Targa Resources Corp. (NYSE: TRGP) reported second-quarter 2024 earnings of $1.33 per share, which beat the Zacks Consensus Estimate of $1.21. The outperformance could be attributed to strong volumes across its systems in the reported quarter. However, the bottom line deteriorated from the year-ago quarter's level of $1.44. The year-over-year underperformance resulted from higher product costs. Revenues totaled $3.6 billion, up 4.6% year over year. The increase was driven by higher sales of commodities and fees from midstream services year over year. However, the top line missed the Zacks Consensus Estimate of $4.3 billion. The company's adjusted EBITDA for the second quarter totaled $984.3 million, up from $789.1 million in the prior-year period. On Jul 11, Targa declared a quarterly cash dividend of 75 cents per common share or $3 on an annualized basis for the second quarter of 2024. Total cash dividends of approximately $164 million will be distributed on Aug 15, to its shareholders of record as of the close of business on Jul 31. Targa repurchased more than 2.9 million shares of its common stock in this quarter, spending approximately $355 million at an average price of $118.91 per share. As of Jun 30, the company had $291.3 million remaining in its existing $1 billion share repurchase program. In July 2024, Targa's board authorized a new share repurchase program of up to $1 billion, increasing the total available funds for share repurchases to $1.3 billion. In the second quarter, the company recorded significant volumes in the Permian Basin, indicating robust activity levels across the Permian Midland and Permian Delaware systems. Furthermore, the new 230 million cubic feet per day (MMcf/d) Roadrunner II plant in the Permian Delaware commenced operations and achieved high utilization in this period. The company announced plans to build two new gas processing plants in the Permian Basin, each capable of processing 275 million cubic feet of gas per day. Targa Resources, Inc. Price, Consensus and EPS Surprise Targa Resources, Inc. price-consensus-eps-surprise-chart | Targa Resources, Inc. Quote Operational Performance  Gathering and Processing: The segment recorded an operating margin of $572.6 million, up 14% from $502.5 million recorded in the year-ago ...