# Targa Resources Corp. (TRGP)

> Source: Nexqual · https://nexqual.com/TRGP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Targa Resources Corp. (TRGP), nexqual.com/TRGP" · informational, not investment advice.

**Price:** USD 289.54 (-2.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 295.6 · day 281.93–297.98 · 52w 150–307.94 · market cap $62.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $16.7B, net income $2.27B (13.5% margin), free cash flow $741M (SEC filings).
- Valuation: P/E 27.4x (avg 21.8x at the last 3 fiscal year-ends), EV/EBITDA 14.9x, net debt $19.4B.
- 2 of 80 tracked superinvestors hold TRGP (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $4.8M; 4 not under a Rule 10b5-1 plan ($4.8M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.77 on a 1–5 scale) (22 analysts), mean target USD 329.81 (range 294–359).
- Total return with dividends: 1Y +88.6% vs S&P 500 +14.9%; 5Y +472.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.86, revenue estimate $4.77B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.9B | $20.9B | $16.1B | $16.4B | $17.0B | $16.7B |
| Gross profit | $3.22B | $4.05B | $5.38B | $5.68B | $6.52B | — |
| Operating income | $865M | $1.73B | $2.63B | $2.70B | $3.33B | $3.84B |
| Net income | $71.2M | $1.20B | $1.35B | $1.31B | $1.92B | $2.27B |
| EPS (diluted) | -$0.07 | $3.88 | $3.66 | $5.74 | $8.49 | — |
| Free cash flow | $1.80B | $1.05B | $826M | $684M | $584M | $741M |
| Gross margin | 19.0% | 19.3% | 33.5% | 34.7% | 38.3% | — |
| Operating margin | 5.1% | 8.3% | 16.4% | 16.5% | 19.6% | 22.9% |
| Net margin | 0.4% | 5.7% | 8.4% | 8.0% | 11.3% | 13.5% |
| Revenue growth | +105.2% | +23.5% | -23.3% | +2.0% | +3.9% | — |
| Cash + short-term investments | $159M | $219M | $142M | $157M | $166M | — |
| Total debt | $6.75B | $11.5B | $13.0B | $14.2B | $17.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.4x · P/S 3.7x · EV/EBITDA 14.9x · EV/Sales 4.9x · P/FCF 83.8x · P/B 17.0x · FCF yield 1.19% · Earnings yield 3.65% · Net debt $19.4B · EV $81.5B
P/E at fiscal year-ends: Dec 2025 20.8x, Dec 2024 30.1x, Dec 2023 14.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold TRGP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 2.83% | $2.13B | Reduced -9.0% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $27K | Added +380.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Chung Paul W | Director | 1,816 | $538K | 0.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-25 | Crisp Charles R | Director | 3,000 | $871K | 4.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Davis Waters S Iv | Director | 2,400 | $719K | 28.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-12 | Crisp Charles R | Director | 10,602 | $2.7M | 13.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.77 on a 1–5 scale), 22 analysts; mean target USD 329.81 (low 294, high 359).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | BMO Capital | Target raised | Outperform | $303 → $328 |
| 2026-10-13 | Citigroup | Target raised | Buy | $303 → $325 |
| 2026-10-08 | Barclays | Target raised | Overweight | $284 → $294 |
| 2026-09-21 | Truist Securities | Target raised | Buy | $312 → $345 |
| 2026-09-18 | TD Cowen | Upgrade | Hold → Buy | $275 → $350 |
| 2026-09-16 | Morgan Stanley | Target raised | Overweight | $343 → $359 |
| 2026-09-11 | Mizuho | Target raised | Outperform | $300 → $320 |
| 2026-09-10 | Scotiabank | Target raised | Sector Outperform | $257 → $314 |
| 2026-09-02 | Wells Fargo | Target raised | Overweight | $282 → $324 |
| 2026-08-27 | RBC Capital | Target raised | Outperform | $312 → $338 |
| 2026-08-18 | Jefferies | Target raised | Buy | $324 → $345 |
| 2026-08-18 | Morgan Stanley | Target raised | Overweight | $333 → $343 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +88.6% | +472.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +89.0% | +41.6% |
| Volatility (annualized) | 28.3% | 32.1% |
| Max drawdown | -10.6% (Aug 2026→Sep 2026) | -30.0% (Jan 2025→Oct 2025) |

## Peers (Oil & Gas Midstream)
TRP (TC Energy Corporation) USD 61.98 -0.53% · MPLX (MPLX LP) USD 58.18 -0.44% · OKE (ONEOK, Inc.) USD 93.9 +0.84% · LNG (Cheniere Energy, Inc.) USD 287.01 +0.98% · KMI (Kinder Morgan, Inc.) USD 33.72 -0.74% · EPD (Enterprise Products Partners L.) USD 36.52 -0.19%

## More
Full page: https://nexqual.com/TRGP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TRGP in their own reports (relationship from TRGP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) | 10-K 2026-05-27 | "We have served over 100 customers in the grid market since our inception, including a variety of U.S based power utilities, Huntington Ingalls Shipbuilding, Innomotics LLC, the U.S. Navy, Capital Powe…" |
| partner | Hess Midstream LP (HESM) | 10-K 2026-02-25 | "On January 25, 2018, we entered into a 50/50 joint venture with Targa Resources Corp. ("Targa") to construct a new 200 MMcf/d gas processing plant called Little Missouri 4 ("LM4")." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Logistics & Transportation | $3.46B | 77.9% | +2.8% |
| Gathering & Processing | $876.7M | 19.7% | +42.8% |
| All Other Segments | $103.1M | 2.3% | -63.2% |
| Total revenue | $4.44B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural Gas Liquids Reserves | $3.76B | 84.7% | +32.7% |
| Product | $3.65B | 82.2% | +7.3% |
| Service | $847.2M | 19.1% | +35.8% |
| — Gathering & Processing Fees (part of Service) | $553.0M | 12.5% | +37.0% |
| — Storage Terminaling & Export (part of Service) | $162.2M | 3.7% | +29.0% |
| — NGL Transportation Fractionation & Services (part of Service) | $120.6M | 2.7% | +53.8% |
| — Midstream Services Other (part of Service) | $11.4M | 0.3% | -28.7% |
| Oil & Condensate | $203.5M | 4.6% | +82.8% |
| Total revenue | $4.44B | 100% | — |
The lines above cover 190.6% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "The higher outlook for full year 2026 is driven by the realization of strong marketing and optimization margin particularly in the first and second quarters of the year, and continued strength of volume growth of our integrated assets across the full year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.86 | $2.78 | +2.9% | $4.77B | 3 |
| Next quarter (ends 2026-12-31) | $2.94 | $3.02 | -2.6% | $5.15B | 3 |
| Current fiscal year (ends 2026-12-31) | $11.51 | $11.21 | +2.7% | $19.05B | 5 |
| Next fiscal year (ends 2027-12-31) | $12.12 | $11.93 | +1.6% | $24.00B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±8.1%; last 8 reports averaged ±4.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.8% | ±8.1% |
| 2026-12-18 | 56 | 34.1% | ±10.7% |
| 2027-01-15 | 84 | 33.4% | ±12.8% |
| 2027-03-19 | 147 | 33.0% | ±16.7% |
| 2027-04-16 | 175 | 32.5% | ±18.0% |
| 2027-06-17 | 237 | 32.8% | ±20.9% |
| 2027-09-17 | 329 | 32.9% | ±24.6% |