Targa Resources Corp.
NYSE•TRGP
CEO: Mr. Matthew J. Meloy
Sector: Energy
Industry: Oil & Gas Midstream
Listing Date: 2010-12-07
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil. It is also involved in the purchase and resale of NGL products; and sale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, the company offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. As of December 31, 2023, it leased and managed approximately 605 railcars; 137 tractors; and 6 vacuum trucks and 2 pressurized NGL barges. Targa Resources Corp. was incorporated in 2005 and is headquartered in Houston, Texas.
Contact Information
811 Louisiana Street, Suite 2100, Houston, TX, 77002, United States
713-584-1000
Market Cap
$38.65B
P/E (TTM)
25.6
19.2
Dividend Yield
2.1%
52W High
$218.51
52W Low
$144.14
52W Range
Rank59Top 76.7%
2.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024
Financial Dashboard
Q3 2025 Data
Revenue
$4.20B+8.13%
4-Quarter Trend
EPS
$2.21+25.88%
4-Quarter Trend
FCF
-$72.60M-74.78%
4-Quarter Trend
2025 Q3 Earnings Highlights
Key Highlights
Nine Month Revenue Growth Total revenues reached $12.97B for nine months ended September 30, 2025, marking an 8% increase.
Shareholder Net Income Surge Net income attributable to common shareholders was $1.31B for nine months, reflecting a strong 36% increase.
Adjusted EBITDA Rises 20% Adjusted EBITDA for nine months totaled $3.62B, showing 20% growth compared to prior year period.
Free Cash Flow Skyrockets Adjusted Free Cash Flow surged 484% to $491.4M for nine months, driven by operational performance.
Risk Factors
Commodity Price Volatility Risk Derivative fair value is sensitive; 10% price decrease could result in a net liability impact of $329.7M.
Interest Rate Exposure High $1.90B outstanding variable rate debt means a 100 bps rate hike impacts annual interest expense by $19.0M.
Environmental Legal Proceedings Ongoing legal proceedings regarding alleged air permit violations require vigorous defense and potential capital improvements.
Outlook
Permian Expansion Projects Multiple cryogenic processing plants are under construction; East Pembrook plant expected to begin operations Q2 2026.
Increased Common Dividend Quarterly common dividend increased to $1.00 per share, effective for the first quarter of 2025.
Liquidity and Repurchase Capacity Total liquidity stands at $2.30B; $1.41B remains authorized for common stock repurchases as of September 30, 2025.
Peer Comparison
Revenue (TTM)
CVE$39.71B
OKE$31.56B
OXY$26.78B
Gross Margin (Latest Quarter)
PBA40.4%
EQT36.2%
33.5%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| OKE | $47.94B | 14.3 | 16.2% | 50.6% |
| OXY | $42.04B | 22.1 | 5.4% | 0.0% |
| TRGP | $38.65B | 25.6 | 59.7% | 71.7% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-2.4%
Flat Growth
4Q Net Income CAGR
14.6%
Profitability Improving
Cash Flow Stability
100%
Strong Cash Flow
Research & Insights
Reports
All Years
Form 10-Q - Q3 2025
Period End: Sep 30, 2025|Filed: Nov 5, 2025|Revenue: $4.20B+8.1%|EPS: $2.21+25.9%MeetForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Aug 7, 2025|Revenue: $4.03B+11.3%|EPS: $2.89+115.6%MeetForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: May 1, 2025|Revenue: $4.85B+5.6%|EPS: $0.91-25.5%MissForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Feb 20, 2025|Revenue: $16.63B+6.5%|EPS: $5.77+56.5%MissForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Nov 5, 2024|Revenue: $3.89B+0.1%|EPS: $1.76+80.4%MeetForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Aug 1, 2024|Revenue: $3.62B+12.8%|EPS: $1.34-7.2%MeetForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 2, 2024|Revenue: $4.60B+7.0%|EPS: $1.23+4307.6%MissForm 10-K - FY 2023
Period End: Dec 31, 2023|Filed: Feb 15, 2024|Revenue: $15.62B-28.0%|EPS: $3.69-6.5%Miss