Latest revenue
$4.09B
as of 2026-03-31
Latest net income
$479.6M
as of 2026-03-31
Net margin
11.7%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $59.40B
- Enterprise value
- $76.02B
- P/E (trailing)
- 30.9×
- Forward P/E
- —
- P/B
- 21.95×
- Dividend yield
- 1.5%
- 52-wk high
- $280.00
- 52-wk low
- $144.14
- Beta
- —
- Shares out
- 214.6M
5-year trend
What this company does
Targa Resources owns and operates midstream energy infrastructure—pipelines, processing plants, and storage—that gathers natural gas and natural gas liquids primarily from the Permian Basin and delivers them to market. Roughly 85% of revenue comes from selling commodities (NGLs, natural gas) it processes, with the remainder from fee-based midstream service contracts. The company is in an aggressive growth and consolidation phase, spending $2.4 billion on capex year-to-date and buying out $1.8 billion of noncontrolling interests, pushing long-term debt to $16.7 billion.
Generated from TRGP's filing dated 2026-02-19
Key risks
- Leverage rising: long-term debt jumped to $16.74B from $13.79B, with interest expense up to $636.8M for nine months versus $589.5M.
- Heavy capex outspends cash flow: $2.37B capital outlays plus $1.8B NCI buyout drove $3.49B new senior notes issuance.
- Commodity exposure: $10.99B (85%) of revenue from commodity sales; $240M risk-management liabilities signal hedge mark-to-market headwinds.
Generated from TRGP's filing dated 2026-02-19
Profitability
Operating margin
19.6%
18.9%Net margin
11.3%
41.0%Return on equity
62.7%
23.9%Return on assets
7.6%
32.1%Leverage
Debt / equity
7.22×
7.1%Long-term debt / equity
5.43×
2.1%Debt / assets
87.8%
0.9%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $4.09B | -10.2% | $479.6M | +77.3% | 11.7% |
Q4 2025 2025-12-31 | $4.06B | -7.9% | $545.0M | +55.3% | 13.4% |
Q3 2025 2025-09-30 | $4.15B | +7.8% | $478.4M | +23.5% | 11.5% |
Q2 2025 2025-06-30 | $4.26B | +19.6% | $629.1M | +110.8% | 14.8% |
Q1 2025 2025-03-31 | $4.56B | -0.0% | $270.5M | -1.7% | 5.9% |
Q4 2024 2024-12-31 | $4.41B | — | $350.9M | — | 8.0% |
Q3 2024 2024-09-30 | $3.85B | -1.1% | $387.4M | +76.1% | 10.1% |
Q2 2024 2024-06-30 | $3.56B | +4.7% | $298.5M | -9.4% | 8.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Natural Gas Transmission · SIC 4922
Your notes
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Insider activity
Insider buying
$0
Insider selling
$35.4M
Net activity
−$35.4M
Distinct insiders
8
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns TRGP
Institutional value
$23.21B
Total shares held
93.4M
Distinct holders
730
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 20.5M | $5.15B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 14.0M | $3.50B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 11.9M | $2.97B | — | New |
| 4 | Invesco Ltd. | 3.0M | $760.9M | — | New |
| 5 | DEUTSCHE BANK AG\ | 2.5M | $623.2M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 2.2M | $560.5M | — | New |
| 7 | UBS Group AG | 1.9M | $464.6M | — | New |
| 8 | Bank of New York Mellon Corp | 1.5M | $366.6M | — | New |
| 9 | Legal & General Group Plc | 1.4M | $350.2M | — | New |
| 10 | VANGUARD FIDUCIARY TRUST CO | 1.2M | $310.4M | — | New |
| 11 | TRUIST FINANCIAL CORP | 1.0M | $262.7M | — | New |
| 12 | Nuveen, LLC | 1.0M | $262.2M | — | New |
| 13 | HSBC HOLDINGS PLC | 1.0M | $252.2M | — | New |
| 14 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 926.3K | $232.3M | — | New |
| 15 | AGF MANAGEMENT LTD | 916.4K | $229.8M | — | New |
| 16 | Clearbridge Investments, LLC | 881.4K | $221.0M | — | New |
| 17 | FRANKLIN RESOURCES INC | 849.9K | $213.1M | — | New |
| 18 | CI INVESTMENTS INC. | 795.6K | $199.5M | — | New |
| 19 | KAYNE ANDERSON CAPITAL ADVISORS LP | 777.6K | $195.0M | — | New |
| 20 | CIBC Bancorp USA Inc. | 725.5K | $181.9M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Long-term debt jumped to $16.7B from $13.8B while cash fell to $124M—what's the leverage ceiling before you defer the $2.4B capex program?
- 2
Noncontrolling interests collapsed from $1.83B to $127M with a $70.5M repurchase premium—why was that price justified versus buybacks at current multiples?
- 3
Fee revenue grew only 7% while volumes presumably expanded—are Permian G&P contract economics deteriorating amid competing pipeline buildouts from Energy Transfer and Enterprise?
Refreshed when TRGP files a new report · last from 2026-02-19