NYSE: TRGP
Targa Resources Corp.
Energy · Oil & Gas Midstream
Pre-market: $268.69(-0.62%) · as of 6:37 AM ET
Market Cap
$58.03B
52w High
$291.04
52w Low
$144.14
P/E
27.35
Volume
617.41K
Outstanding Shares
214.64M
Price vs Fundamentals
Why The Stock Is Moving
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
What changed
The stock rose 62.47% over the last year. Revenue declined 2.29% over the trailing twelve months. Operating margin moved from 17.8% to 21.11%. Free cash flow declined 59.05% over the trailing twelve months.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 63rd percentile of its historical P/E range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 21.11%) would need to stabilize or improve to justify the move. Revenue is declining 2.29% — a trend reversal in the next report would be the key signal to watch. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Company profile
Targa Resources Corp., alongside its subsidiary Targa Resources Partners LP, is a significant entity in the North American midstream energy sector, focusing on the ownership, operation, acquisition, and development of crucial energy infrastructure assets.
Valuation
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Analyst consensus
27
Buy
7
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
Aug 6, 2026
Q3 FY26 · EPS est $2.80 · Revenue est $4.86B
View
Dividends
$4.50/shareQuarterly5yr growth streakStretchedTRGP pays a dividend with a 1.66% dividend yield, 5 consecutive years of growth, growing at 62.27% annually, covered 0.7× by free cash flow.
Dividend Yield
1.66%
Annual Div / Share
$4.50
5yr CAGR
+62.27%
Doubles every ~1.4yr
Payout Ratio
40.94%
Stretched
Dividend Growth Rate
3yr CAGR
+38.33%
5yr CAGR
+62.27%
10yr CAGR
+2.14%
Dividend History
Annualized dividend cycles per share
Income Projection
Today
$1/mo
In 5 yrs
$2/mo
In 10 yrs
$4/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$17/yr $1/mo | $29/yr+76% $2/mo | $52/yr+211% $4/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 1.66% → 5.17% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 62.27% 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.