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Commodities

Midstream M&A Gains Momentum as Permian, Power Demand Support Growth, RBC Says

Midstream mergers and acquisitions are accelerating as companies pursue scale and new volumes, while RBC's preferred picks offer growth tied to gas, power and Permian demand, RBC Capital Markets said in a Friday note.The Alerian Midstream Index gained 0.6% for the week ended Sep. 10, compared with a 2% decline for the S&P 500 as West Texas Intermediate crude rose about 12% to $102.48 per barrel.Year to date, the AMZ has advanced 25.5% versus a 10.9% rise for the S&P 500, outperforming utilities and real estate investment trusts by 2,473 and 1,305 basis points.The AMZ remains behind oilfield services and exploration and production stocks by 2,208 and 2,933 basis points, respectively, while Henry Hub natural gas declined about 3% to $2.83 per million British thermal units.Venture Global (VG) led RBC's coverage universe with a 7.0% weekly gain, helped by higher Dutch Title Transfer Facility prices, while Cheniere Energy (LNG) fell 4.5% after missing the latest S&P 500 rebalance.Master limited partnerships rose 0.4% over the week and outperformed C-corporations, which slipped 0.1%, while RBC estimates its coverage universe trades at 10.3 times 2027 estimated enterprise value to EBITDA.RBC said midstream deal activity has accelerated, citing ONEOK's (OKE) acquisition of Brazos Midstream's Permian Midland assets and renewed market attention on a potential Kinetik (KNTK) sale.RBC has long viewed Kinetik Holdings as an attractive acquisition target because of its Permian presence, natural gas liquids exposure and New Mexico sour-gas capabilities, which could add scale and near-term growth.Kinetik could benefit from stronger customer demand in New Mexico, including an expansion of its KL2 processing plant, which RBC expects to enter service in mid-2028.RBC also noted that external insurance capital could help finance acquisitions.The US Third Circuit Court of Appeals vacated a water-quality certificate for the Northeast Supply Enhancement project on technical and procedural grounds, sending the matter back to the New Jersey Department of Environmental Protection.Williams (WMB) does not expect the ruling to affect construction and continues to target an in-service date in the fourth quarter of 2027, while viewing the remand as a path to resolve the outstanding issues.RBC sees Kinetik well positioned for growth in the second half of 2026 and beyond as new Permian gas takeaway capacity comes online and producer interest rises across the Northern Delaware Basin.A May 2026 federal lease sale generated about $4 billion in bids, compared with the prior record of $972 million in 2018, underscoring the scale of producer interest in the Northern Delaware Basin.Kinetik Holdings has built its sour-gas handling system, giving it an advantage over new entrants because permits for acid-gas injection wells can take more than three years.RBC expects Kodiak Gas Services (KGS) to deliver about 16% annual adjusted EBITDA growth over five years, supported by Permian production, tight compression capacity and rising data-center power demand.RBC favors Targa Resources (TRGP), citing customer-backed growth projects that reduce capital-spending risk, expanded customer agreements and exposure to well-capitalized Permian producers. Rising gas-to-oil ratios could also support mid-single-digit gas growth.RBC also favors Williams, which it sees benefiting from rising power and natural gas demand through 2030 and beyond. The company targets more than 11% adjusted EBITDA growth through 2030.Midstream M&A Gains Momentum as Permian, Power Demand Support Growth, RBC Says

$KGS$KNTK$LNG$OKE$TRGP$VG$WMB
Commodities

US Fuel Inventories Stay Tight; Guyana, Permian Projects Support Energy Outlook, UBS Says

