TRGP · Targa Resources Corp.
Price & Indicators
Up next
Metrics snapshot
Useful current figures from the complete screener profile.
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 NeutralIllustrative 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| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
TRGP
this stock
Targa Resources Corp.
|
$59.58B | +48.2% | +3.9% | 26.6 | 2.6% |
|
ENB
Enbridge Inc
|
$102.08B | -2.5% | — | — | 0.8% |
|
WMB
Williams Companies, Inc.
|
$84.72B | +14.2% | +13.8% | 27.6 | 2.0% |
|
EPD
Enterprise Products Partners L.P.
|
$79.36B | +12.4% | -6.4% | 12.7 | 0.8% |
|
ET
Energy Transfer LP
|
$69.52B | +20.7% | +3.5% | — | 0.9% |
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 | -3.1% | -6.9% | +12.1% | -6.9% | +48.2% |
| SPY | -1.2% | -0.4% | +13.1% | -0.4% | +12.1% |
| vs SPY | -1.9% | -6.5% | -1.0% | -6.5% | +36.2% |
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.