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TRGP · Targa Resources Corp.

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$297.33 +1.03 (+0.35%) At close · Nov 13
S&P 500 member Russell 1000 member Rebalance outlook locked
Market Cap
$63.79B
Shares
214.55M
Volume · Nov 13 727.67K Avg daily vol (3M) 1.25M

Price & Indicators

Drag to pan · scroll to zoom
Indicators
Price
Panels
Event markers
20d MA 50d MA 200d MA Earnings Filing Insider Congress Investor day
Close$297.33 Open$300.01 Day$294.64–300.39 52W close$168.32–314.99 Avg vol 30d1.3M Short int6.6M · 3.1% of shares · 5.6d Short vol43% Last earningsNov 5, 2026 DataJan 2020–Nov 2026 Filing10-Q · Nov 5

Up next

Next earnings call
Feb 18, 2027 Est · unconfirmed · in 14 wks
Q3 2026 earnings call transcript
call held Nov 5, 2026
Play latest call

Latest documents

2026
Nov 5
Quarterly report 10-Q FY2026 Q3, ended Sep 30
Revenue rises 35% as shareholder net income climbs 38%

For three months ended September 30, 2026, Targa Resources Corp. reported total revenues of $5,598.6 million, up 35%, and net income attributable to common shareholders of $658.2 million, up 38%. Adjusted free cash flow declined 81% to $33.6 million.

Revenue $5.6B ▲ 34.9% Net income $658.2M ▲ 37.6% Diluted EPS $3.04 ▲ 38.2%
Read from the MD&A section
5 source passages
Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025 | Total revenues | 5,598.6 | 4,151.2 | 1,447.4 | | 35% | 14,133.4 | 12,972.8 | 1,160.6 | | 9% | | Net income (loss) attributable to common shareholders | 658.2 | 478.4 | 179.8 | | 38% | 1,902.4 | 1,307.5 | 594.9 | | 45% | | Adjusted free cash flow (1) | 33.6 | 172.8 | (139.2) | | (81%) | 466.8 | 491.4 | (24.6) | | (5%) | Open the document at this passage
Nov 5
Earnings call
2026 adjusted EBITDA expected at least $6 billion

Targa expects 2026 adjusted EBITDA of at least $6 billion, more than 21% above 2025, after record Permian volumes of 7.5 billion cubic feet per day in the third quarter.

2 source passages
We now expect adjusted EBITDA to be at least $6 billion in 2026, more than $1 billion higher than 2025, a more than 21% increase year over year. Third quarter Permian volumes were a record 7.5 billion cubic feet per day, up approximately 5% from the second quarter and 14% from a year ago. Open the document at this passage
Nov 5
Current report 8-K
Adjusted EBITDA rises 18%; dividend planned 20% higher

Targa Resources Corp. reported third-quarter adjusted EBITDA of $1.5 billion, up 18% year-over-year, and expects at least $6.0 billion for full-year 2026. It plans to recommend a $6.00 annualized 2027 common dividend, a 20% increase.

Financial results, Regulation FD disclosure
4 source passages
Targa Resources Corp. Reports Third Quarter 2026 Financial Results and Announces Expectation for a 20% Increase to its 2027 Common Dividend Adjusted EBITDA for the third quarter of $1.5 billion, an increase of 18% year-over-year Now expect full year 2026 adjusted EBITDA to be at least $6.0 billion Expect to recommend to Targa’s Board of Directors an annual common dividend per share of $6.00 in 2027, a 20% increase to 2026 Open the document at this passage
All documents

Metrics snapshot

Useful current figures from the complete screener profile.

Revenue (TTM)
$18.19B
Trailing 12 months
Net income (TTM)
$2.45B
Trailing 12 months
Revenue growth YoY
+34.9%
Year over year
Operating margin
22.5%
Trailing 12 months
P / E (TTM)
26.3
Trailing earnings · reciprocal yield 3.8%
FCF yield
1.5%
TTM · current market cap
Return on invested capital
13.7%
Trailing 12 months
Net cash
−$19.70B
Latest balance sheet
Dividend yield
1.6%
Trailing 12 months
Shares change YoY
-0.4%
Year over year · fewer shares
Price change (1Y)
+75.2%
Trailing year
Short interest
3.1%
Latest settlement · 5.6 days to cover
View all 125 metrics

Quarterly results

Revenue Net income Net loss
▲3.9% $4.41B $350.90M '24 Q4* ▲0% $4.56B $270.50M '25 Q1 ▲19.6% $4.26B $629.10M '25 Q2 ▲7.8% $4.15B $478.40M '25 Q3 ▼7.9% $4.06B $545.00M '25 Q4* ▼10.2% $4.09B $479.60M '26 Q1 ▲4.2% $4.44B $764.60M '26 Q2 LATEST ▲34.9% $5.60B $658.20M '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q2 FY26 earnings call · Aug 6, 2026
Q2 FY26

TL;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.

