Targa Resources Corp.
TRGP · Natural Gas Transmission · 214.6M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$49M (gross $13M, SBC $62M)
Reference price $255.96 · est. market cap ~$54.9B — last insider sale, 2026-05-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Scaled Permian midstream franchise with strong growth and returns, tempered by very high leverage inflating ROE.
Strengths
- Scaled, integrated NGL/gas franchise with ROA 7.6% (94th pct), ROIC 12.8% (81st pct) and revenue +20% (81st pct)
- Strong earnings growth (+47%, 75th pct) and positive free cash flow (78th pct)
Risks
- Debt-to-equity 5.7x (100th pct) — top-of-sector leverage that mechanically inflates the 62.7% ROE
- Weak liquidity (current 0.67, quick 0.55) and mid-pack operating/net margins
Notable findings
- High leverageHigh leverage (debt/equity 5.68)
- Weak liquidityCurrent ratio 0.67 (<1)
- Insider sellingInsider selling — 14 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$28M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
38.3%
Operating margin
19.6%
Net margin
11.3%
Return on equity
62.7%
Return on assets
7.6%
ROIC
12.8%
Revenue growth (QoQ)
1.0%
Net-income growth
46.6%
Debt / equity
5.7×
Net debt / EBITDA
3.6×
Current ratio
0.7×
Free cash flow
$584M
EBITDA
$4.8B
Tangible book value
$1.3B
Cash & investments
$166M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-14 | MELOY MATTHEW J | Gift | 15K | — |
| 2026-05-12 | CRISP CHARLES R | Sell | 11K | $255.96 |
| 2026-05-12 | Chung Paul W | Gift | 6.0K | — |
| 2026-03-05 | Muraro Robert | Sell | 25K | $241.34 |
| 2026-03-02 | McDonie Patrick J. | Sell | 30K | $239.33 |
| 2026-03-02 | McDonie Patrick J. | Sell | 1.1K | $240.25 |
| 2026-03-02 | Branstetter Benjamin James | Sell | 3.2K | $238.83 |
| 2026-03-02 | Branstetter Benjamin James | Sell | 100 | $238.99 |
| 2026-03-01 | Branstetter Benjamin James | Tax withheld | 3.5K | $235.80 |
| 2026-02-26 | Pryor D. Scott | Gift | 12K | — |
| 2026-02-26 | Cooksen Lindsey | Sell | 435 | $231.72 |
| 2026-02-26 | Pryor D. Scott | Gift | 2.5K | — |
| 2026-02-26 | Pryor D. Scott | Gift | 12K | — |
| 2026-02-25 | Pryor D. Scott | Sell | 3.9K | $228.34 |
| 2026-02-25 | Pryor D. Scott | Sell | 2.8K | $227.28 |
| 2026-02-25 | Pryor D. Scott | Sell | 9.1K | $229.44 |
| 2026-02-25 | Pryor D. Scott | Sell | 1.7K | $230.10 |
| 2026-02-24 | JOYCE RENE R | Gift | 4.0K | — |
| 2026-02-24 | Kneale Jennifer R. | Sell | 28K | $230.10 |
| 2026-02-24 | Kneale Jennifer R. | Sell | 1.5K | $230.43 |
| 2026-02-24 | MELOY MATTHEW J | Gift | 40K | — |
| 2026-02-24 | CRISP CHARLES R | Gift | 1.5K | — |
| 2026-02-24 | CRISP CHARLES R | Sell | 1.4K | $229.30 |
| 2026-01-19 | Kneale Jennifer R. | Tax withheld | 18K | $185.35 |
| 2026-01-19 | McDonie Patrick J. | Grant | 34K | — |
| 2026-01-19 | McDonie Patrick J. | Tax withheld | 14K | $185.35 |
| 2026-01-19 | McDonie Patrick J. | Tax withheld | 6.0K | $185.35 |
| 2026-01-19 | Pryor D. Scott | Grant | 34K | — |
| 2026-01-19 | Pryor D. Scott | Tax withheld | 13K | $185.35 |
| 2026-01-19 | Pryor D. Scott | Tax withheld | 5.3K | $185.35 |
| 2026-01-19 | MELOY MATTHEW J | Grant | 134K | — |