US fuel inventories remain tight despite high refinery utilization, while wider gas spreads support refiners, Guyana boosts Exxon Mobil's (XOM) cash flow potential, and new Permian pipelines bolster growing natural gas liquids demand, UBS said in a note on Wednesday.The US Department of Energy reported a 100,000-barrel crude inventory build for the latest week, below the 600,000-barrel consensus estimate and the 4.2-million-barrel American Petroleum Institute estimate.Gasoline inventories fell 2.54 million barrels over the same period, compared with a 700,000-barrel consensus draw and a 3.2 million-barrel decline in the American Petroleum Institute estimate.Diesel stocks declined 2.23 million barrels, versus a 1.6-million-barrel expected draw and a 500,000-barrel decline in the American Petroleum Institute estimate.US refinery utilization rose 0.2 percentage point over the week to 97.4%, UBS said, adding that such elevated rates typically do not last and could tighten fuel markets as seasonal maintenance increases.US diesel inventories now stand 14.4% below the five-year average and 9.5% below last year's level, while gasoline stocks sit 6% below the five-year average and 7% below 2025 levels.PADD 3 diesel inventories are 10% below the five-year average, while PADD 1, PADD 2 and PADD 5 stocks are 34.9%, 4.3% and 5.8% below their respective five-year averages.Gasoline inventories are 5.5% below the five-year average in PADD 3, 5.6% lower in PADD 1, 7.8% lower in PADD 2 and 6.5% lower in PADD 5.Q3 2026 quarter-to-date RIN-adjusted refining margins average $42.79 per barrel in the Mid-Continent, $46.27/bbl on the West Coast and $47.62/bbl in the North Atlantic.The Gulf Coast's RIN-adjusted crack averaged $43.88/bbl in Q3 of 2026 quarter to date, versus $30.45/bbl in Q2 and $15.26/bbl in Q3 2025.European natural gas prices have risen in recent weeks as tensions in the Middle East and offline liquefied natural gas facilities, including assets in Qatar, tighten regional markets, while US prices remain relatively insulated, UBS said.The spread between European TTF and Nymex Henry Hub gas prices has widened to about $20 per million British thermal units from roughly $10/MMBtu two months ago, improving the competitive position of North American refiners.UBS estimated that a $5/MMBtu increase in gas costs, if North American refining assets were exposed to European gas prices, would add about $1.5 billion in annual costs for Valero (VLO), $1.8 billion for Marathon Petroleum (MPC), and $922 million for Phillips 66 (PSX).Exxon Mobil's Guyana production averaged about 900,000 barrels per day in Q2 2026, while the Errea Wittu, the project's fifth floating production vessel, remains on track to start by year-end.The Exxon Mobil-led group is advancing the Longtail development toward a final investment decision and has begun evaluating a potential ninth floating production vessel.The group has recovered about $55 billion in invested capital and operating costs, reducing the legacy costs subject to recovery, although new spending will continue adding to the cost bank.UBS expects Guyana's lower capital intensity and higher entitlement volumes to boost free cash flow, with production potentially exceeding the 2030 target of 1.3 million b/d and generating over $6 billion annually for Exxon Mobil and over $4 billion for Chevron (CVX) at $70/bbl Brent.Multiple new gas-processing plants from Targa Resources (TRGP) and Enterprise Products Partners (EPD) in the Delaware and Midland basins, along with new EPD fractionators at Mont Belvieu, will require additional Y-grade pipeline capacity, UBS said.The new pipelines will connect Permian gas plants with fractionators expected to start over the next two to three years, supporting rising global demand for liquefied petroleum gas and ethane.Planned expansions include BANGL and Coastal Bend in Q4 2026, Bahia in Q4 2027, and Speedway in Q3 2027, adding Permian Y-grade takeaway capacity.UBS said the projects should ease natural gas liquids takeaway constraints and link rising Permian production with international LPG and ethane demand, while supporting Gulf Coast petrochemical feedstock costs.

$CVX$EPD$MPC$PSX$TRGP$VLO$XOM
Wire

Targa Resources Extends Growth Runway With New Permian Projects, RBC Says

Targa Resources (TRGP) is extending its growth runway as new commercial agreements and projects support continued expansion in the Permian Basin, RBC Capital Markets said.The company recently announced 20-year Permian agreements with Exxon Mobil (XOM), including new acreage dedications. These should benefit Targa across its integrated infrastructure footprint, the investment firm said in a note Wednesday.The analysts said Targa also announced three new natural gas processing plants, expected to come online in H1 2028, along with a new 70-mile natural gas pipeline to support customer agreements.The company raised its 2026 growth capital spending guidance by $500 million to account for spending on these new projects, the analysts added.The analysts added that they believe the announced projects can support growth through at least 2030. They are introducing EBITDA estimates of $8.24 billion for 2029 and $8.85 billion for 2030, implying a five-year compound annual growth rate of about 12% through 2030.RBC reiterated its outperform rating on Targa Resources and raised its price target to $338 from $312.Price: $286.49, Change: $-7.54, Percent Change: -2.56%

