Targa Resources Corp. (TRGP)
Energy · Oil & Gas Storage & Transportation · US stock · S&P 500 component
$294.90
▲ +12.35 (4.37%)
Fair valueData under review
$56
$28fair band $33–$78$84
Day's range
$285.48 – $295.12
52-week range
$141.11 – $307.94
Red flags⚠ Dividend may be at risk
About Targa Resources Corp.
Targa Resources owns midstream infrastructure that gathers, processes and moves natural gas and natural gas liquids. Its pipelines and plants in the Permian Basin and other producing regions collect gas from producers, remove liquids such as ethane and propane, and deliver them to fractionation facilities, storage and export terminals. Customers are oil and gas producers, petrochemical companies, utilities and exporters.
Targa earns revenue mostly from fees for gathering, processing, transporting and fractionating, plus income from the gas and liquids it markets. The last twelve months produced $16.7 billion, though revenue growth over the last three years was -6.6% a year, a decline. The operating margin is 22.9%, and the business earns a profit of 13% on the capital invested in it. It has net debt of 3.4 times EBITDA. A dividend is paid, with a yield of 1.5%. On the site's X-Ray Score it receives 42 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $141.11 – $307.94Volume 1,110,800Daily, split-adjusted
Vitals
Market cap$63.5B
52-week range$141.11 – $307.94
Volume (last day)1,110,800
P/E (TTM)28.1
EBIT / EV yield4.6%
Free-cash-flow yield1.2%
Dividend yield1.5%
Revenue (TTM)$16.7B
Net income (TTM)$2.3B
Operating margin22.9%
Return on capital13.4%
Debt incl. leases$19.0B
Cash & securities$132M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$56model spread $49 – $69
Data under review
+0.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is High, so the safety margin is 40%.
Multiples use through-the-cycle earnings (0.33x of the last twelve months)
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so the fair value range is widened
Price $295
Undervalued < $33Fair $33 – $78Overvalued > $78
10-year DCF (market-scaled)
$57
Peer multiples
$39
Earnings power floor (not blended)
$-23
Fundamentals-adjusted multiple
$70
Growth the price implies
32.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Read the lenses below
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.
Valuation
Weak
10/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.6%
Free-cash-flow yield1.2%
Fair value vs price0.2×
Growth
Fair
60/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)-6.6%
EPS growth (3y)29.8%
Growth consistency60%
Profitability
Fair
57/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital13.4%
Operating margin22.9%
Gross profitability25.4%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA3.4×
Interest coverNo interest cost
Dividends
Weak
45/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.5%
Dividends vs free cash flow131%
Dividend growth36.8%
Quarterly results: last 6 quarters
0.0%
Mar '25
+19.6%
Jun '25
+7.8%
Sep '25
-7.9%
Dec '25
-10.2%
Mar '26
+4.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.4B, diluted EPS $3.54.
Compare with peers
OKE Oneok Inc51 KMI Kinder Morgan, Inc.44 WMB Williams Companies, In...39Other Oil & Gas Storage & Transportation companies by X-Ray Score.
Fundamentals checklist
● 4 Good · ● 6 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 44/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $16.9B | $20.9B | $16.1B | $16.4B | $17.0B |
| Operating income | $865M | $1.7B | $2.6B | $2.7B | $3.3B |
| Net income | $71M | $1.2B | $1.3B | $1.3B | $1.9B |
| Operating cash flow | $2.3B | $2.4B | $3.2B | $3.6B | $3.9B |
| Operating margin | 5.1% | 8.3% | 16.4% | 16.5% | 19.6% |
| Free cash flow | $1.8B | $1.0B | $826M | $684M | $584M |
| Diluted EPS | $-0.07 | $3.88 | $3.66 | $5.74 | $8.49 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 288.4 | Bullish |
| EMA 10 | 288.1 | Bullish |
| SMA 20 | 284.1 | Bullish |
| EMA 20 | 286.5 | Bullish |
| SMA 50 | 285.6 | Bullish |
| EMA 50 | 283.4 | Bullish |
| SMA 100 | 276.7 | Bullish |
| EMA 100 | 274.5 | Bullish |
| SMA 200 | 252.2 | Bullish |
| EMA 200 | 253.4 | Bullish |
Oscillators (daily)
| RSI (14) | 58.11 | Neutral |
| MACD (12, 26) | 1.57 | Bullish |
| Momentum (12) | 9.10 | Bullish |
| Stochastic %K (14) | 93.69 | Bearish |
| Williams %R (14) | -6.31 | Bearish |
| CCI (20) | 101.0 | Bearish |
Pivot points (classic, last session)
S3 278.9 | S2 282.2 | S1 288.5 | Pivot 291.8 | R1 298.2 | R2 301.5 | R3 307.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.50 USD
Yield on today's price
1.53%
Frequency
Quarterly
Next ex-dividend date
30 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| 30 Oct 2026 (upcoming) | 1.2500 |
| 31 Jul 2026 | 1.2500 |
| 30 Apr 2026 | 1.2500 |
| 30 Jan 2026 | 1.0000 |
| 31 Oct 2025 | 1.0000 |
| 31 Jul 2025 | 1.0000 |
| 30 Apr 2025 | 1.0000 |
| 31 Jan 2025 | 0.7500 |
| 31 Oct 2024 | 0.7500 |
| 31 Jul 2024 | 0.7500 |
| 29 Apr 2024 | 0.7500 |
| 30 Jan 2024 | 0.5000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
TRGP SEC filings
25 Aug 2026
8-KSEC EDGAR
Director or officer change
6 Aug 2026
10-QSEC EDGAR
Quarterly report
6 Aug 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
17 Jul 2026
8-KSEC EDGAR
Director or officer change
6 Jul 2026
8-KSEC EDGAR
Entered a material agreement
22 May 2026
8-KSEC EDGAR
Shareholder vote results
7 May 2026
10-QSEC EDGAR
Quarterly report
7 May 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.