Why Targa Resources Stock Rallied 11% in September
Shares of Targa Resources (NYSE: TRGP) jumped 11.2% in September, according to data provided by S&P Global Market Intelligence. The midstream company benefited from increasing optimism after two of its largest expansion projects recently started up.
Targa is in the midst of a major expansion phase. The company expects to invest $2.4 billion on capital projects this year, which sets it up for high-octane growth over the next few years. The company finished the largest of those projects in early August when the $2 billion Grand Prix pipeline started up ahead of schedule. With long-term, fee-based contracts backing that project, cash flow started surging in September.
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Source Fool.com
