TRGP — Targa Resources Corp.
Energy · Oil & Gas Midstream
About Targa Resources Corp.
Targa Resources Corp., together with its subsidiaries, owns, operates, acquires, and develops a portfolio of complementary domestic 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 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. The company also leased and owned railcars, tractors, vacuum trucks and pressurized NGL barges. Targa Resources Corp. was incorporated in 2005 and is headquartered in Houston, Texas.
The midstream & LNG industry
Midstream companies own the infrastructure between the wellhead and the customer — pipelines, gathering and processing plants, storage, and export terminals. Most earn fees on volumes moved under long-term contracts, so their cash flow is steadier than the producers they serve, and much of it is paid out as high dividends or distributions (several names here are partnerships with special tax treatment). Cheniere (LNG) is the standout business model: it liquefies US natural gas and ships it abroad under decade-long contracts — a toll road on the global gas trade. The read here is contract quality and payout coverage, not the daily oil price: these are income vehicles first, commodity plays second. Targa gathers and processes Permian gas and exports NGLs — the growth name of the midstream group.
Key data · delayed ~15 min, as of 1 August 2026
| Ticker | TRGP |
| Company | Targa Resources Corp. |
| Price | $270.37 |
| Market cap | $58.0B |
| Sector / industry | Energy / Oil & Gas Midstream |
| Analyst mean target | $297 (21 analysts, buy) |
Valuation read
What the price implies: the market is pricing in roughly ~7%/yr earnings growth (moderate), on a reverse-DCF of forward earnings ($11.96). Run your own assumptions in the fair-value calculator.
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