On August 20, Targa Resources rose 3.16% in regular trading, trading at $306.11/share, with turnover of $27.78 million. The stock extended gains following the company's announcement of two 20-year fee-based integrated midstream service agreements with ExxonMobil.

Under the agreements, Targa will construct three new natural gas processing facilities in the Permian Delaware Basin to support ExxonMobil's production growth in the region. The deal establishes extensive new areas of mutual interest and further solidifies Targa's integrated asset footprint across the core Permian acreage. UBS described the partnership as strategically sound, enhancing ExxonMobil's ability to execute on long-term growth targets while securing critical infrastructure access.

Following the announcement, JPMorgan raised its price target to $351 from $315 maintaining an Overweight rating, while Goldman Sachs lifted its target to $310 from $298 with a Buy rating. The stock had already gained 6.46% on August 18 when the deal was first disclosed. Targa's Q2 net income of $764.6 million exceeded the $612 million consensus estimate by 25%, and the company guided full-year adjusted EBITDA toward the high end of its $5.7-5.9 billion range.

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