Targa Resources (TRGP) reported Q1 net income Thursday of $200 million, down from $275.2 million a year earlier.

Analysts polled by FactSet expected $434.2 million.

Revenue for the quarter ended March 31 was $4.56 billion, unchanged from a year earlier.

Four analysts surveyed by FactSet expected $4.9 billion.

The company's shares were down 2.6% in recent premarket activity.