$TRGP$XOM
Commodities

Panama Canal Drought Threatens to Fuel Asia LPG Prices Through 2027, Kpler Says

Restrictions on Panama Canal transits are likely to persist into Q2 2027 as a strong El Nino threatens to worsen dry conditions in Central America, raising costs for liquefied petroleum gas shipments from the US Gulf Coast to Asia, according to a Kpler note on Wednesday.The Panama Canal Authority announced last week cuts to daily transits through its Panamax and Neopanamax locks as water levels in Gatun Lake decline, the analysis said.Panamax transits will fall to 25 per day from 26 on Sep. 3 and to 23 from Sep. 15, while Neopanamax transits will drop to nine from 10 on Sep. 3.Kpler projected that the Gatun Lake levels would come under pressure in early 2027, with April likely to mark the seasonal low point.The data analytics firm said under a scenario in which rainfall from October 2026 through July 2027 is 20% below the five-year average, the lake level could fall to about 80.7 feet in April.Kpler said a drier scenario, with precipitation 40% below average, would push the level closer to 2023 drought lows at about 79.9 feet.The outlook comes as US LPG export capacity is set to expand, potentially increasing demand for Panama Canal transits at a time when the waterway is already congested.Enterprise Products Partners (EPD) is projected to add about 300,000 barrels per day of LPG capacity at its Houston facilities in Q1 2027, while Targa Resources' (TRGP) Galena Park expansion is expected to add another 130,000 b/d in Q3.Early Q2 2027 will have the most acute pressure from low lake levels, Nils Jenson, insight analyst at Kpler, said, adding that higher US exports would provide another source of cargoes competing for limited canal capacity.US shipments to Asia have already increased across crude, refined products and NGLs as Middle Eastern supplies have been constrained, boosting demand for the Panama Canal.Kpler said a return of some Middle Eastern supply in Q1 2027 could redirect part of the US-Asia flow but is unlikely to eliminate pressure on canal capacity.Meanwhile, the combination of restricted transits, congestion and strong LPG demand has already pushed up the cost of moving cargoes through the canal.A Neopanamax slot for an Aug. 28 northbound transit was recently auctioned for $3.15 million, according to an industry report cited by Kpler.Alternative trading strategies, including moving LPG on smaller shuttle vessels through the Panamax locks to bypass Neopanamax congestion, are also being explored.However, such arrangements are costly and can handle only limited volumes, leaving many operators with a choice between paying higher canal costs or taking longer routes around the Cape of Good Hope.Kpler said that those constraints are likely to support very large gas carrier freight rates and delivered LPG prices in East Asia through Q2 2027.A proposed pipeline to bypass the canal for LPG shipments is not expected to be operational until late 2030, so it is unlikely to provide near-term relief.Price: $38.95, Change: $+0.68, Percent Change: +1.78%

$EPD$TRGP
Wire

JPMorgan Adjusts Targa Resources Price Target to $351 From $315, Maintains Overweight Rating

Targa Resources (TRGP) has an average rating of overweight and mean price target of $304.75, according to analysts polled by FactSet.Price: $293.82, Change: $-3.95, Percent Change: -1.33%

$TRGP
Asia Markets

Update: Technology Leads US Equity Indexes Lower as 30-Year Yield Touches 19-Year High, Crude Oil Extends Gains

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes declined, with chipmakers helping drive technology to the bottom of sector charts, after the 30-year government bond yield touched levels last seen around the 2007 global financial crisis and crude oil prices continued to march higher.The Nasdaq Composite dropped 1.3% to 26,289.71, and the S&P 500 declined 0.7% to 7,691.76 on Tuesday. The Dow Jones Industrial Average slipped 0.2% to 53,343.40. Technology and industrials led decliners. Energy, healthcare and consumer staples topped the gainers.Among companies with market capitalizations exceeding $200 billion each, nine of the top 10 decliners were from the technology sector, according to data compiled by Finviz. Of those nine firms, seven were related to the semiconductor industry. The leader of the pack was Sandisk (SNDK), down 9.2%.US Treasury yields retreated after midday. The 30-year yield fell 2.6 basis points to 5.28% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The household saving rate has plummeted to 2.7% from 6.4% in early 2024, and the housing wealth effect is negative for the middle bulge given falling real house prices, Derek Holt, head of capital market economics at Scotiabank, said in a note Tuesday."When you've got no growth in inflation-adjusted disposable income in the US, and you hit them with higher energy costs, the case for absorption is higher than the case for pass through," Holt said in the note.The front-month US West Texas Intermediate crude oil contract rose 0.8% to $85.18 per barrel, and global benchmark North Sea Brent edged up 0.3% to $91.15 per barrel a day after the deadline to reach a permanent peace deal with Iran expired."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," President Trump posted on his social media platform. The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory." More than 80% of vessel transits through the Strait of Hormuz over the past two weeks have taken the Omani route - a UN-authorized shipping channel that Iran vehemently opposes - according to Kpler, which tracks ships using transponders and satellite data, CNN reported.Gold futures dropped 1.8% to $4,392.70, and silver futures slumped 4% to $63.57.In economic news, US housing starts plunged 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The consensus was for 1.35 million in a Bloomberg-compiled survey.In company news, ExxonMobil (XOM) remains committed to growing Permian volumes, with a new 20-year integrated midstream agreement with Targa Resources (TRGP) supporting its long-term growth targets, UBS Securities said in a note Monday. Shares of Targa jumped 7.1%, the top gainer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$SNDK$TRGP$XOM
Update: Equities Fall For Third Day as Oil Stretches Gains Amid Middle East Anxiety
US Markets

