Targa Resources Inc (TRGP) Fair Value & Analysis
Energy · US · Market cap $58.7B · ISIN US87612G1013
What is Targa Resources Inc really worth?
Targa Resources Inc
TRGP · US
A solid business, but trading 269% above our fair value of $79.61.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 23 valuation models · updated 9 days ago
Share price +11.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($119.75). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($58.43 to $119.75) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range $36.12 – $302.25 · fair‑value band $58.43 – $119.75 · the $293.54 price screens above the $79.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Targa Resources Inc (TRGP) currently trades at $293.54, while our model-based Fair Value estimate is $79.61, implying the stock looks roughly 268.7% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Energy sector. Bull case: the Growth Earnings group reads highest at a median of $110.60 per share, and 0 of the 21 models we run sit above the $293.54 price. Bear case: the Asset-Based group reads lowest at $9.58, and 21 of the 21 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Targa Resources Inc generated revenue of $16.6B at a net margin of 12.9%. Revenue declined 10.2% year over year. It earns a return on equity of 74.1%. Net debt stands at $17.4B. Fundamentals as of Aug 27, 2026
Our scenario range runs from $58.43 (bear case) to $119.75 (bull case); at $293.54, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 107% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −39% fair-value upside, at −73%, TRGP screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $3.76 per share, which is 4.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 23 models by family
Widest divergence: Growth Earnings ($110.60) versus Asset-Based ($9.58). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 82
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Targa Resources Inc reported revenue of $17.1B in FY2025 versus $17.4B in FY2021, a compound −0.4%/yr. Reported net income was $1.8B in FY2025, compounding +125.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
of which total revenue +8.5 % · buybacks/dilution −14.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
TRGP screens 269% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Targa Resources (TRGP) vs. ExxonMobil (XOM): Which Stock Is the Better Energy Bet?
- Targa Resources Extends Growth Runway With New Permian Projects, RBC Says
- Targa Resources Corp. Announces Addition of Experienced Industry Executive and Leadership Changes to Support Continued Long-Term Growth
- How Targa's ExxonMobil Deal Could Extend Its Permian Growth Runway
Peer Group
Oil & Gas Midstream · 89 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Kinder Morgan, Inc KMI | $31.60 | $10.92 | −65% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
| Venture Global, Inc VG | $13.72 | $14.00 | +2% |
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