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TRGPTarga Resources Corp.
$282.15$60.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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TRGP logo

Targa Resources Corp.

TRGP
NYSE · Midstream Oil & Gas
$282.15
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$60.56B
P/E33.1x
52W High$307.94
Volume1.13M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Record 48.2% Gross Margin Offsets Rising Leverage

Targa Resources is executing a growth strategy that has driven gross margins to a ten-quarter high of 48.2% in 2026Q2, with operating income up 42.6% sequentially to $1.2B, reflecting strong operating leverage and commodity price realizations. However, this ex...

GrowthMixed
ProfitabilityStrong
ValuationExpensive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

TRGP price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

+109% Peers

P/E is 109% above peer median

03

Market leadership

RS 81 · Leader

High momentum (Outperforming 81% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Nov 6
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue grew 10.3% year-over-year to $4.4B in 2026Q2, with gross margin expanding to a record 48.2% from 31.1% sequentially, driving EPS of $3.56, up 23.6% year-over-year.

Analyst Consensus+11.4% target
Buy(34 analysts)
27 Buy7 Hold0 Sell

The Bull Case

Upside Catalysts

Strong financial performance

Targa Resources Corp. reported a sharp increase in net income to US$479.6 million and diluted EPS from continuing operations of US$2.21, indicating robust profitability.

Share buyback program

The company continues its August 2024 buyback program, repurchasing 227,801 shares for US$54.97 million, signaling confidence in its financial health.

Higher adjusted EBITDA guidance

Targa Resources has raised its adjusted EBITDA guidance, reflecting optimism about future earnings potential.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TRGP+52.94%
S&P 500 (^GSPC)+13.20%
1-Year Return
TRGP+73.50%
S&P 500 (^GSPC)+15.98%
3-Year Return
TRGP+246.58%
S&P 500 (^GSPC)+70.67%
5-Year Return
TRGP+542.11%
S&P 500 (^GSPC)+64.93%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
33.2x
Forward P/EExpansion
25.1x
EV/EBITDA100th %ile
15.7x
FCF YieldCash Flow
1.0%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
33.2x
23.7x
100th· High
EV/EBITDA
15.7x
9.2x
100th· High
Price/FCF
104.0x
23.8x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$91.27-67.7%
Base (Fair)$259.52-11.2%
Bull$484.80+71.8%
$91.27 Bear$259.52 Base$484.80 Bull
Current Market Price: $282.15
Trades at a 8.7% premium to Base DCF ($259.52)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$17.14B+3.1% YoY
Net income
$1.84B+45.3% YoY
Free cash flow
$584M-14.6% YoY
Operating margin
20.1%+2.4 pts YoY
ROIC (TTM)13.2%
Avg ROIC 5Y-
ROE (TTM)48.4%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate2/12 (17%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
$3.54+25.1%
vs $2.83
$4.4B-9.3%
vs $4.9B
Q2 2026
May 7, 2026
$2.21-10.9%
vs $2.48
$4.1B-12.4%
vs $4.7B
Q1 2026
Feb 19, 2026
$2.51+9.1%
vs $2.30
$4.1B-14.3%
vs $4.7B
Q4 2025
Nov 5, 2025
$2.20+4.3%
vs $2.11
$4.2B-7.9%
vs $4.6B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
GlobeNewsWire·Sep 16, 2026
Targa Resources Corp. Releases Sustainability Report

HOUSTON, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa", the "Company", or “our”) announced today that our Sustainability Report for 2025 is now available on the Company's website at https://www.targaresources.com/sustainability. The report provides a review of our performance for calendar year 2025 against various environmental, social, and governance topics that Targa believes are important to the industry and the Company's business.

Defense World·Sep 16, 2026
Integrated Wealth Concepts LLC Increases Holdings in Targa Resources, Inc. $TRGP

Integrated Wealth Concepts LLC grew its holdings in Targa Resources, Inc. (NYSE: TRGP) by 53.8% in the undefined quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,568 shares of the pipeline company's stock after purchasing an additional 2,297 shares during the quarter. Integrated

Zacks Investment Research·Sep 14, 2026
Here's Why Targa Resources, Inc. (TRGP) is a Strong Momentum Stock

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.

Defense World·Sep 4, 2026
Targa Resources, Inc. $TRGP Shares Sold by B. Metzler seel. Sohn & Co. AG

B. Metzler seel. Sohn and Co. AG reduced its position in Targa Resources, Inc. (NYSE: TRGP) by 26.5% during the undefined quarter, according to its most recent filing with the SEC. The firm owned 22,569 shares of the pipeline company's stock after selling 8,124 shares during the quarter. B. Metzler seel. Sohn and

Filtered for Targa Resources Corp.More Headlines
04

Compare before deciding

Benchmark TRGP against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Targa Resources Corp. (TRGP)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TRGP logoTRGPTarga Resources Corp.Current
$282.15$60.56B33.123.06%10.76%48.43%1.35%
WES logoWESWestern Midstream Partners, LP
$46.06$19.03B15.356.61%29.2%32.85%—
CTRA logoCTRACoterra Energy Inc.
$32.56$24.72B14.4740.07%21.68%11.26%—
DT logoDTDynatrace, Inc.
$57.20$16.67B105.9318.82%7.22%5.72%—
HESM logoHESMHess Midstream LP
$39.17$8.09B13.708.4%23.29%92.18%—
MPLX logoMPLXMPLX Lp
$59.16$60.03B12.278.37%36.75%32.9%—

Compare TRGP vs Peers

Targa Resources Corp. (TRGP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WES

Most directly comparable listed peer for TRGP.

Scale Benchmark

vs MPC

Larger-name benchmark to compare TRGP against a more recognizable public peer.

Peer Set

Compare Top 5

vs WES, CTRA, DT, HESM

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

TRGP SEC Filings & Documents

Targa Resources Corp. (TRGP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 6, 2026·SEC

Material company update

Jul 17, 2026·SEC

Material company update

Jul 6, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 6, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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TRGP Frequently Asked Questions

Targa Resources Corp. (TRGP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Targa Resources Corp.'s revenue?

Targa Resources Corp. (TRGP) reported $16.79B in revenue for fiscal year 2025. This represents a 110% increase from $8.00B in 2008.

How fast is Targa Resources Corp. growing?

Targa Resources Corp. (TRGP) grew revenue by 3.1% over the past year. Growth has been modest.

Is TRGP profitable?

Yes, Targa Resources Corp. (TRGP) is profitable, generating $2.26B in net income for fiscal year 2025 (10.8% net margin).

Dividend & Returns
Does TRGP pay dividends?

Yes, Targa Resources Corp. (TRGP) pays a dividend with a yield of 1.35%. This makes it attractive for income-focused investors.

What is TRGP's return on equity?

Targa Resources Corp. (TRGP) has a return on equity (ROE) of 48.4%. This is excellent, indicating efficient use of shareholder capital.

What is Targa Resources Corp.'s free cash flow?

Targa Resources Corp. (TRGP) generated $740.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in TRGP back in 2008?

Total return calculator · dividends reinvested · 18+ years of data

See returns →