Targa Resources
Moves Permian natural gas and NGLs from gathering systems to Gulf Coast fractionation and exports.
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Profile
Connects Permian and other U.S. production to market by gathering and processing natural gas and crude oil, then transporting, fractionating, storing, marketing, and exporting NGLs. An integrated wellhead-to-Gulf Coast network earns primarily fee-based downstream revenue while retaining producer-activity and commodity-price exposure.
Connects oil and gas production to domestic and export markets through its Gathering and Processing and Logistics and Transportation segments. Gathering and Processing collects, compresses, treats, and processes natural gas, extracts NGLs, and gathers crude oil across the Permian and other U.S. basins. Logistics and Transportation moves mixed NGLs through Grand Prix and Daytona to Mont Belvieu, fractionates them into products, provides storage and terminaling, markets natural gas and NGLs, and loads LPG exports at Galena Park.
Combines a dense Permian gathering footprint with pipelines, fractionation, storage, and Gulf Coast export infrastructure, allowing volumes to move from the wellhead through downstream markets. Most downstream contracts are fee-based, while gathering agreements also include percent-of-proceeds exposure. Throughput depends on producer drilling and connected-well output; results also remain exposed to commodity prices, project execution, environmental and pipeline regulation, and international LPG demand.
Company facts
Categories
Key statistics
Year to date +54.1% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 27, 2026 | RBC Capital | Target | $312 | $338 | |
| Aug 18, 2026 | Morgan Stanley | Reiterate | Overweight | $333 | $343 |
| Aug 18, 2026 | Jefferies | Reiterate | Buy | $324 | $345 |
| Aug 11, 2026 | RBC Capital | Reiterate | Outperform | $310 | $312 |
| Aug 7, 2026 | Jefferies | Target | $350 | $324 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $2.83 | $3.54 | +25.1% | $4.90B | $4.44B | −9.3% | +3.12% |
| May 7, 2026Q1 FY26 | $2.48 | $2.21 | −10.9% | $4.68B | $4.09B | −12.4% | −1.71% |
| Feb 19, 2026Q4 FY25 | $2.30 | $2.51 | +9.1% | $4.73B | $4.06B | −14.3% | +3.21% |
| Nov 5, 2025Q3 FY25 | $2.11 | $2.20 | +4.3% | $4.56B | $4.20B | −7.9% | +4.42% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.85B | $4.03B | $4.20B | $4.06B | $4.09B | $4.44B | |
| Gross profit | $923.8M | $892.9M | $978.3M | $1.75B | $1.27B | $2.14B | |
| Operating income | $836.1M | $808.6M | $884.7M | $917.4M | $846.9M | $1.23B | |
| Net income | $198.8M | $625.1M | $475.5M | $545.0M | $479.6M | $764.6M | |
| Diluted EPS | $0.91 | $2.88 | $2.20 | $2.53 | $2.21 | $3.56 | |
| Gross margin | 19.0% | 22.2% | 23.3% | 43.1% | 31.1% | 48.2% | |
| Operating margin | 17.2% | 20.1% | 21.1% | 22.6% | 20.7% | 27.8% |
Fiscal years (4-quarter sums)FY21 $17.28B · FY22 $21.11B · FY23 $15.62B · FY24 $16.47B · FY25 $17.14B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $132.3M · Total debt $20.14B · Total assets $28.52B · Shareholders' equity $3.66B
Dividends
Raised for 5 straight years — most recently to $1.25 from $1.00 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $1.25 | |
| Apr 30, 2026 | Apr 30 | May 15 | $1.25 | raised from $1.00 |
| Jan 30, 2026 | Jan 30 | Feb 13 | $1.00 | |
| Oct 31, 2025 | Oct 31 | Nov 17 | $1.00 | |
| Jul 31, 2025 | Jul 31 | Aug 15 | $1.00 | |
| Apr 30, 2025 | Apr 30 | May 15 | $1.00 | raised from $0.75 |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.75 | |
| Oct 31, 2024 | Oct 31 | Nov 15 | $0.75 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 214.64M · Float 211.30M · 98.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 20.83M | 9.71% | 13F | Aug 7, 2026 |
| Wellington Investment Advisors Holdings LLP | 15.11M | 6.90% | 13G | Nov 8, 2024 |
| State Street Corp | 14.23M | 6.63% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 14.18M | 6.60% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 14.02M | 6.53% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Charles R. Crisp | director | −3,000 | $290.23 |
| Aug 21, 2026 | Waters S. IV Davis | director | −2,400 | $299.67 |
| May 12, 2026 | Charles R. Crisp | director | −10,602 | $255.96 |
| Mar 5, 2026 | Robert Muraro | officer: Chief Commercial Officer | −24,589 | $241.34 |
| Mar 2, 2026 | Patrick J. McDonie | officer: See Remarks | −31,537 | $239.36 |
Peers
- Enterprise Products Partners
Integrated NGL chain from Permian wellhead to Gulf Coast export, larger scale.
- Energy Transfer
Diversified midstream rival in Permian G&P, fractionation, and NGL export.
- MPLX
Expanding Permian-to-Gulf Coast NGL chain that mirrors Targa's integrated model.
- ONEOK
NGL pipeline and fractionation rival routing Permian volumes to Mont Belvieu.
- Western Midstream Partners
Delaware Basin G&P rival contesting Permian producer acreage dedications.
- Kinetik
Pure-play Delaware Basin G&P rival; 2.2 Bcf/d in Texas and New Mexico.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| Kinetik | $53.81 | −0.02% | $3.96B | 19.5 | 33.5 | 2.1 | +36.3% |
| Median | 14.3 | 12.9 | 1.8 | +44.5% |