Reading the tape
NYSE: TRGP
Targa Resources Corp.
Energy · Oil & Gas Midstream
Market Cap
$55.64B
52w High
$260.49
52w Low
$144.14
P/E
30.17
Volume
54.53K
Outstanding Shares
214.95M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 63.65%Revenue (TTM): 4.03%FCF (TTM): -14.59%P/FCF: 93rd pct
What changed
The stock rose 63.65% over the last year. Revenue grew 4.03% over the trailing twelve months. Operating margin moved from 16.92% to 20.11%. Free cash flow declined 14.59% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 20.11%. A decisive move in revenue — currently up 4.03% — would be the clearest signal to resolve the ambiguity.
Company profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America.
CEOMatthew J. Meloy
SectorEnergy
IndustryOil & Gas Midstream
Employees3,370
IPO dateDec 7, 2010
Valuation
Forward P/E—
EV/EBITDA11.75
Enterprise value$57.05B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth-7.94%
Gross margin26.51%▲32.56%vs FY2024
Operating margin20.11%▲13.60%vs FY2024
ROE60.12%▲22.77%vs FY2024
Analyst consensus
RatingBuy
Target price$237.70▼8.17%
28
Buy
5
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $2.56 · Revenue est $4.71B
View
Dividends
$4.25/shareQuarterly5yr growth streakStretchedTRGP pays a dividend with a 1.64% dividend yield, 5 consecutive years of growth, growing at 60.42% annually, covered 0.7× by free cash flow.
Dividend Yield
1.64%
Annual Div / Share
$4.25
5yr CAGR
+60.42%
Doubles every ~1.5yr
Payout Ratio
44.37%
Stretched
Dividend Growth Rate
3yr CAGR
+39.96%
5yr CAGR
+60.42%
10yr CAGR
+1.66%
Dividend Safety
5/10Stretched
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$4.25+30.8%
2025$3.25+44.4%
2024$2.25+45.2%
2023$1.55+72.2%
2022$0.90+125.0%
2021$0.40-85.9%
2020$2.83-22.3%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$16/yr
$1/mo
In 5 yrs
$29/yr+76%
$2/mo
In 10 yrs
$51/yr+211%
$4/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$16/yr $1/mo | $29/yr+76% $2/mo | $51/yr+211% $4/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 1.64% → 5.1% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 60.42% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only 0.71× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.