Targa Resources shares rise 5.45% intraday after reporting record Q3 adjusted EBITDA and announcing 25% 2026 dividend increase.

Targa Resources surged 5.45% intraday following a record third-quarter 2025 report showing $1.27 billion in adjusted EBITDA (19% YoY) and a 25% dividend increase to $5.00 per share in 2026. The results were driven by 11% year-over-year growth in Permian natural gas inlet volumes, new plant operations (e.g., Bull Moose II), and $156 million in stock repurchases during the quarter. The company also announced major infrastructure projects, including the Speedway NGL Pipeline and Yeti gas processing plant, reinforcing long-term growth. Despite missing revenue estimates ($4.15 billion vs. $4.7 billion expected), strong earnings, dividend optimism, and expansion plans outweighed short-term revenue concerns, fueling the intraday rally.