Targa Resources
TRGP on NYSE. Targa Resources gathers, processes and sells natural gas and NGLs to energy companies. Market value $61.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Energy stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.20 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 77 of 100. Price score: 43 of 100. Our list needs 70 on quality and 60 on price.
$287.40 a share, 99% above its 1-year low
Over the past year the price has ranged from $144.14 to $307.94.
Dividend: 1.3% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $16.9bn | $20.9bn | $16.1bn | $16.4bn | $17.0bn |
| Operating margin | |||||
| Operating margin | 5.1% | 8.3% | 16.4% | 16.5% | 19.6% |
| Debt to equity | |||||
| Debt to equity | 3.28 | 4.33 | 4.73 | 5.47 | 5.68 |
| Shares outstanding | |||||
| Shares outstanding | 0.23bn | 0.22bn | 0.22bn | 0.21bn | 0.21bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt5.68× equity
- Revenue growth, five yearsStrong, 15.6% a year
- Buying back its own sharesYes, 5% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.4 billion last quarter, up 4% on a year ago.
- Profit: $765 million, up 22% on a year ago.
- It keeps 23 cents of each $1 of sales as operating profit, up from 18 cents a year earlier.
- Spare cash over the past 12 months: $741 million, up from $428 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $19.4 billion more than cash, up from $16.7 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.9bn |
| December 2024 | $4.4bn |
| March 2025 | $4.6bn |
| June 2025 | $4.3bn |
| September 2025 | $4.2bn |
| December 2025 | $4.1bn |
| March 2026 | $4.1bn |
| June 2026 | $4.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $387m |
| December 2024 | $351m |
| March 2025 | $271m |
| June 2025 | $629m |
| September 2025 | $478m |
| December 2025 | $545m |
| March 2026 | $480m |
| June 2026 | $765m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 1,096 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Harris Associates (Oakmark)Bill Nygren | $2.1bn | 2.8% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $7m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $743,552 | <0.1% | Cut |
| First Eagle Investment ManagementMatthew McLennan | $54,164 | <0.1% | Added |
Largest holders overall
- BlackRock$5.6bn
- State Street$3.8bnAdded
- Wellington Management Group LLP$3.8bnCut
- Vanguard Capital Management$3.8bn
- Vanguard Portfolio Management$3.1bn
- Harris Associates (Oakmark)$2.1bnCut
- Geode Capital Management$1.6bn
- Norges Bank$1.1bnNew
- Blackstone$966mAdded
- Morgan Stanley$954mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 7.0%−1.3 pts(filed with 3 related holders)Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 7.0%−1.3 pts (filed with 3 related holders) | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $34m.
- Chung Paul WDirectorSold
- Date
- 1 September 2026
- Shares
- 1,816
- Price
- $296.11
- Value
- $537,733
- CRISP CHARLES RDirectorSold
- Date
- 25 August 2026
- Shares
- 3,000
- Price
- $290.23
- Value
- $870,690
- Davis Waters S IVDirectorSold
- Date
- 21 August 2026
- Shares
- 2,400
- Price
- $299.67
- Value
- $719,209
- CRISP CHARLES RDirectorSold
- Date
- 12 May 2026
- Shares
- 10,602
- Price
- $255.96
- Value
- $3m
- Muraro RobertChief Commercial OfficerSold
- Date
- 5 March 2026
- Shares
- 24,589
- Price
- $241.34
- Value
- $6m
- McDonie Patrick J.See RemarksSold
- Date
- 2 March 2026
- Shares
- 31,537
- Price
- $239.36
- Value
- $8m
- Branstetter Benjamin JamesSee RemarksSold
- Date
- 2 March 2026
- Shares
- 3,258
- Price
- $238.83
- Value
- $778,124
- Cooksen LindseyDirectorSold
- Date
- 26 February 2026
- Shares
- 435
- Price
- $231.72
- Value
- $100,798
- Pryor D. ScottSee RemarksSold
- Date
- 25 February 2026
- Shares
- 17,500
- Price
- $228.92
- Value
- $4m
- Kneale Jennifer R.PresidentSold
- Date
- 24 February 2026
- Shares
- 29,509
- Price
- $230.12
- Value
- $7m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 September 2026 | Chung Paul W Director | Sold | 1,816 | $296.11 | $537,733 |
| 25 August 2026 | CRISP CHARLES R Director | Sold | 3,000 | $290.23 | $870,690 |
| 21 August 2026 | Davis Waters S IV Director | Sold | 2,400 | $299.67 | $719,209 |
| 12 May 2026 | CRISP CHARLES R Director | Sold | 10,602 | $255.96 | $3m |
| 5 March 2026 | Muraro Robert Chief Commercial Officer | Sold | 24,589 | $241.34 | $6m |
| 2 March 2026 | McDonie Patrick J. See Remarks | Sold | 31,537 | $239.36 | $8m |
| 2 March 2026 | Branstetter Benjamin James See Remarks | Sold | 3,258 | $238.83 | $778,124 |
| 26 February 2026 | Cooksen Lindsey Director | Sold | 435 | $231.72 | $100,798 |
| 25 February 2026 | Pryor D. Scott See Remarks | Sold | 17,500 | $228.92 | $4m |
| 24 February 2026 | Kneale Jennifer R. President | Sold | 29,509 | $230.12 | $7m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 5.7× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.