Targa Resources Corp
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Strong growth + updated 2026 EBITDA forecast
- Record Permian natural gas volumes: 7.5 Bcf/d in Q3 2026, +14% YoY and ~+5% QoQ.
- Through first 9 months, Permian volumes +13% YoY while the broader Permian basin is ~+7% YoY → Targa is continuing to outperform the basin.
- Reported adjusted EBITDA Q3: $1.5B (down 6% QoQ) due to lower marketing/optimization opportunities and lower LPG exports (volume positives offset).
- Full-year 2026 outlook: adjusted EBITDA at least $6B, up >21% vs 2025 (i.e., +$1B+). This is the key incremental earnings message.
Permian “double-digit growth” confidence extended; ExxonMobil deal adds durability
- Management expects Permian volume growth in 2027 similar to 2026, and “years of double-digit” percentage Permian growth (high-conviction growth profile for a scaled system).
- Major opportunity / surprise: Expanded relationship with ExxonMobil (announced August): new 20-year, fee-based integrated agreements for gathering & processing and downstream services, supported by acreage dedications in the Delaware and Midland.
- Longer-term commercial visibility is a theme: producers appear to be signing more firm, longer-dated commitments, improving confidence in feedstock and contracted volumes.
Project execution / capacity additions underway (with a clear timing cadence)
- Processing (Delaware)
- Copperhead plant: in start-up ahead of schedule.
- Yeti & Yeti II: now expected Q2 2027 and Q3 2027 respectively (both ahead of schedule).
- 3 additional Delaware plants (announced earlier; reiterated as new): Wrangler, Ranger, Ranger II, targeted for Q2 2028.
- Long-lead orders placed for the next 2 Delaware plants, expected needed around 2028 or early 2029.
- Processing (Midland)
- East Driver added Q2 2026.
- Long-lead orders for next Midland plant; expected need around 2028 or early 2029.
- Residue connectivity
- Bull Run Extension placed in service early Q4 ahead of schedule.
- Buffalo Run, Forza, Bull Run II on track for further connectivity improvements.
- Logistics/exports
- Train 12 fractionator started operations in Q4 ahead of schedule.
- Train 13 on track for Q1 2028; Train 14 (new announcement) to begin Q1 2029.
- Speedway (NGL transportation) remains on track for Q3 2027.
- LPG export expansion to ~19M barrels/month remains on track for Q3 2027.
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$9.98
96.6% downside
Current Fair Value
96.6% downsideOvervalued by 96.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $67.84 Billion |
|---|---|
| Enterprise Value | $87.54 Billion |
| Annual dividend | $4.75 |
| Dividend yield | 1.60% |
| Earnings per Share | $8.54 |
| Beta | 0.76 |
| Outstanding Shares | 214,500,000 |
Return
| Return on Equity | 64.14% |
|---|---|
| Return on Assets | 8.27% |
| Return on Invested Capital | 11.36% |
Valuation & Multiples
| P/E Ratio | 26.15 |
|---|---|
| PEG | 69.58 |
| Price to Sales | 3.54 |
| Price to Book Ratio | 16.52 |
| Enterprise Value to Revenue | 4.81 |
| Enterprise Value to EBIT | 30.02 |
| Enterprise Value to Net Income | 35 |
| Total Debt to Enterprise | 0.23 |
| Debt to Equity | 5.2 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$3.04
Est. $2.74Revenue
$5.60 B
Est. $4.77 BNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
$2.91
Consensus analyst estimateRevenue Estimate
$5.19 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 | 7,500▼ 99.24% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 18.25%▼ 77.73% |
|---|---|
| Total Invested | $9.54B▼ 82.68% |
| Investors Holding | 582▼ 551.00% |
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...