Bullish
  • + 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
Bearish
  • − 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 advice
Overall
Buy
SellHoldBuy
Technical Buy Momentum Very Strong Sentiment Neutral Fundamentals Strong Quant / Vol Moderate
Market backdrop VIX 19.3 · elevated Equity put/call 0.63
Technical
price trend
Buy
50 / 200-day cross No cross
Price vs 200-day avg +12%
above
Price vs 50-day avg +3%
above
RSI (14) 54
neutral
MACD trend Negative
52-week position 88%
near high
Momentum
relative strength
Very Strong
1-month return +1%
trailing
6-month return +10%
trailing
YTD return +61%
this year
Relative strength +10%
vs S&P · 6-mo
Sentiment
smart money
Neutral
Trend (MA cross) No cross
50d $289 › 200d $264 — 50d above 200d
Institutional flow Accumulating
1,002 of 1,111 funds reported for Sep 30 · net +4.2M sh shares · +89 new
Insider flow Distributing
Net -$2.1M over 90 days · 100% sells
Short interest Rising
3.06% of shares out · ▲ +17.6% MoM · 5.6 days cover
Volume signal Normal
Volume near normal
Institution breadth Multi-yr high
1,111 holders — near 3-yr high, broad support
Squeeze score 72
high risk · 0–100
Fundamentals
Strong
Revenue growth +4%
Y/Y
Gross margin 15%
expanding
EPS growth +48%
Y/Y
Free cash flow $584.1M
Valuation P/E 26.3
rich
Buyback $1.2B
remaining
Balance sheet $17.3B
net debt
Quant / Vol
risk profile
Moderate
Volatility 30%
annualized · 1-yr
Max drawdown −16%
past year
ATR 3.4%
of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

Latest guidance · from the Earnings Call filed Aug 6, 2026
Adjusted EBITDA · full year 2026 Non-GAAP Maintained $5.7B – $5.9B
May 7, 2026 $5.7B – $5.9B changed to Aug 6, 2026 $5.7B – $5.9B
Net growth capital · full year 2026 Maintained $4.5B
May 7, 2026 $4.5B changed to Aug 6, 2026 $4.5B
Net maintenance capital spending · full year 2026 Maintained $250M
May 7, 2026 $250M changed to Aug 6, 2026 $250M
Previous outlook earlier release · from the 8-K filed May 7, 2026

Still-open targets the latest release did not restate under the same label.

Net maintenance capital expenditures · 2026 $250M

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy
1 · 2 · 3
50 / 200-day cross
No cross Neutral
Price vs 200-day avg
+12% Bullish
Price vs 50-day avg
+3% Bullish
RSI (14)
54 Neutral
MACD trend
Negative Bearish
52-week position
88% Bullish
Market signals — smart money & positioning
Mixed
Trend (MA cross) No cross
50d $289 › 200d $264 — 50d above 200d
Institutional flow Accumulating
1,002 of 1,111 funds reported for Sep 30 · net +4.2M sh shares · +89 new
Insider flow Distributing
Net -$2.1M over 90 days · 100% sells
Short interest Rising
3.06% of shares out · ▲ +17.6% MoM · 5.6 days cover
Volume signal Normal
Volume near normal
Institution breadth Multi-yr high
1,111 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $168 Now $297 · 88% Range high $315
vs 200-day avg +12% vs 50-day avg +3%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings
Metric Latest Period YoY
Adjusted Cash Flow from Operations non-GAAP $2.55B Six Months Ended June 30, 2026 —
Adjusted EBITDA non-GAAP $3.01B Six Months Ended June 30, 2026 —
Adjusted Free Cash Flow non-GAAP $433.2M Six Months Ended June 30, 2026 —
Adjusted operating margin - Logistics and Transportation non-GAAP $1.94B Six Months Ended June 30, 2026 —
Condensate sales, MBbl/d 22.1 Six Months Ended June 30, 2026 —
Crude oil gathered, MBbl/d 139.5 Six Months Ended June 30, 2026 —
Export volumes 462.2 Six Months Ended June 30, 2026 —
Fractionation volumes 1,175.8 Six Months Ended June 30, 2026 —
Growth capital expenditures, net non-GAAP -$1.11B Three Months Ended June 30, 2026 —
Maintenance capital expenditures, net non-GAAP -$52.4M Three Months Ended June 30, 2026 —
Natural gas sales, BBtu/d 3,060.3 Six Months Ended June 30, 2026 —
NGL pipeline transportation volumes 1,098.9 Three Months Ended June 30, 2026 —
NGL sales - Logistics and Transportation 1,307.5 Six Months Ended June 30, 2026 —
NGL sales, MBbl/d 653.5 Six Months Ended June 30, 2026 —
Plant natural gas inlet, MMcf/d - Total 8,671.6 Six Months Ended June 30, 2026 —
Plant natural gas inlet, MMcf/d - Total Permian 6,960 Six Months Ended June 30, 2026 —