Update: Equities Fall For Third Day as Oil Stretches Gains Amid Middle East Anxiety

(Updates with market moves at the end of the day, and other changes, if any.)US stocks fell for a third straight session on Tuesday and oil prices continued to advance as Middle East developments kept traders on edge.The Nasdaq Composite tumbled 1.3% to close at 26,289.71, while the S&P 500 lost 0.7% to 7,691.76. The Dow Jones Industrial Average edged down 0.2% to 53,343.40. Most sectors were in the red, led by technology, while energy paced the gainers.West Texas Intermediate crude oil rose 0.6% to $85 a barrel, while Brent added 0.1% to $90.99. Both benchmarks were on track for their third consecutive day of gains.President Donald Trump said Tuesday that the US is not in talks with Iran, a day after a 60-day ceasefire between the two countries expired.Trump claimed that the Strait of Hormuz was "open and operating."Iran's top negotiator, Mohammad Bagher Ghalibaf, said Tuesday that the Strait of Hormuz will remain shut until the US meets the conditions of the interim deal signed in June, Reuters reported, citing state media.US Treasury yields were lower, with the 10-year yield falling 1.6 basis points to 4.71% and the two-year yield down 0.7 basis point at 4.18%.Meta Platforms (META) shares slumped nearly 4.5% as a social media addiction trial brought by 29 states got underway.Targa Resources (TRGP) jumped 7.1%, the best performer on the S&P 500. Late Monday, the company said it struck new 20-year fee-based, midstream agreements to support ExxonMobil's (XOM) development of its Permian Basin acreage. ExxonMobil rose 2.5%.Amer Sports (AS) lifted its full-year outlook as the Finnish sports equipment company reported second-quarter results above market estimates, buoyed by double-digit revenue growth across all of its segments. The stock rose 3.2%.US housing starts fell more than expected in July amid declines in both single and multi-family units, while building permits jumped to a five-month high, government data showed Tuesday.US pending home sales dropped 2.3% sequentially in July, data from the National Association of Realtors showed, while consensus was for sales to be flat in a survey compiled by Bloomberg.US industrial production increased less than expected in July as manufacturing growth decelerated, Federal Reserve data showed.Spot gold fell 1.6% to $4,343.38 per troy ounce, while silver shed 3.9% to $63.66 per ounce.

Dow JonesNasdaq CompositeS&P 500$AS$META$TRGP$XOM
Japan

US Equity Markets End Lower Amid Rise in Government Bond Yields Following Deadlock in US-Iran Talks

US equity indexes ended lower Tuesday after crude oil prices rose and the 30-year government bond yield hit a 19-year high following President Donald Trump's declaration that the US is not negotiating any deal with Iran.* "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform and claimed that the Strait of Hormuz is "New U.S. Territory."* The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.* US housing starts dropped 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The analyst consensus stood at 1.35 million in a Bloomberg-compiled survey.* Pending home sales fell 2.3% in July, compared with a 4.8% drop in June, according to the National Association of Realtors. Analysts expected no change in a Bloomberg-compiled survey.* September West Texas Intermediate crude oil rose $0.49 to settle at $84.99 per barrel, while October Brent crude, the global benchmark, was last seen up $0.10 at $90.97.* Targa Resources (TRGP) shares were up about 7.4%, the top performer on the S&P 500, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).* Nvidia (NVDA) talent is being recruited by Etched, with about 15% of the AI startup's 400 employees having previously worked at Nvidia, The Wall Street Journal reported. Nvidia shares were down 2.3%, the second-worst performer on the Dow.

