TARGA RESOURCES CORP.
At today's price, TARGA RESOURCES CORP. (TRGP) is priced for +17.0% growth. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• Targa's revenue fell 10.2% year over year in the March quarter while operating income rose 55.9%, which is the fee-based midstream model working as designed: the 10-K notes that ⟦"we benefit from long-term fee-based arrangements for our services"⟧, so commodity prices pass through revenue while fees hold the margin. • The catch is cash: trailing free cash flow is $262 million against $2.13 billion of net income, because roughly $4.5 billion of 2026 growth capital is being poured into Permian p
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1,006 institutional managers reported holding TRGP in 13F filings for the quarter ended 2026-03-31. Together they hold about 92% of the company; the top 10 hold 49%. 147 opened new positions that quarter. Held by Vanguard Group, BlackRock, Wellington Management, among others. On the short side, 4.8M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (4.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
TRGP has cut its share count 6% over the past five years, spending $2.14B on repurchases. It pays no dividend. Cash returned over the past three years: $1.65B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at TRGP over the trailing three years. Absence is a fact about the company, not a signal. 20 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
TRGP's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +1.6% | -1.4% |
| 2023-11-03 | +4.7% | -2.6% |
| 2024-02-16 | +9.7% | +16.5% |
| 2024-05-03 | -0.1% | +18.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
TRGP's latest 8-K filings: 2026-07-06 (items 1.01, 9.01); 2026-05-22 (items 5.07); 2026-05-07 (items 2.02, 7.01, 9.01); 2026-03-02 (items 1.01, 2.03, 9.01); 2026-02-26 (items 7.01, 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.