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Oil & Gas Midstream — same industry group
Open screener →
Company Mkt cap YTD Rev growth Y/Y P/E Short % shares
TRGP
Targa Resources Corp.
this stock
$63.79B +61.2% +3.9% 26.3 3.1%
ENB
Enbridge Inc
 $106.25B -0.3% — — 2.5%
WMB
Williams Companies, Inc.
 $84.51B +14.9% +13.8% 27.2 2.4%
EPD
Enterprise Products Partners L.P.
 $82.55B +19.4% -6.4% 12.7 0.8%
KMI
Kinder Morgan, Inc.
 $71.11B +16.1% +12.2% 19.7 1.9%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section
Ownership
Institutional Holders Accumulating
Holders
1,152
% held
97.5%
Reported
1,002 of 1,111
Top holder
BlackRock, Inc.
Held Float
View
Held by Funds
Fund positions
910
View
Short & Settlement
Short Interest Rising
Shares short
6.6M
Days to cover
5.6d
Change
+983.0K sh
View
Short Volume
Short vol %
43%
As of
Nov 13, 2026
Short Total
View
Fails to Deliver
FTD shares
12.4K
Value
$3.6M
As of
Oct 13, 2026
View
Off-Exchange
Off-exchange %
41.8%
Week of
Oct 5, 2026
Off-exch Lit
View
Smart Money
Insider Trades Net selling
Net (90d)
-$2.1M
Buyers / Sellers
0 / 3
Buyers Sellers
View
Congressional Trades Buy
Member
Gilbert Cisneros
Amount
$1.0K–$15.0K
Traded
Feb 10, 2026
View
Financials
Financials
Revenue (FY)
$17.0B
Net income (FY)
$1.9B
EPS diluted
$8.49
View
Buybacks
Remaining
$1.2B
View
Filings
SEC Filings
Latest
10-Q
Filed
Nov 5, 2026
This year
17

For three months ended September 30, 2026, Targa Resources Corp. reported total revenues of $5,598.6 million, up 35%, and net income attributable to common shareholders of $658.2 million, up 38%. Adjusted free cash flow declined 81% to $33.6 million.

View
Proposed Sales
Value
$1.7M
Shares
5.8K
Filed
Aug 26, 2026
View
Earnings & Events
Webcasts
Last webcast
Nov 5, 2026
View
Investor Relations
Latest news
Targa Resources Corp. Reports Thi…
Published
Nov 5, 2026
View

Performance

5D 20D 120D MTD YTD
TRGP +12.4% +0.8% +10.2% -5.6% +61.2%
SPY +2.6% -1.2% +0.5% -0.2% +10.6%
vs SPY +9.8% +2.0% +9.7% -5.4% +50.5%

Capital returns

Latest dividend
$1.25 / share · ex Oct 30, 2026
Raised 25%
Paid (TTM)
$4.75 / share · 4 payouts
Dividend yield (TTM, derived)
1.60%
Full dividend history
Buyback program · as of Sep 30, 2026
Authorized
—
Spent (derived)
—
Remaining
$1.19B

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.

Key facts CIK 1389170 CUSIP 87612G101 13F (30d) 894 filings 843 filers Visit website Investor relations