Dow JonesNasdaq CompositeS&P 500$NVDA$TRGP$XOM
Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks gained late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index was falling 1%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil rose 0.6% to $85.04 a barrel, and the global benchmark Brent crude contract added 0.2% to $91.06 a barrel. Henry Hub natural gas futures gained 3.4% to $2.78 per 1 million BTU.In corporate news, KKR (KKR) has offered to buy natural-gas and electricity distributor UGI (UGI) for $42.50 per share, or roughly $9 billion, The Wall Street Journal reported. UGI shares surged past 9%.Targa Resources (TRGP) shares jumped 7% in Tuesday trading, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).Equinor (EQNR) shares added 0.2% after it said Tuesday it signed an agreement with Chevron's (CVX) Harmattan Energy unit to acquire a 17.4% stake in Petroleum Exploration License 90 in the Orange Basin offshore Namibia. Chevron shares were rising 1.5%.Ecopetrol (EC) has completed the acquisition of a controlling 51% stake in Brava Energia for about $1.20 billion, boosting its presence in Brazil and diversifying its hydrocarbons portfolio, the company said. Ecopetrol shares rose 0.1%.

$CVX$EC$EQNR$TRGP$UGI
Wire

Update: Targa Resources Shares Rise on New Permian Agreements With ExxonMobil

(Updates with stock moves in headline, first and last paragraphs.)Targa Resources (TRGP) shares rose 6.9% in Tuesday trading, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).The new midstream agreements support ExxonMobil's development of its Permian Basin acreage.Targa said the deals provide an extensive new area of mutual interest across the Permian Delaware for gathering and processing, and downstream services.Targa also announced three new natural gas processing plants in the Permian Delaware to support production growth in the area.Targa raised its 2026 growth capital estimate to $5 billion.ExxonMobil shares rose 2.4%.Price: $297.09, Change: $+19.15, Percent Change: +6.89%

$TRGP$XOM
Sectors

Sector Update: Energy Stocks Higher Tuesday Afternoon

Energy stocks gained Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.4%.The Philadelphia Oil Service Sector Index was falling 1.1%, and the Dow Jones US Utilities Index advanced 0.5%.Crude oil prices rose after the deadline to reach a permanent peace deal with Iran expired. "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," President Donald Trump posted on his social media platform. "The Hormuz Strait is open and operating. All water mines have been removed or detonated."Meanwhile, Reuters reported, citing Iran's negotiator Mohammad Baqer Qalibaf in state media on Tuesday that Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June.Front-month West Texas Intermediate crude oil rose 0.6% to $85.04 a barrel, and the global benchmark Brent crude contract added 0.4% to $91.20 a barrel. Henry Hub natural gas futures increased 2.4% to $2.75 per 1 million BTU.In corporate news, KKR (KKR) has offered to buy natural-gas and electricity distributor UGI (UGI) for $42.50 per share, or roughly $9 billion, The Wall Street Journal reported. UGI shares jumped past 11%.Targa Resources (TRGP) said late Monday it has struck new 20-year fee-based, midstream agreements to support ExxonMobil's (XOM) development of its Permian Basin acreage. Targa shares jumped past 7%.Petrobras (PBR) is weighing granting Braskem (BAK) improved payment terms on some contracts as the petrochemical producer approaches an Aug. 24 deadline to file for bankruptcy protection, Bloomberg reported. Petrobras shares were fractionally lower, and Braskem was down 2.2%.Ecopetrol (EC) has completed the acquisition of a controlling 51% stake in Brava Energia for about $1.20 billion, boosting its presence in Brazil and diversifying its hydrocarbons portfolio, the company said. Ecopetrol shares eased 0.2%.

$BAK$EC$PBR$TRGP$UGI
Wire

ExxonMobil's Permian Production Growth Backed by New Targa Resources Deal, UBS Says

ExxonMobil (XOM) remains committed to growing Permian volumes, with a new 20-year integrated midstream agreement with Targa Resources (TRGP) supporting its long-term growth targets, UBS Securities said in a Monday note.The agreement covers additional natural gas gathering, processing and treating, while adding new dedicated acreage and extending existing gathering and processing agreements in the Midland Basin through 2046, the note said.UBS said ExxonMobil's decision to partner with Targa Resources is "strategically sound" and enhances the company's ability to execute on its growth targets while securing access to critical infrastructure.The firm also noted that ExxonMobil's Permian technology portfolio continues to outperform expectations, with more than 40 technologies being deployed across the basin to improve recovery rates, reduce well counts and enhance capital efficiency.UBS maintained its buy rating and $174 price target on ExxonMobil.Price: $164.01, Change: $+2.54, Percent Change: +1.58%

