By Denny Jacob
Targa Resources posted higher results in its fourth quarter but came in below what Wall Street was expecting.
The Houston natural-gas pipeline operator logged net income of $351 million compared to $299.6 million in the prior-year period. Analysts polled by FactSet expected $397.5 million.
Revenue rose to $4.41 billion from $4.24 billion. Analysts polled by FactSet expected $4.48 billion.
Targa forecast adjusted Ebitda between $4.65 billion and $4.85 billion for 2025, above analysts' estimates of $4.61 billion. The company expects to continue to benefit from meaningful growth across its Permian G&P footprint.
Targa said it also intends to recommend to its board that its quarterly dividend be increased to $1 a share from 75 cents a share in the first quarter of 2025.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 20, 2025 06:35 ET (11:35 GMT)
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