| 2026-01-19 | MELOY MATTHEW J | Tax withheld | 52K | $185.35 |
| 2026-01-19 | MELOY MATTHEW J | Tax withheld | 21K | $185.35 |
| 2026-01-19 | Kneale Jennifer R. | Grant | 49K | — |
| 2026-01-19 | Kneale Jennifer R. | Tax withheld | 7.6K | $185.35 |
| 2026-01-19 | Muraro Robert | Grant | 34K | — |
| 2026-01-19 | Muraro Robert | Tax withheld | 13K | $185.35 |
| 2026-01-19 | Muraro Robert | Tax withheld | 5.3K | $185.35 |
| 2026-01-15 | Byers William A. | Grant | 7.2K | — |
| 2026-01-15 | Muraro Robert | Grant | 9.1K | — |
| 2026-01-15 | Bowman Beth A. | Grant | 1.0K | — |
| 2026-01-15 | Chung Paul W | Grant | 1.6K | — |
| 2026-01-15 | MELOY MATTHEW J | Grant | 33K | — |
| 2026-01-15 | Lawhorn Caron A | Grant | 1.0K | — |
| 2026-01-15 | Fulton Laura C. | Grant | 1.0K | — |
| 2026-01-15 | Kneale Jennifer R. | Grant | 15K | — |
| 2026-01-15 | Shrader Gerald R | Grant | 6.7K | — |
| 2026-01-15 | Teague R Keith | Grant | 1.0K | — |
| 2026-01-15 | Perkins Joe Bob | Grant | 1.0K | — |
| 2026-01-15 | JOYCE RENE R | Grant | 1.0K | — |
| 2026-01-15 | McDonie Patrick J. | Grant | 9.1K | — |
| 2026-01-15 | Eklof John Christopher | Grant | 1.6K | — |
| 2026-01-15 | Davis Waters S IV | Grant | 1.0K | — |
| 2026-01-15 | CRISP CHARLES R | Grant | 1.0K | — |
| 2026-01-15 | Cooksen Lindsey | Grant | 1.0K | — |
| 2025-12-05 | Shrader Gerald R | Gift | 1.1K | — |
| 2025-12-05 | Shrader Gerald R | Sell | 2.8K | $181.21 |
| 2025-11-14 | Pryor D. Scott | Gift | 2.1K | — |
| 2025-11-14 | Pryor D. Scott | Sell | 20K | $172.21 |
| 2025-11-12 | CRISP CHARLES R | Gift | 2.0K | — |
| 2025-11-11 | MELOY MATTHEW J | Gift | 12K | — |
| 2025-08-15 | Pryor D. Scott | Sell | 20K | $165.35 |
| 2025-08-15 | MELOY MATTHEW J | Gift | 25K | — |
| 2025-08-01 | Eklof John Christopher | Tax withheld | 1.2K | $162.92 |
| 2025-08-01 | Shrader Gerald R | Tax withheld | 2.0K | $162.92 |
| 2025-05-22 | MELOY MATTHEW J | Gift | 15K | — |
| 2025-05-08 | Pryor D. Scott | Sell | 9.8K | $162.02 |
| 2025-05-08 | Pryor D. Scott | Sell | 10K | $161.28 |
| 2025-04-01 | Eklof John Christopher | Tax withheld | 991 | $203.07 |
| 2025-02-28 | Cooksen Lindsey | Sell | 40 | $201.56 |
| 2025-02-28 | Cooksen Lindsey | Sell | 1.0K | $198.00 |
| 2025-02-28 | Chung Paul W | Sell | 2.2K | $202.18 |
| 2025-02-28 | Chung Paul W | Sell | 4.0K | $203.33 |
| 2025-02-27 | Pryor D. Scott | Sell | 35K | $197.30 |
| 2025-02-27 | Davis Waters S IV | Gift | 964 | — |
| 2025-02-26 | JOYCE RENE R | Gift | 2.2K | — |
| 2025-02-25 | CRISP CHARLES R | Sell | 1.9K | $194.23 |
| 2025-02-25 | Pryor D. Scott | Gift | 34K | — |
| 2025-02-25 | Pryor D. Scott | Gift | 34K | — |
| 2025-02-25 | Davis Waters S IV | Sell | 2.2K | $196.26 |
| 2025-02-25 | MELOY MATTHEW J | Sell | 7.4K | $194.25 |
| 2025-02-25 | MELOY MATTHEW J | Sell | 35K | $195.08 |
| 2025-02-25 | MELOY MATTHEW J | Sell | 6.2K | $196.07 |
| 2025-02-25 | Kneale Jennifer R. | Sell | 26K | $191.76 |
| 2025-02-25 | Kneale Jennifer R. | Sell | 162 | $192.74 |
| 2025-02-25 | Kneale Jennifer R. | Sell | 2.0K | $195.30 |
| 2025-02-25 | Kneale Jennifer R. | Sell | 1.8K | $197.65 |
| 2025-02-25 | Kneale Jennifer R. | Sell | 300 | $198.18 |