$TRGP$XOM
Asia Markets

Update: US Equity Futures Lower Pre-Bell as Middle East Peace Prospects Dim

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Tuesday as prospects for a peace agreement in the Middle East dimmed with the US not seeking to extend the ceasefire agreement with Iran that expired Monday.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.5%, and Nasdaq futures were 1.3% lower.Iran would shift to a "fully offensive" military posture to break the US naval blockade if diplomatic efforts to end the war fail, Reuters reported Tuesday, citing a senior Iranian official. Asked by reporters if the US was seeking to extend the ceasefire, President Donald Trump said no, according to Reuters.Traders digested the latest round of earnings, with Home Depot (HD) reporting higher fiscal Q2 adjusted earnings and net sales.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.3% at $91.10 per barrel and US West Texas Intermediate crude 0.% higher at $84.29 per barrel.July housing starts dropped to a 1.239 million annual rate from 1.415 million in the previous month, compared with expectations for a 1.345 million rate in a survey compiled by Bloomberg. US import prices fell 0.4% in July, compared with the 0.1% gain expected and the prior 0.3% decrease in June. US export prices fell 1.3% in July, compared with expectations for no change and the 0.7% decrease in the prior month.The July industrial production report, due at 9:15 am ET, is forecast to show a 0.3% gain following a 0.1% increase in the prior month. Pending home sales for July, slated for 10 a.m. ET, are expected to hold steady after a drop of 5.4% in the prior month.In other world markets, Japan's Nikkei closed 2.5% lower, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.3% lower in Europe's early afternoon session.In equities, stocks of Nvidia (NVDA), Micron Technology (MU), and AMD (AMD) were all down as part of a wider downswing in the technology sector. Nvidia shares dropped 2%, Micron stock fell 4.8%, and AMD shares were 3.5% lower.On the winning side, Home Depot stock was 2.1% higher after the company posted better-than-expected fiscal Q2 adjusted earnings and net sales. Alibaba Group (BABA) shares rose 3% after Alipay said Monday it launched a full-stack agentic AI commerce platform for merchants. Targa Resources (TRGP) stock was up 3.6% after the company said late Monday it struck new 20-year fee-based, midstream agreements to support ExxonMobil's (XOM) development of its Permian Basin acreage.

Dow JonesNasdaq CompositeS&P 500$AMD$BABA$HD$MU$NVDA$TRGP$XOM
Commodities

Targa Q2 Natural Gas Liquids Production, Inlet Volumes Rise; Growth Projects Advance

Targa Resources (TRGP) reported Q2 earnings Thursday, showing total natural gas liquids production of 1.181 million barrels per day, up from 1.025 million b/d a year earlier.Total plant natural gas inlet volumes increased to 8,908.9 million cubic feet per day for the quarter ended June 30, up from 7,894.0 MMcf/d a year earlier.Total Permian plant natural gas inlet volumes rose to 7,187.3 MMcf/d in Q2, up from 6,278 MMcf/d a year earlier, while total Permian natural gas liquids production increased to 1.007 million b/d from 856,800 b/d.Permian Midland inlet volumes increased to 3,393.5 MMcf/d in the quarter from 3,106.2 MMcf/d a year earlier. Natural gas liquids production volumes rose to 506,100 b/d from 450,100 b/d.Permian Delaware inlet volumes climbed to 3,793.8 MMcf/d from 3,171.8 MMcf/d a year earlier. The production volumes for natural gas liquids increased to 500,800 b/d from 406,700 b/d.Central region plant natural gas inlet volumes declined to 1,010.3 MMcf/d in Q2 from 1,086.3 MMcf/d a year earlier, while natural gas liquids production edged down to 118,300 b/d from 120,200 b/d.For the Badlands region, plant natural gas inlet volumes increased to 133.8 MMcf/d in Q2 from 130.9 MMcf/d a year earlier, while the production volumes for natural gas liquids rose to 16,900 b/d from 16,600 b/d.For the Coastal region, plant natural gas inlet volumes climbed to 577.5 MMcf/d in Q2 from 398.8 MMcf/d a year earlier, while natural gas liquids increased to 38,700 b/d from 31,600 b/d.Natural gas sales increased to 3.08 billion British thermal units per day for the quarter, up from 2.82 billion Btu/d a year earlier.Natural gas liquids sales in the gathering and processing segment increased to 680,800 b/d in Q2 from 606,400 b/d a year earlier. For the logistics and transportation segment, natural gas liquids sales rose to 1.311 million b/d from 1.151 million b/d.Condensate sales increased to 22,400 b/d in Q2, up from 20,100 b/d a year earlier.Crude oil gathered climbed to 143,800 b/d for the quarter, up from 116,500 b/d in the year-ago quarter.In the logistics and transportation segment, natural gas liquids pipeline transportation volumes increased to 1.099 million b/d for the quarter, up from 961,200 b/d a year earlier.Fractionation volumes rose to 1.206 million b/d from 969,100 b/d, while liquefied petroleum gas export volumes increased to 487,100 b/d from 423,100 b/d.The company maintained its full-year 2026 estimate for net growth capital expenditures of about $4.5 billion and net maintenance capital expenditures of about $250 million.The company commenced operations of the Train 11 fractionator, the Delaware Express NGL Pipeline expansion and the East Driver processing plant during the quarter.Targa continues to advance the Copperhead, Yeti, Yeti II, Roadrunner III and Copperhead II processing plants, with construction remaining on schedule, according to the company.The company also continues to build the Train 12 and Train 13 fractionators, the Speedway NGL Pipeline, the GPMT LPG Export Expansion, and the Bull Run, Buffalo Run and Forza intra-basin residue gas pipeline projects, with all projects remaining on schedule.Price: $270.42, Change: $+10.31, Percent Change: +3.96%

