Targa Resources Corp
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+ FollowMarket Cap$61.26B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Record operating performance + big Permian growth
- Q2’26 adjusted EBITDA was $1.603B (+38% YoY; +14% QoQ), driven by record volumes and stronger optimization/marketing.
- Permian gas volumes: 7.2 Bcf/d in Q2 (+14% YoY; +~7% vs Q1).
- Despite 200–400 MMcf/d of price-driven shut-ins during Q2, volumes still grew QoQ—management frames this as evidence of robust producer activity and ability for volumes to return.
Guidance raised to top end; implies strong 2H but with moderation
- Full-year 2026 adjusted EBITDA guidance raised/positioned toward the top end: $5.7B–$5.9B.
- Management suggests 2026 adjusted EBITDA growth vs 2025 could be ~$1B while also reducing share count and increasing dividend.
- Key reason 2H may be conservative: less marketing/optimization tailwind than 1H, plus management explicitly does not forecast material marketing optimization margin in guidance.
Capex outlook + capital structure discipline
- Net growth capital (2026): ~ $4.5B; net maintenance: ~ $250M.
- Liquidity: $3.2B available at end of Q2.
- Leverage: pro forma consolidated leverage ratio ~3.4x, within long-term target 3x–4x.
- Financing update: extended and expanded A/R securitization maturity to July 30, 2027, expanding capacity by $200M.
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$8.23
97.1% downside
Current Fair Value
97.1% downsideOvervalued by 97.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $61.26 Billion |
|---|---|
| Enterprise Value | $80.70 Billion |
| Annual dividend | $4.50 |
| Dividend yield | 1.51% |
| Earnings per Share | $8.54 |
| Beta | 0.72 |
| Outstanding Shares | 215,000,000 |
Return
| Return on Equity | 62.02% |
|---|---|
| Return on Assets | 7.95% |
| Return on Invested Capital | 7.79% |
Valuation & Multiples
| P/E Ratio | 29.91 |
|---|---|
| PEG | 134.04 |
| Price to Sales | 3.7 |
| Price to Book Ratio | 16.76 |
| Enterprise Value to Revenue | 4.82 |
| Enterprise Value to EBIT | 41.27 |
| Enterprise Value to Net Income | 35 |
| Total Debt to Enterprise | 0.24 |
| Debt to Equity | 5.35 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$2.70
Consensus analyst estimateRevenue Estimate
$4.74 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 18.36% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.69%▼ 91.28% |
|---|---|
| Total Invested | $2.73B▼ 95.05% |
| Investors Holding | 397▼ 736.00% |
About Targa Resources Corp
3,570 employees
CEO: Matthew Meloy
Targa Resources Corp., along with its affiliated entity, Targa Resources Partners LP, operates as a prominent North American midstream energy enterprise. Its business encompasses the ownership, management, procurement, and expansion of e...