Targa Resources

TRGP · NYSE

$292.65−$0.15 (−0.05%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $292.80

TRGP analyst rating

BuyConsensus of 18 analysts over the last 12 months. 94% rate it a buy.

Strong buy0
Buy17
Hold1
Underperform0
Sell0

12-month price target · 25 analysts

Average $329.58 (+12.6% upside)

Low: $286.84
Now: $292.65
High: $376.95

Upgrades and downgrades

The latest rating actions, newest first

TRGP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Oct 13, 2026	Maintains	Buy	$303.00 → $325.00	66%
Barclays	Oct 8, 2026	Maintains	Overweight	$284.00 → $294.00	71%
Truist Securities	Sep 21, 2026	Maintains	Buy	$312.00 → $345.00	63%
TD Cowen	Sep 18, 2026	Upgrade	Hold → Buy	$275.00 → $350.00	70%
Morgan Stanley	Sep 16, 2026	Maintains	Overweight	$343.00 → $359.00	61%
Mizuho	Sep 11, 2026	Maintains	Outperform	$300.00 → $320.00	71%
Scotiabank	Sep 10, 2026	Maintains	Sector Outperform	$257.00 → $314.00	74%
Stifel	Sep 10, 2026	Initiates	Buy	$340.00	33%
Wells Fargo	Sep 2, 2026	Maintains	Overweight	$282.00 → $324.00	44%
RBC Capital	Aug 27, 2026	Maintains	Outperform	$312.00 → $338.00	65%

The case for and against

Updated Oct 21, 2026

Bull case

Targa Resources is benefiting from a strengthened long-term Permian partnership with ExxonMobil that adds acreage dedications, extends processing and downstream visibility, and supports incremental NGL and residue gas volumes across its integrated footprint. The company’s premier basin position is backed by expanding Permian activity, with combined production modeled at 2,468 Mboe/d gross by 2030E and gas volumes rising from about 4.0 Bcf/d to 6.2 Bcf/d, which should feed higher utilization at new processing plants and the Bull Run II residue pipeline. Its financial profile also looks compelling, with 2026/2027/2028 Adjusted EBITDA of $5,983MM/$6,432MM/$7,498MM, a forecast 5-year CAGR of about 12%, and improving free cash flow and capital flexibility that can support shareholder returns.

Bear case

Targa Resources is exposed to a bearish setup because its earnings are highly leveraged to oil and gas prices, producer drilling activity, and NGL demand, all of which could weaken volumes across its gathering, processing, and transportation systems. Its heavy Permian concentration increases asset-specific risk, while missed project deadlines, permitting delays, regulatory changes, and tighter debt markets could slow growth and pressure returns on capital. The downside case assumes weaker commodity prices delay production and reduce volume growth, with lower ethane and purity product demand, potentially compressing margins and leaving valuation closer to an ~11x 2027E EBITDA and ~8x 2030E EBITDA framework.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.