2 2023 | +1.6% | +2.0% | +7.8% | |
| Q1 2023 | +0.7% | -0.3% | +0.1% | |
| Q4 2022 | +4.3% | +2.7% | -7.9% | |
| Q3 2022 | +5.0% | +7.7% | +12.2% | |
| Q2 2022 | -5.7% | -0.9% | +3.0% | |
| Q1 2022 | -3.3% | -12.8% | -0.9% | |
| Q4 2021 | +4.3% | +7.2% | +23.7% | |
| Q3 2021 | +3.1% | +4.1% | -6.8% | |
| Q2 2021 | +3.5% | +7.2% | +8.8% | |
| Q1 2021 | +4.9% | +3.1% | +27.0% | |
| Q4 2020 | -3.3% | +1.1% | +4.7% | |
| Q3 2020 | +1.4% | +21.1% | +58.6% | |
| Q2 2020 | -2.7% | -2.7% | -18.9% | |
| Q1 2020 | +18.4% | +23.7% | +100.8% | |
| Q4 2019 | +5.9% | -3.5% | -80.2% | |
| Q3 2019 | +1.1% | -1.7% | -9.2% | |
| Q2 2019 | +5.1% | +4.2% | +9.9% | |
| Q1 2019 | -1.3% | +1.2% | -2.2% | |
| Q4 2018 | -12.2% | -13.6% | -15.0% | |
| Q3 2018 | -4.6% | -9.7% | -15.9% | |
| Q2 2018 | +1.5% | +0.5% | +1.5% | |
| Q1 2018 | -3.0% | -0.1% | +2.9% | |
| Q4 2017 | +0.2% | -0.1% | -0.2% | |
| Q3 2017 | +4.5% | +5.4% | +5.2% | |
| Q2 2017 | -0.4% | -4.8% | -3.2% | |
| Q1 2017 | -8.4% | -10.4% | -17.3% | |
| Q4 2016 | -1.3% | -1.0% | -4.8% | |
| Q3 2016 | +5.4% | +4.2% | +19.8% | |
| Q2 2016 | +8.2% | +12.5% | +17.9% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +15.5% | — | — | |
| Q3 2015 | -13.9% | — | — | |
| Q2 2015 | -7.3% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +6.2% | — | — | |
| Q3 2014 | -6.2% | — | — | |
| Q2 2014 | +4.5% | — | — | |
| Q1 2014 | -1.5% | — | — | |
| Q4 2013 | +2.2% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | +1.4% | — | — | |
| Q1 2013 | +3.4% | — | — | |
| Q4 2012 | +2.1% | — | — | |
| Q3 2012 | -2.3% | — | — | |
| Q2 2012 | +1.2% | — | — | |
| Q4 2011 | -0.0% | — | — | |
| Q1 2012 | -0.0% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q4 2010 | -5.0% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q2 2010 | -5.0% | — | — | |
| Q1 2010 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro