TRGP

Targa ResourcesNYSE · Oil & Gas Storage & Transportation · Energy

Previous close

314.99

Change

+2.62 / +0.84%

FinDog View

Bullish

52-Week Range ?

150.00 – 316.60

P/E (TTM) ?

29.5

Forward P/E ?

23.7

Based on consensus earnings for the next 12 months

Market Cap

$67.5B

+16.53%

S&P 500 −0.91% over same period

Volume / Avg Volume

1.5M / 1.1M

1.29× average

Latest earnings analysisFY2026 Q2Reported 2026-08-06

Targa Q2 2026: record EBITDA, guidance nudged to top of range

Targa's second quarter was a blowout: record adjusted EBITDA of $1.60 billion and earnings of $3.54 per share beat the $2.77 consensus, and management pushed full-year 2026 EBITDA toward the top of its $5.7 billion to $5.9 billion range. Read the quarter as volume-led, not price-led — fee revenue did the work while commodity sales slipped and Permian gas prices went negative.

Read the full analysis →

Revenue$4.44BYoY +4.20%

EPS$3.54Beatest. $2.77

Next-day move−4.24%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 27.41M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-08-06	$4.4B	3.54 / 2.77	−4.24%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-05-07	$4.1B	2.21 / 2.56	−1.71%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-02-19	$17.0B	8.49 / 2.34	+3.21%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-11-05	$4.2B	2.20 / 2.13	+4.42%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-08-07	$4.3B	2.87 / —	−1.08%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-05-01	$4.6B	0.91 / —	−0.29%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2026-11-05

in 4 days · Pre-market

Consensus EPS

$2.77

Last quarter EPS $3.54

Avg. next-day move over the last 6 reports

±2.5%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 50 of its 5-year rangeMid-range

5-year range 23.4 – 40.4 · Median 29.7

No buybacks or dividends in the last four quarters

P/E (TTM)

29.5

P/B

18.3

P/S

4.0

Dividend Yield

2.28%

Earnings Reaction

Over the last 6 reports, the stock moved ±2.5% on average on the first trading day after, rising 2 times

Most recent −4.24%

Volatility & Correlation

1-year beta -0.33 · Correlation with S&P 500 -0.15Low beta

Annualized volatility 28% vs. 13% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

Buy 0 · $0.00MSell 3 · $2.1MNet selling $2.1M

09-01Chung Paul WDirectorSell$0.54M1,816 shares · 2 trades · Avg price 296.11
08-25CRISP CHARLES RDirectorSell$0.87M3,000 shares · Avg price 290.23
08-21Davis Waters S IVDirectorSell$0.72M2,400 shares · 6 trades · Avg price 299.67

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q2	4.44	+4.2%	48.2%	1.23	0.76	0.43	3.54
FY2026 Q1	4.09	−10.2%	41.5%	0.85	0.48	-0.16	2.21
FY2025 Q4	4.06	−7.9%	43.1%	0.92	0.55	0.54	2.51
FY2025 Q3	4.15	+7.8%	39.6%	0.84	0.48	-0.07	2.20
FY2025 Q2	4.26	+19.6%	42.8%	1.03	0.63	-0.05	2.87
FY2025 Q1	4.56	−0.0%	28.6%	0.54	0.27	0.16	0.91
FY2024 Q4	4.41	−21.9%	33.7%	0.70	0.35	0.60	1.44
FY2024 Q3	3.85	−1.1%	38.6%	0.73	0.39	-0.29	1.75
FY2024 Q2	3.56	+31.0%	38.3%	0.63	0.30	0.16	1.33
FY2024 Q1	4.56	+20.0%	29.5%	0.64	0.28	0.21	1.22
FY2023 Q4	5.64	+38.0%	48.6%	0.64	0.30	0.24	1.22
FY2023 Q3	3.90	−22.7%	31.0%	0.51	0.22	-0.18	0.97

Peers

Largest by market cap in the sector · Latest quarterView Energy sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
TRGP	Targa Resources	$67.5B	29.5	+4.2%	48.2%	+16.53%	Bullish
XOM	ExxonMobil	$753B	22.6	+42.3%	—	+15.05%	Neutral	Compare
CVX	Chevron Corporation	$465B	22.6	+51.4%	45.5%	+15.33%	Bullish	Compare
COP	ConocoPhillips	$184B	19.7	+43.3%	62.9%	+23.08%	Bullish	Compare
MPC	Marathon Petroleum	$124B	14.2	+53.8%	17.2%	+12.47%	Neutral	Compare
VLO	Valero Energy	$121B	15.4	+43.3%	20.4%	+3.11%	Bullish	Compare
PSX	Phillips 66	$109B	15.0	+46.4%	19.2%	+10.78%	Bullish	Compare
WMB	Williams Companies	$87.7B	29.6	+0.0%	—	+9.39%	Neutral	Compare
EOG	EOG Resources	$86.6B	12.6	+57.4%	—	+20.17%	Bullish	Compare

The View in One Line

Adjusted EBITDA up 38%, record Permian volumes, EPS beat ~30% and guidance raised to high end; fee-based revenue up 36% supports bullish.

Updated 2026-10-30

View History

09-17Neutral → Bullish
Adj EBITDA +38%, record Permian volumes, EPS beat ~30%, guidance raised; fee-based revenue +36% supports bullish view.

ETFs holding it

XLE Energy Select Sector SPDR Fund3.15%
MTUM iShares MSCI USA Momentum Factor ETF0.50%
SCHG Schwab U.S. Large-Cap Growth ETF0.27%
VYM Vanguard High Dividend Yield ETF0.27%
RSP Invesco S&P 500 Equal Weight ETF0.22%
VUG Vanguard Growth ETF0.21%
VOO Vanguard S&P 500 ETF0.10%
IVV iShares Core S&P 500 ETF0.10%

Weights estimated at latest prices

Key Events

08-25Management Change
Targa Names New CFO and Logistics and Transportation President
Targa CFO William A. Byers will retire on September 1, 2026; Benjamin J. Branstetter will succeed him as CFO, and Brent B. Secrest will become President of Logistics and Transportation.Source ↗
07-17Management Change
Targa Appoints Mathiasmeier to Board
On July 16, 2026, Targa Resources appointed Thomas Mathiasmeier, former president of ConocoPhillips Global Gas, as a Class II director, serving until the 2027 annual meeting of shareholders and joining the audit committee.Source ↗
07-06Capital Actions
Targa amends receivables financing agreement, extends term to 2027
On July 1, 2026, a Targa subsidiary signed the seventeenth amendment to its receivables purchase agreement, extending the financing termination date to July 30, 2027 and establishing a $200 million uncommitted facility.Source ↗
05-22Governance
Targa Annual Meeting Completes Director Elections and Two Other Votes
At the May 21, 2026 annual meeting, four Class I directors were elected, PwC was ratified as auditor for 2026, and an advisory executive compensation resolution passed.Source ↗

Key Financial Trends

Quarterly Revenue ($B)4.4

Gross Margin48.2%

Free Cash Flow ($B)0.4