| 2025-01-20 | Boushka Julie H. | Grant | 15K | — |
| 2025-01-20 | MELOY MATTHEW J | Grant | 162K | — |
| 2025-01-20 | MELOY MATTHEW J | Tax withheld | 63K | $215.72 |
| 2025-01-20 | MELOY MATTHEW J | Tax withheld | 25K | $215.72 |
| 2025-01-20 | Boushka Julie H. | Tax withheld | 5.3K | $215.72 |
| 2025-01-20 | Boushka Julie H. | Tax withheld | 2.4K | $215.72 |
| 2025-01-20 | Kneale Jennifer R. | Grant | 61K | — |
| 2025-01-20 | Kneale Jennifer R. | Tax withheld | 23K | $215.72 |
| 2025-01-20 | Kneale Jennifer R. | Tax withheld | 9.6K | $215.72 |
| 2025-01-20 | Pryor D. Scott | Grant | 39K | — |
| 2025-01-20 | Pryor D. Scott | Tax withheld | 15K | $215.72 |
| 2025-01-20 | Pryor D. Scott | Tax withheld | 6.2K | $215.72 |
| 2025-01-20 | McDonie Patrick J. | Grant | 39K | — |
| 2025-01-20 | McDonie Patrick J. | Tax withheld | 17K | $215.72 |
| 2025-01-20 | McDonie Patrick J. | Tax withheld | 7.0K | $215.72 |
| 2025-01-20 | Muraro Robert | Grant | 39K | — |
| 2025-01-20 | Muraro Robert | Tax withheld | 15K | $215.72 |
| 2025-01-20 | Muraro Robert | Tax withheld | 6.2K | $215.72 |
| 2025-01-16 | McDonie Patrick J. | Grant | 7.4K | — |
| 2025-01-16 | Fulton Laura C. | Grant | 899 | — |
| 2025-01-16 | Teague R Keith | Grant | 899 | — |
| 2025-01-16 | Shrader Gerald R | Grant | 4.7K | — |
| 2025-01-16 | MELOY MATTHEW J | Grant | 28K | — |
| 2025-01-16 | Lawhorn Caron A | Grant | 899 | — |
| 2025-01-16 | Cooksen Lindsey | Grant | 899 | — |
| 2025-01-16 | Kneale Jennifer R. | Grant | 11K | — |
| 2025-01-16 | Muraro Robert | Grant | 7.4K | — |
| 2025-01-16 | Davis Waters S IV | Grant | 899 | — |
| 2025-01-16 | Perkins Joe Bob | Grant | 899 | — |
| 2025-01-16 | Pryor D. Scott | Grant | 7.4K | — |
| 2025-01-16 | Chung Paul W | Grant | 1.4K | — |
| 2025-01-16 | JOYCE RENE R | Grant | 899 | — |
| 2025-01-16 | CRISP CHARLES R | Grant | 899 | — |
| 2025-01-16 | Bowman Beth A. | Grant | 899 | — |
| 2025-01-16 | Byers William A. | Grant | 6.0K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-22 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-02 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-26 | Reg FDOtherExhibits | filing ↗ |
| 2026-02-19 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-12 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-11-07 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-05 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-22 | 2026-05-21 | 0001193125-26-237018 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210165 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211698 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001193125-26-085512 ↗ |
| 8-K | 2026-02-26 | 2026-02-25 | 0001193125-26-076556 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001193125-26-058040 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001193125-26-059296 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-277756 ↗ |
| 8-K | 2025-11-07 | 2025-11-06 | 0001193125-25-272333 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-266435 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-265621 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001193125-25-175239 ↗ |