Targa Resources Corp

TRGP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$87.00	Ygfw	Stxbxhx

Targa Earnings: Weather Affects Volumes in the Permian, but LPG Exports Skyrocket

Stephen Ellis

May 2, 2024

Targa's first-quarter earnings generally met our expectations. The 2024 EBITDA guidance by management is unchanged at a midpoint of $3.8 billion, matching our forecast. We expect to leave our fair value estimate unchanged at $99 as well as our no moat rating.

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