-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
TRGP posted Q1 2026 adjusted EBITDA of $1.40B vs. $1.18B in Q1 2025, beating consensus by 4.1%, led by record Permian natural gas volumes of 6.73 Bcf/d (+12%) and record NGL fractionation volumes of 1.145 mmb/d (+17%). Both G&P and L&T segments delivered strong results, with adjusted operating margins expanding 16% and 18% respectively, reflecting higher throughput volumes and improved optimization opportunities. The robust operational performance underscores TRGP's dominant Permian position and integrated asset base advantages. Management raised 2026 EBITDA guidance to $5.7B-$5.9B, with the $5.8B midpoint implying 17% growth over 2025 levels. TRGP has six new Permian processing plants in development for 2027-28, with 2026 growth capex expected around $4.5B. The Delaware Express NGL pipeline expansion began operations in May, enhancing Permian-Mont Belvieu connectivity. TRGP returned $55M to shareholders via buybacks and raised the dividend 25% to $5.00 annually, yielding 2.0%.