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Sectors

Sector Update: Energy Stocks Advance Pre-Bell Thursday

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.4% higher.The United States Oil Fund (USO) was up 1.7% and The United States Natural Gas Fund (UNG) was 0.2% lower.Front-month US West Texas Intermediate crude oil was 1.6% higher at $76.39 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $80.94 per barrel, and natural gas futures were down 1.2% at $2.67 per 1 million British Thermal Units.ConocoPhillips (COP) shares were up more than 2% after the company reported higher Q2 adjusted earnings and revenue.Canadian Natural Resources (CNQ) stock was up more than 2% after the company posted higher Q2 adjusted earnings and revenue.Targa Resources (TRGP) shares were up 0.2% after the company reported higher Q2 net income and revenue.

$CNQ$COP$TRGP$UNG$USO$XLE
Commodities

Strong US Hydrocarbon Demand Lifts Midstream Profits, Supports Volume Growth, RBC Says

Strong global demand for US hydrocarbons is lifting midstream profits and supporting volume growth, RBC Capital Markets said in the midstream weekly on Friday.For the week ended July 30, the Alerian MLP Index fell 0.5% while the S&P 500 gained 0.4%, RBC said.Year to date, the AMZ has risen 21.6%, outperforming utilities by 1,614 basis points and real estate investment trusts by 155 bps, but trailing oilfield services by 1,036 bps and exploration and production companies by 1,689 bps.Front-month West Texas Intermediate crude fell 9% to about $83.50 a barrel, while Henry Hub natural gas declined 5% to $2.76 per million British thermal units.Sunoco (SUN) led weekly gains with a 1.9% advance, helped by potential refinery tailwinds, while Venture Global (VG) dropped 12.7% as weaker Dutch Title Transfer Facility gas prices weighed on sentiment, RBC said.Enterprise Products Partners (EPD) beat Q2 expectations after stronger global demand for US hydrocarbons generated about $200 million in benefits across natural gas liquids, crude oil and petrochemicals.EPD also raised growth capital spending by $700 million to add Permian processing plants and a natural gas liquids fractionator. RBC said the projects support long-term volume growth and bode well for Energy Transfer (ET), Targa Resources (TRGP) and Kinetik Holdings (KNTK).Looking ahead, RBC expects demand-driven volumes, commodity tailwinds and margin strength to remain common themes during the upcoming earnings season.RBC continues to favor Kinetik Holdings, citing new Permian gas takeaway capacity and growing opportunities in New Mexico's Delaware Basin.The firm noted the Bureau of Land Management's May 2026 lease sale generated about $4 billion in bids, surpassing the previous $972 million record set in 2018.RBC said KNTK's sour gas infrastructure provides a competitive advantage because new projects face permitting timelines of more than three years for acid gas injection wells.RBC also reaffirmed its positive view on Cheniere Energy (LNG), noting 95% of its contracted volumes extend through 2035. The firm said LNG can fund two additional brownfield expansion projects after Corpus Christi Midscale Trains 1-9 while maintaining a strong balance sheet.RBC said TRGP remains well positioned as customer-backed expansion projects reduce capital risk. The firm expects rising gas-to-oil ratios to support mid-to-high single-digit natural gas production growth even if crude production levels flatten.Williams (WMB) remains one of RBC's preferred names because of its exposure to growing power-related gas demand. The firm expects WMB to deliver more than 10% adjusted EBITDA compound annual growth through 2030, with sanctioned projects and Haynesville growth already contributing about 9%.RBC said Williams also has an attractive portfolio of Transco expansion and Power Innovation projects, which should benefit from growing power demand.Price: $76.60, Change: $+0.63, Percent Change: +0.83%

