Targa Resources (TRGP) stock
Energy · Oil & Gas Storage & Transportation
Targa Resources (TRGP) is an Oil & Gas Storage & Transportation company in the Energy sector, headquartered in Houston, Texas. As of October 23, 2026, TRGP closed at $302.37, a market capitalization of $64.84 billion, the 189th largest company in the S&P 500. Over the last twelve months it generated $16.74 billion in revenue (+4% year over year) and $740.90 million in free cash flow. The stock trades at 28.9x trailing earnings and 25.0x forward earnings.
- 1-year total return: +97.0% (dividends reinvested)
- 5-year return: +43.0% a year
- 52-week range: $150.00 – $307.94
- Gross margin 43.2%, operating margin 27.8%
- Dividend yield: 1.65%, 4 straight years of increases
- FI Handbook report card: C+ across 10 metrics
- 11th largest of 21 Energy stocks in the S&P 500
TRGP price chart
1Y price change: +92.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| TRGP | +6.8% | +66.3% | +97.0% | +55.1% | +43.0% | +25.2% | +22.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2010.
TRGP key statistics
- Market cap
- $64.8B
- #189 in S&P 500
- P/E (TTM)
- 28.9x
- Forward P/E
- 25.0x
- EPS (TTM)
- $10.46
- Revenue (TTM)
- $16.7B
- +4%
- Free cash flow
- $740.9M
- Gross margin
- 43.2%
- Operating margin
- 27.8%
- Return on equity
- 70.8%
- Dividend yield
- 1.65%
- 52-week range
- $150.00 – $307.94
- Beta
- 0.80
- Price / sales
- 3.9x
- EV / EBITDA
- 15.4x
- Debt / equity
- 5.16x
- Employees
- 3,570
TRGP report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.2%D
- Gross margin43.2%B
- Operating margin27.8%B
- FCF margin4.4%D
- Return on equity70.8%A
- Net debt / EBITDA3.5xF
- Forward P/E25.0xC
- PEG ratio1.3xB
- Shareholder yield1.7%C
- Share count change / yr-1.4%B
Targa Resources financials
Revenue went from $6.7B in fiscal 2016 to $17.0B in fiscal 2025, growing 10.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.7B | $7.8B | $9.4B | $7.4B | $6.9B | $16.1B | $19.8B | $13.5B | $14.1B | $17.0B |
| Gross profit | $1.8B | $1.9B | $2.2B | $2.6B | $1.7B | $2.4B | $2.9B | $2.8B | $3.4B | $6.5B |
| Operating income | $55.8M | -$122.4M | $237.5M | $192.9M | -$1.3B | $864.8M | $1.7B | $2.6B | $2.7B | $3.3B |
| Net income | -$187.3M | $54.0M | $1.6M | -$209.2M | -$1.6B | $71.2M | $1.2B | $1.3B | $1.3B | $1.9B |
| EPS (diluted) | $-1.80 | $-0.31 | $-0.53 | $-1.44 | $-7.26 | $-0.07 | $3.88 | $3.66 | $5.74 | $8.49 |
| Free cash flow | $275.3M | -$358.0M | -$2.0B | -$1.5B | $792.9M | $1.8B | $1.0B | $826.2M | $683.9M | $584.1M |
| Diluted shares | 154.4M | 206.9M | 224.2M | 232.5M | 232.2M | 228.6M | 231.1M | 226.0M | 221.3M | 216.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into TRGP?
A reverse DCF asks what growth the current price requires. With an enterprise value of $84.3B and $740.9M of trailing free cash flow, Targa Resources needs to grow free cash flow about 58.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -5.9% a year over the last five years.
P/E ratio history
Current 35.6x vs. median 30.6x (10th–90th percentile 21.3x–44.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
TRGP dividend
- Dividend yield
- 1.65%
- Annual dividend
- $5.00
- Years of increases
- 4
- 5-yr dividend growth
- 65.7%
- per year
- Payout ratio
- 41%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
TRGP analyst price targets
21 analysts' average 12-month target is $329.81 (+9% vs. $302.37). Targets range from $294.00 to $359.00. 95% rate it a buy.
TRGP earnings
Next report: November 5, 2026. Targa Resources has beaten EPS estimates 5 quarters in a row. Last quarter's revenue was $4.4B (+4% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 6, 2026 | $2.84 | $3.25 | +14.3% |
| May 7, 2026 | $2.57 | $2.76 | +7.4% |
| Feb 19, 2026 | $2.40 | $2.69 | +12.1% |
| Nov 5, 2025 | $2.18 | $2.41 | +10.4% |
| Aug 7, 2025 | $1.98 | $2.02 | +2.2% |
| May 1, 2025 | $2.04 | $1.89 | -7.6% |
| Feb 20, 2025 | $1.83 | $1.82 | -0.7% |
| Nov 5, 2024 | $1.61 | $1.92 | +19.1% |
Stocks like TRGP
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WMB Williams Companies | +1.51% | +25% | $87.7B | 28.6x | Compare |
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 OKE ONEOK | +2.06% | +45% | $60.4B | 16.6x | Compare |
 XOM ExxonMobil | +2.79% | +63% | $753.3B | 23.6x | Compare |
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 VLO Valero Energy | -1.64% | +147% | $120.7B | 9.5x | Compare |
TRGP news
- What to Expect From Targa Resources’ Q3 2026 Earnings Report · Oct 22, 2026
- Targa (TRGP) Borrowed Five Times Its Equity and the Stock Nearly Doubled · Oct 20, 2026
- Targa Resources Corp. Announces Quarterly Common Dividend and Timing of Third Quarter 2026 Earnings Webcast · Oct 13, 2026
- Targa Resources Sees Long Permian Growth Runway, RBC Says · Oct 7, 2026
- Is Targa Resources Stock a Smart Hold in Today's Market? · Sep 28, 2026
TRGP stock FAQ
What is TRGP's market cap?
Targa Resources's market capitalization is $64.84 billion as of October 23, 2026, ranking 189th in the S&P 500.
What is TRGP's P/E ratio?
TRGP trades at a trailing price-to-earnings ratio of 28.9x and a forward P/E of 25.0x. Its median P/E over the period we track is 30.6x.
Does TRGP pay a dividend?
Yes. Targa Resources pays $5.00 per share a year, a 1.65% yield. It has raised its dividend 4 years in a row. Dividends grew 65.7% a year over the last five years.
How much has TRGP stock returned?
Including reinvested dividends, TRGP returned +97.0% over one year, +43.0% a year over five years, +25.2% a year over ten years through October 23, 2026.
Is TRGP stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Targa Resources must grow free cash flow about 58% a year for the next decade. Its free cash flow fell 6% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the TRGP price target?
21 analysts cover TRGP with an average 12-month price target of $329.81, +9% from the current price. 95% of them rate it a buy.
When does TRGP report earnings?
Targa Resources is expected to report earnings on November 5, 2026. It has beaten EPS estimates 5 quarters in a row.
How many employees does Targa Resources have?
Targa Resources has about 3,570 full-time employees, or $4.7 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology