Reports Net Income: Midstream operator Targa Resources Corp. (TRGP Quick QuoteTRGP - Free Report) reported adjusted net income of $705 million compared to a net loss of $38.9 million in the year-ago period. The improved results came on the back of strong volume growth.

Estimate Revision Trend & Surprise History: The stock had seen the Zacks Consensus Estimate for first-quarter earnings remain same over the last 7 days.

Coming to earnings surprise history, the Houston, TX-based energy infrastructure provider beat estimates on two occasions and missed twice, delivering an average positive surprise of 44.15%. This is depicted in the graph below:
 

Revenues Miss: Revenues of $2 billion were came below the Zacks Consensus Estimate of $2.2 billion.

Key Stats: Gathering and Processing segment recorded operating margin of $255.7 million during the quarter, up 7% from the $238.3 million achieved in the year-ago period.

In the Logistics and Transportation segment, the company reported operating margin of $294 million, surging 93.2% year over year.

Meanwhile, distributable cash flow came in at $301.9 million, compared to $187 millionin the first quarter of 2019.

Zacks Rank: Currently, Targa Resources carries a Zacks Rank #3 (Hold).

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

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