TRGP
Targa Resources Corp.
TRGP's fundamentals are strong: its operating margin rose 5 points to 23% and free cash flow grew 45%. At 26x earnings, it's trading below its usual 31x. Analysts expect earnings growth, though they disagree widely on how much.
TRGP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Under pressure |
TRGP's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
TRGP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $275 | -7.1% |
| Forward | 25x | $296 | — |
| Current | 26x | $296 | — |
| Fair | 31x | $348 | +17% |
| Expensive | 56x | $628 | +112% |
Historical ranges are pointers, not guarantees.
TRGP's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 25x next year's earnings.
TRGP Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for TRGP, but weaker profitability. However, they disagree widely on these estimates.
TRGP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.99 | +6.1% |
| Q3 2026 | $11.30 | +52% |
| Q2 2026 | $10.46 | +50% |
| Q1 2026 | $9.79 | +80% |
| Q4 2025 | $8.49 | +48% |
| Q3 2025 | $7.42 | +34% |
| Q2 2025 | $6.97 | +46% |
| Q1 2025 | $5.43 | +11% |
| Q4 2022 | $3.88 | +$3.95 |
TRGP's earnings per share have climbed steadily: $11.30 over the past year, up 52% from the year before, and higher year over year for 12 quarters in a row.
TRGP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.6B | +35% |
| Q2 2026 | $4.4B | +4.2% |
| Q1 2026 | $4.1B | -10% |
| Q4 2025 | $4.1B | -7.9% |
| Q3 2025 | $4.2B | +7.8% |
| Q2 2025 | $4.3B | +20% |
| Q1 2025 | $4.6B | 0% |
| Q4 2024 | $4.4B | +3.9% |
TRGP's revenue has picked up after two years of holding roughly level: $5.6B last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -0.6 points |
| Q2 2026 | 28% | +3.5 points |
| Q1 2026 | 21% | +8.8 points |
| Q4 2025 | 23% | +6.7 points |
| Q3 2025 | 20% | +1.3 points |
| Q2 2025 | 24% | +6.7 points |
| Q1 2025 | 12% | -2.1 points |
| Q4 2024 | 16% | +0.9 points |
TRGP's operating margin was 20% last quarter, down 0.6 points from the same quarter a year ago.
TRGP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $120.3M | +$192.9M |
| Q2 2026 | $431.2M | +$479M |
| Q1 2026 | -$160M | -199% |
| Q4 2025 | $542.3M | -9.8% |
| Q3 2025 | -$72.6M | +$215.3M |
| Q2 2025 | -$47.8M | -129% |
| Q1 2025 | $162.2M | -21% |
| Q4 2024 | $601M | +153% |
TRGP still generates free cash flow, though less than at its 2023 peak: $934M over the past year.
TRGP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.4% | -800K shares |
| 3 years | -4.4% | -9.9M shares |
| 5 years | -22% | -61.2M shares |
| Available history | -7.4% | -17.3M shares |
TRGP has 215M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $52M |
| Q2 2026 | $80.1M |
| Q1 2026 | $55M |
| Q4 2025 | $37M |
| Q3 2025 | $155.6M |
| Q2 2025 | $324.3M |
| Q1 2025 | $124.9M |
| Q4 2024 | $54.7M |
TRGP spent $224M buying back its own shares over the past year, down 66% from the year before.
TRGP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.3x | Elevated |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 3.6x | Elevated |
| Q2 2025 | 3.6x | Elevated |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 3.3x | Elevated |
TRGP's net debt is about 3.3 years of its operating earnings (EBITDA), down from 3.6 years a year ago.
TRGP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 59.5 | Neutral |
TRGP's weekly RSI is 56 (neutral) and its Stochastic is 60 (neutral).
TRGP PE vs Energy Sector
| Metric | TRGP | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 100% above |
| PE % | 22 | 61 | 39 pts below |
TRGP is trading at 26x earnings, a 100% premium to the Energy sector's median of 13x.
TRGP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $289.9 | 2.2% above |
| 20 week MA | $283.9 | 4.4% above |
| 50 week MA | $251.0 | 18% above |
| 100 week MA | $212.9 | 39% above |
| 200 week MA | $159.2 | 86% above |
TRGP is in an uptrend: it's above all five of its weekly moving averages, and 86% above its 200-week average.
TRGP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.6 | $26.6 | -35% |
| 2021 | $26.6 | $50.8 | +91% |
| 2022 | $50.8 | $73.4 | +44% |
| 2023 | $73.4 | $86.9 | +18% |
| 2024 | $86.9 | $177.4 | +104% |
| 2025 | $177.4 | $182.9 | +3.1% |
| 2026 YTD | $182.9 | $296.3 | +62% |
TRGP has finished higher in five of the last six years, two of them by more than 50%. It's up 62% so far in 2026.