Targa Resources Corp. (TRGP) Stock

Targa Resources Corp. (TRGP) is a Utilities stock trading at $302.21 (as of 2026-08-20), with a market capitalization of $64.87B and a trailing P/E of 30.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Targa Resources Corp. and its subsidiary own, operate, acquire, and develop midstream energy assets in North America. It operates in Gathering and Processing and Logistics and Transportation, providing services and selling natural gas, natural gas liquids and related products, and crude oil through gathering, processing, storage, terminaling, and transportation for customers including retailers, refineries, petrochemical companies, and other end users.

Understand Targa Resources Corp.: how it makes money

Targa Resources owns and operates midstream energy infrastructure, it makes money by gathering, compressing, treating, processing, transporting, and selling natural gas, and by storing and terminaling natural gas liquids (NGL) and NGL products.

The profit model is built around operating midstream assets across the natural gas and NGL value chain, with revenue tied to providing gathering and processing services plus logistics and transportation for these products.

Revenue by segment (latest quarter)
G&P$2.1B
L&T$2.0B

Business quality (Strong): Strong alignment between the described business activities and the two reportable segments (Gathering and Processing, and Logistics and Transportation). However, no operating KPIs were provided in the input, limiting how directly investors can track ongoing performance drivers.

Valuation: At 26× earnings, TRGP trades 18% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Two complementary midstream segments: It operates both Gathering and Processing and Logistics and Transportation, covering multiple steps from processing to transporting natural gas and NGL.
  • Broad service scope within natural gas and NGL: The company gathers, compresses, treats, processes, and transports natural gas, and also stores, fractionates, treats, terminals, purchases, and sells NGL and NGL products, including services to liquefied petroleum gas exporters.

Bear case

  • Volume and throughput sensitivity: Because it gathers, processes, transports, and sells natural gas and NGL, changes in customer activity or commodity flows through its assets could affect results.
  • Operational and asset-risk exposure: Running physical midstream infrastructure (gathering, processing, transportation, storage, and terminaling) creates ongoing exposure to operational disruptions and asset integrity needs.
Valuation — source: SEC EDGAR (first-party)
Price$302.21
Market Cap$64.87B
P/E Ratio30.4
EV / EBITDA16.1
Price / Book19.84
Price / Sales3.92
FCF Yield0.4%
DCF Value (model)$107.47
DCF Upside vs Price-64.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$17.03B
Net Margin11.3%
Revenue Growth (YoY)-10.2%
EPS Growth (YoY)144.0%
FCF Growth (YoY)-198.6%
Financial Health — source: SEC EDGAR
Altman Z-Score2.95 (grey)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E30.4
Sector P/E (Utilities)21.3
Industry P/E (Utilities)20.6
vs Sector42.6%
vs Industry47.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($5.20B)
Institutional Holders Tracked10
Congressional Trades (recent)8
Company
SectorUtilities
IndustryUtilities
CEOMatthew J. Meloy
Employees3,370
CountryUS
IPO Date2010-12-07

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

  • The Williams Companies, Inc. (WMB)
  • Enterprise Products Partners L.P. (EPD)
  • Kinder Morgan, Inc. (KMI)
  • ONEOK, Inc. (OKE)
  • Cheniere Energy, Inc. (LNG)
  • DT Midstream, Inc. (DTM)
  • Antero Midstream Corporation (AM)
  • Kodiak Gas Services, Inc. (KGS)
TRGP earnings history · TRGP institutional & insider holders · TRGP KPIs & operating metrics · TRGP financials · TRGP investor presentations & press releases · TRGP SEC filings · TRGP peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.