Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Targa Resources Corporation reported strong financial and operational results for the second quarter of 2026, highlighted by a 38% year-over-year increase in adjusted EBITDA, reaching $1.603 billion, and record volumes in its Permian Basin gathering and processing (G&P) segment.</li><li>Permian volumes reached 7.2 billion cubic feet per day, representing a 14% increase compared to the prior year, despite intermittent gas shut-ins due to weak Waha pricing earlier in the quarter.</li><li>The company’s integrated footprint—including NGL transportation, fractionation, and LPG export—also achieved record throughput levels, supported by ongoing commercial activity and an expanding portfolio of acreage dedications across the Permian.</li></ul>

Targa Resources Corporation reported strong financial and operational results for the second quarter of 2026, highlighted by a 38% year-over-year increase in adjusted EBITDA, reaching $1.603 billion, and record volumes in its Permian Basin gathering and processing (G&P) segment.Permian volumes reached 7.2 billion cubic feet per day, representing a 14% increase compared to the prior year, despite intermittent gas shut-ins due to weak Waha pricing earlier in the quarter.The company’s integrated footprint—including NGL transportation, fractionation, and LPG export—also achieved record throughput levels, supported by ongoing commercial activity and an expanding portfolio of acreage dedications across the Permian.

Targa Resources’ 19 Million-Barrel Export Push — What Could It Unlock?

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Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/targa-resources-corp">Targa Resources</a> is a premier U.S. midstream energy company with a strategic focus on the high-growth Permian Basin, providing integrated natural gas and Natural Gas Liquids (NGL) services.</li>
  <li>The company's 'wellhead-to-water' strategy, connecting gathering and processing assets directly to its Gulf Coast fractionation and export facilities, provides a significant competitive advantage and supports a fee-based revenue model.</li>
  <li>Future growth is intrinsically linked to continued production growth in the Permian Basin, while earnings are exposed to commodity price volatility, particularly the challenged Waha natural gas hub pricing.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Targa Resources is a premier U.S. midstream energy company with a strategic focus on the high-growth Permian Basin, providing integrated natural gas and Natural Gas Liquids (NGL) services.
  The company's 'wellhead-to-water' strategy, connecting gathering and processing assets directly to its Gulf Coast fractionation and export facilities, provides a significant competitive advantage and supports a fee-based revenue model.
  Future growth is intrinsically linked to continued production growth in the Permian Basin, while earnings are exposed to commodity price volatility, particularly the challenged Waha natural gas hub pricing.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Targa Resources (TRGP US) - Aug 2026

<ul><li>Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by contributions from a recent Permian Basin acquisition and marketing optimization activities.</li><li>Despite encountering challenges such as severe winter weather and producer shut-ins linked to weak Waha natural gas prices, the company achieved record Permian volumes and natural gas liquids (NGL) fractionation volumes.</li><li>Operationally, Permian natural gas inlet volumes reached new highs, bolstered by strong producer activity and acquisitions, though some volume was offset by weather-related shut-ins.</li></ul>

Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by contributions from a recent Permian Basin acquisition and marketing optimization activities.Despite encountering challenges such as severe winter weather and producer shut-ins linked to weak Waha natural gas prices, the company achieved record Permian volumes and natural gas liquids (NGL) fractionation volumes.Operationally, Permian natural gas inlet volumes reached new highs, bolstered by strong producer activity and acquisitions, though some volume was offset by weather-related shut-ins.

Targa’s $1.4 Billion Quarter: Can Permian Growth Outrun Waha Pain?

<ul><li>Targa Resources Corp. reported a strong operating and financial performance for 2025, driven by continued volume growth across its integrated Permian footprint and supported by a series of infrastructure expansions already in progress.</li><li>The company delivered record adjusted EBITDA of $4.96 billion for the full year, reflecting higher throughput across gathering and processing, logistics, transportation, and exports, as well as favorable optimization outcomes in marketing.</li><li>Fourth quarter adjusted EBITDA of $1.34 billion rose sequentially, aided by higher system volumes and incremental commercial opportunities, although weather-related disruptions temporarily affected volumes early in 2026 before normalizing.</li></ul>

Targa Resources Corp. reported a strong operating and financial performance for 2025, driven by continued volume growth across its integrated Permian footprint and supported by a series of infrastructure expansions already in progress.The company delivered record adjusted EBITDA of $4.96 billion for the full year, reflecting higher throughput across gathering and processing, logistics, transportation, and exports, as well as favorable optimization outcomes in marketing.Fourth quarter adjusted EBITDA of $1.34 billion rose sequentially, aided by higher system volumes and incremental commercial opportunities, although weather-related disruptions temporarily affected volumes early in 2026 before normalizing.

Why Targa Resources Corp Faces An Execution Bottleneck In 2026?

<ul><li>Targa Resources Corporation's third quarter 2025 earnings call presents a mixed yet optimistic picture of the company's current performance and future trajectory.</li><li>On one hand, the company posted record adjusted EBITDA and achieved substantial growth in NGL and natural gas volumes, primarily driven by increased activity in the Permian Basin.</li><li>This places Targa on track to reach the top end of its annual guidance for 2025.</li></ul>

Targa Resources Corporation's third quarter 2025 earnings call presents a mixed yet optimistic picture of the company's current performance and future trajectory.On one hand, the company posted record adjusted EBITDA and achieved substantial growth in NGL and natural gas volumes, primarily driven by increased activity in the Permian Basin.This places Targa on track to reach the top end of its annual guidance for 2025.

Targa Resources Bets $1.25 Billion On Permian Takeover—Will It Pay Off?

United States

Targa Resources Corp. owns general and limited partner interests in a limited partnership that provides midstream natural gas and natural gas liquid services.  The partnership gathers, compresses, treats, processes, and sells natural gas.  The Company also stores, fractionates, treats, transports, and sells natural gas liquids and related products.

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Targa Resources (TRGP US)

Targa Resources’ 19 Million-Barrel Export Push — What Could It Unlock?

Targa Resources Corporation reported strong financial and operational results for the second quarter of 2026, highlighted by a 38% year-over-year...

Baptista Research

Primer: Targa Resources (TRGP US) - Aug 2026

Targa Resources is a premier U.S. midstream energy company with a strategic focus on the high-growth Permian Basin, providing integrated...

αSK Primers

Targa’s $1.4 Billion Quarter: Can Permian Growth Outrun Waha Pain?

Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by...

Baptista Research

Why Targa Resources Corp Faces An Execution Bottleneck In 2026?

Targa Resources Corp. reported a strong operating and financial performance for 2025, driven by continued volume growth across its integrated...

Baptista Research

Targa Resources Bets $1.25 Billion On Permian Takeover—Will It Pay Off?

Targa Resources Corporation's third quarter 2025 earnings call presents a mixed yet optimistic picture of the company's current performance and...

Baptista Research

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