TRGP · Targa Resources Corp.
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AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. Targa reported record Q2 2026 adjusted EBITDA of $1,603 million, up 38% year-over-year, with record Permian volumes, and raised its 2026 adjusted EBITDA outlook to the top end of the $5.7–$5.9 billion range, while natural gas price weakness and lower marketing gains are expected to weigh on the second half.
- + Record Q2 adjusted EBITDA of $1,603 million, up 38% year-over-year
- + Raised 2026 adjusted EBITDA outlook to top end of $5.7–$5.9 billion range
- + Record Permian inlet volumes of 7.2 Bcf/d, up 14% year-over-year and 450 MMcf/d sequentially
- + Record downstream volumes: NGL transportation 1.1 MMbbl/d, fractionation 1.2 MMbbl/d, LPG export 14.8 MMbbl/month
- + Marketing businesses outperformed expectations by ~$250 million in H1 2026
- + Quarterly dividend raised 25% year-over-year to $1.25/share plus $80 million of share repurchases
- − Lower natural gas prices reduced commodity sales by ~$784.8 million year-over-year
- − GMP per-unit margins declined as commodity-sensitive contracts faced headwinds
- − Company expects to remain below fee-floor levels across the portfolio in Q3 2026
- − Q1 2026 faced weather-related challenges that pressured results
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Oil & Gas Midstream — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
TRGP
this stock
Targa Resources Corp.
|
$62.05B | +57.3% | +3.9% | 27.7 | 2.5% |
|
ENB
Enbridge Inc
|
$104.31B | -0.1% | — | — | 1.7% |
|
WMB
Williams Companies, Inc.
|
$89.57B | +21.2% | +13.8% | 29.2 | 2.1% |
|
EPD
Enterprise Products Partners L.P.
|
$84.00B | +21.3% | -6.4% | 13.5 | 1.1% |
|
ET
Energy Transfer LP
|
$74.20B | +30.7% | +3.5% | — | 0.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| TRGP | -1.1% | +8.8% | +22.3% | -1.2% | +57.3% |
| SPY | -1.2% | -1.8% | +17.8% | -0.4% | +12.1% |
| vs SPY | +0.0% | +10.5% | +4.4% | -0.8% | +45.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.