For the quarter ended December 2023, Targa Resources, Inc. (TRGP) reported revenue of $4.24 billion, down 6.9% over the same period last year. EPS came in at $1.23, compared to $1.38 in the year-ago quarter.

The reported revenue represents a surprise of -5.73% over the Zacks Consensus Estimate of $4.5 billion. With the consensus EPS estimate being $1.49, the EPS surprise was -17.45%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Targa Resources, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Gathering and Processing - Total Plant natural gas inlet volumes: 7108.2 millions of cubic feet per day compared to the 7088.69 millions of cubic feet per day average estimate based on two analysts.

• Gathering and Processing - Plant natural gas inlet volumes - Total Field: 6541.2 millions of cubic feet per day versus the two-analyst average estimate of 6545.99 millions of cubic feet per day.

• Gathering and Processing - Average realized prices - Natural gas: $1.83 compared to the $2.16 average estimate based on two analysts.

• Gathering and Processing - Average realized prices - NGL: $0.43 versus $0.45 estimated by two analysts on average.

• Gathering and Processing - Plant natural gas inlet volumes - Badlands: 131.2 millions of cubic feet per day compared to the 130.1 millions of cubic feet per day average estimate based on two analysts.

• Gathering and Processing - Plant natural gas inlet volumes - Coastal: 567 millions of cubic feet per day compared to the 542.7 millions of cubic feet per day average estimate based on two analysts.

• Gathering and Processing - Plant natural gas inlet volumes - North Texas: 207.7 millions of cubic feet per day compared to the 212.3 millions of cubic feet per day average estimate based on two analysts.

• Gathering and Processing - Plant natural gas inlet volumes - Permian Midland: 2716.5 millions of cubic feet per day compared to the 2640.19 millions of cubic feet per day average estimate based on two analysts.

• Gathering and Processing - Plant natural gas inlet volumes - Permian Delaware: 2564.3 millions of cubic feet per day versus the two-analyst average estimate of 2566.4 millions of cubic feet per day.

• Gathering and Processing - Plant natural gas inlet volumes - Total Permian: 5280.2 millions of cubic feet per day versus the two-analyst average estimate of 5206.59 millions of cubic feet per day.

• Gathering and Processing - Plant natural gas inlet volumes - SouthTX: 347.9 millions of cubic feet per day compared to the 397.77 millions of cubic feet per day average estimate based on two analysts.

• Gathering and Processing - Plant natural gas inlet volumes - SouthOK: 366.5 millions of cubic feet per day compared to the 394.25 millions of cubic feet per day average estimate based on two analysts.