Targa Resources Stock Gains 7%

(RTTNews) - Shares of Targa Resources Corp. (TRGP) are gaining around 7 percent on Tuesday morning, likely driven by the company's announcement yesterday about new 20-year agreements with subsidiaries of ExxonMobil Holdings Corp. (XOM) for integrated natural gas gathering, processing and downstream services in the Permian Basin.

The company's shares are currently trading at $297.68 on the New York Stock Exchange, gaining 7.11 percent in the latest session. The stock opened at $293.41 and touched an intraday high of $305.08. Over the past 12 months, the shares have traded between $144.14 and $305.08.

The agreements include gathering, processing, treating, NGL transportation and fractionation services, along with 20-year NGL dedications to its logistics and transportation systems.