$ET$KNTK$LNG$SUN$TRGP$VG$WMB
Wire

Raymond James Adjusts Targa Resources Price Target to $330 From $294, Maintains Strong Buy Rating

Targa Resources (TRGP) has an average rating of buy and mean price target of $294.90, according to analysts polled by FactSet.Price: $289.44, Change: $+3.86, Percent Change: +1.35%

$TRGP
Commodities

Commodity Prices, Export Demand to Drive Strong US Midstream Q2 Earnings, RBC Says

Commodity prices, export demand and new infrastructure should drive strong second-quarter US midstream earnings across the sector, RBC Capital Markets said in a Tuesday note.Waha basis spreads, spot export cargoes, expanding natural gas and power demand continue to provide favorable operating conditions for the sector, RBC said.RBC expects the Iran conflict and additional Permian pipeline capacity to strengthen long-term demand for US hydrocarbons, support new export infrastructure and restore previously curtailed production as takeaway constraints ease.RBC highlighted Kinetik Holdings (KNTK) and Targa Resources (TRGP) as its preferred picks, expecting both companies to post solid second-quarter results.The firm expects Kinetik to enter the second half of 2026 and 2027 with positive momentum, while Targa should benefit from supportive commodity prices and rising gas volumes as new takeaway capacity comes online.Kinder Morgan (KMI) could transfer projects from its shadow backlog into its formal project backlog during the quarter, while Williams (WMB) may provide updates on its Power Innovation financing platform, new power projects and Momentum Midstream, RBC said.RBC's second-quarter EBITDA forecasts remain within 2% of consensus across most of its coverage. It projects Venture Global (VG) about 4.4% above consensus after incorporating recent cargo and fee disclosures.RBC also expects Targa to outperform consensus on stronger-than-expected volume growth. Kinetik's margins should offset curtailed production, while the Kings Landing 2 final investment decision supports higher future output.Waha natural gas prices averaged negative $3.10 per million British thermal units during Q2 and briefly fell to about negative $8/MMBtu before recovering as additional pipeline capacity eased transportation constraints.The 570 million cubic feet per day Gulf Coast Express pipeline expansion entered service late in the quarter, helping restore some curtailed volumes. Energy Transfer (ET) also expects the first 1.5 billion cubic feet per day phase of the Hugh Brinson Pipeline to start in Q4, with some flows possible in Q3.RBC expects 5.27 Bcf/d of new Permian takeaway capacity to enter service between mid-2026 and Q1 of 2027, creating favorable conditions for higher regional production.The Iran conflict has increased spot exports of liquefied petroleum gas, crude oil and liquefied natural gas while reinforcing the need for diversified energy supplies, supporting long-term demand for US hydrocarbons and export infrastructure, RBC said.RBC identified Energy Transfer, Enterprise Products Partners, Targa Resources, ONEOK (OKE), Cheniere Energy (LNG) and Venture Global among the companies positioned to benefit from stronger export demand and future infrastructure investment.The firm also expects natural gas demand to remain a long-term growth driver as US liquefied natural gas export capacity nearly doubles by 2030 and electricity demand rises from reshoring, electrification, artificial intelligence and data center expansion, benefiting Williams and Kinder Morgan.Price: $50.47, Change: $-0.64, Percent Change: -1.25%

$ET$KMI$KNTK$LNG$OKE$TRGP$VG$WMB
Sectors

Sector Update: Energy Stocks Higher Early Monday

Energy stocks were higher in early trading Monday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 2.2%.The United States Oil Fund (USO) was up 3.3%, while the United States Natural Gas Fund (UNG) was 3% lower.Front-month US West Texas Intermediate crude oil was up 3.8% to $74.09 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.6% to $78.76 per barrel, and natural gas futures were 1.5% lower at $2.90 per 1 million British Thermal Units.Pembina Pipeline (PBA) stock was up more than 2%. Wells Fargo upgraded Pembina Pipeline to overweight from underweight and raised its price target to CA$76 from CA$55.Occidental Petroleum (OXY) rose 2% in early Monday trading. Jefferies cut the company's price target to $56 from $58 while maintaining a hold rating.Targa Resources (TRGP) shares were up 1.3%. Goldman Sachs raised its price target on the company to $298 from $283 and maintained a buy rating.

$OXY$PBA$TRGP$UNG$USO$XLE
Research

Jefferies Initiates Targa Resources at Buy With $314 Price Target

Targa Resources (TRGP) has an average rating of buy and mean price target of $285.33, according to analysts polled by FactSet.

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