Targa Resources Corp

Targa Resources Corp

TRGP

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Market Cap$54.75B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Targa Resources CorpTarga Resources Corp25.81.67%68%3.56.1

Earnings Call Q1 2026

May 7, 2026 - AI Summary

Strong Q1 operating performance despite weather + shut-ins (good/surprising) - Reported adjusted EBITDA: ~$1.4B, +5% sequentially (beat expectations per management tone). - Record Permian natural gas inlet volumes and record NGL fractionation volumes. - Offsets/drag: Winter Storm Fern and severe cold plus producer shut-ins tied to weak Waha gas prices; also an unplanned LPG export facility outage late in Q1 that reduced loadings into early Q2. - Despite this, management emphasized resilient volumes and quick operational recovery (outage resolved quickly; LPG loadings rebounded).
2026 guidance raised meaningfully; “modest optimization” baked in (opportunity/risk of repeatability) - 2026 adjusted EBITDA raised to ~$5.7B–$5.9B (midpoint ~$300M higher than February). - Drivers explicitly cited: - Higher-than-expected early-year EBITDA - Permian acquisition contribution (closed early January) - Natural gas marketing + LPG export opportunities - CFO/IR tone: upside is still partly from optimization, but guidance assumes only relatively conservative marketing/optimization beyond what’s already visible.
Volumes outlook: growth expected but constrained by basis/egress tightness until new pipes come online (main challenge/negative) - Management expects low double-digit Permian volume growth for 2026, but warns Waha remains tight with ongoing/possibly worsening basis before it improves. - Key point: producers are shutting in because of price/basis economics, not because Targa lacks physical takeaway—Targa is focused on keeping flows moving when feasible. - They expect basis to collapse later in 2026 and into 2027 as incremental egress capacity arrives: - GCX expansion (mentioned as part of relief) - Blackcomb equity pipeline expected Q4 2026 - Traverse expected mid-2027 - Notable “real-time constraint” framing: 200–400 MMcf/d of Permian gas can be temporarily shut in on a given day depending on Waha pricing.

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$262.75

Target Price by Analysts

0% upsideTarga Resources Target Price DetailsTarget Price
$19.55

Current Fair Value

92.6% downside

Overvalued by 92.6% based on the discounted cash flow analysis.

Share Statistics

Market cap$54.75 Billion
Enterprise Value$73.78 Billion
Dividend Yield$4.25 (1.67%)
Earnings per Share$8.54
Beta0.74
Outstanding Shares215,000,000

Return

Return on Equity67.85%ROE
Return on Assets7.85%
Return on Invested Capital9.31%

Valuation & Multiples

P/E Ratio25.8P/E Ratio
PEG33.38PEG
Price to Sales3.5Price to Sales
Price to Book Ratio17.51Price to Book Ratio
Enterprise Value to Revenue4.52
Enterprise Value to EBIT33.42
Enterprise Value to Net Income34
Total Debt to Enterprise0.26
Debt to Equity6.1Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 7, 2026
EPS Estimate
$2.48
Average shareholder expectation
Revenue Estimate
$4.68 B
Average shareholder expectation

Next Earnings Call

Expected Date
August 6, 2026
EPS Estimate
$2.74
Average shareholder expectation
Revenue Estimate
$4.80 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.3435 9.22%
Total Calls729,800 40.66%
Total Puts250,702 92.26%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %92.52% 1.24%
Total Invested$49.83B 33.93%
Investors Holding1,058 81.00%

ESG Score

No data

About Targa Resources Corp

CEO: Matthew Meloy

Relevant Senate Committees

Joint Committee on Taxation

This committee provides the official revenue estimates for all tax legislation, directly influencing corporate tax structures and investment credits that impact Targa's financial performance.

Finance

This committee controls taxation and trade policy, directly impacting Targa's corporate tax burden, profitability, and potentially tariffs on equipment or materials.

Appropriations

This committee allocates federal spending, directly impacting funding for energy infrastructure projects, regulatory bodies that oversee Targa, and relevant research.

Energy and Natural Resources

This committee has direct oversight of national energy policy, public lands, and the Department of Energy, all of which are critical to natural gas pipeline development, operation, and resource access.

Environment and Public Works

This committee directly regulates the EPA and environmental aspects of infrastructure. Natural gas pipelines are heavily impacted by environmental regulations, permitting, and land use policies.