TRGP
Targa Resources Inc
NYSE: TRGP · ENERGY · OIL & GAS MIDSTREAM
$253.18
-1.23% today
Updated 2026-06-05
Market cap
$56.52B
P/E ratio
26.89
P/S ratio
3.41x
EPS (TTM)
$9.79
Dividend yield
1.64%
52W range
$142 – $280
Volume
1.3M
Targa Resources Inc (TRGP) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed TRGP price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$253.18
Today
Analyst consensus
$243.86
-3.68% · 12M
2030 Base
—
— future
NPV today
—
@ — WACC
14 analysts:
8 Buy3 Hold0 Sell
Management guidance
Targa Resources reported record 2025 adjusted EBITDA and provided robust 2026 guidance with record expected results. Management is investing $2.5 billion in expansion capital primarily in the Permian Basin and NGL infrastructure, with a 25% increase to the 2026 common dividend signaling confidence in future cash generation and earnings growth.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
TRGP · Targa Resources Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
—
NPV today: —
Base case (2030)
—
NPV today: —
Bull case (2030)
—
NPV today: —
WallStSmart.com
TRGP financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|
| Revenue | $17.1B | $22.7B | $24.0B | $27.1B | $28.9B |
| Revenue growth | 3.1% | 33.2% | 5.7% | 6.5% | 6.4% |
| Net margin | — | — | — | — | — |
| EPS | $8.80 | $10.22 | $11.65 | $14.65 | $16.30 |
| Diluted shares | — | — | — | — | — |
| Net debt | — | — | — | — | — |
| P/S multiple | — | 2.0x | 2.0x | 2.0x | 2.0x |
| Implied price (base) | — | $1,270.83 | $1,344.15 | $1,515.22 | $1,612.97 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $28.9B | $28.9B | $28.9B |
| P/S multiple | 1.0x | 2.0x | 4.0x |
| Diluted shares | 0M | 0M | 0M |
| Net debt | — | — | — |
| Implied P/E † | — | — | — |
| 2030 Price | $— | $— | $— |
| NPV @ — | $— | $— | $— |
† Implied P/E: Multiples remain elevated across all three scenarios because TRGP is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $— base case
TRGP catalysts and risks
Growth catalysts
+ Completion of $1.25B Stakeholder Midstream acquisition (completed Jan 2026) adding Permian Basin gathering/processing capacity
+ $2.5B annual expansion capex program in Permian Basin and NGL infrastructure driving organic growth through 2028+
+ 25% dividend increase announced for 2026 based on record earnings, indicating management confidence in revenue/EBITDA trajectory
+ Increased producer activity and gas volumes in Permian Basin and surrounding regions supporting fee-based revenue growth
+ Strategic NGL infrastructure investments to capture growing ethane and propane volumes from upstream production
+ Energy geopolitical tailwinds (Iran conflict, Venezuela uncertainty) supporting increased US LNG/LPG export demand and midstream throughput
Key risks
- Reliance on upstream producer activity and capital spending; economic downturn could reduce volumes
- Project execution risks on $2.5B capex program; delays or overruns could impact 2027-2028 growth
- Competitive midstream overbuild risk in Permian Basin reducing pricing power and returns on invested capital
- Commodity price volatility affecting producer volumes and development economics
- High leverage (Debt/Equity 5.71x) limits financial flexibility and increases refinancing risk
- Long-term energy transition to renewables creates structural headwinds for fossil fuel midstream infrastructure
Methodology · Targa Resources Inc 2030 stock forecast model
Targa Resources Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 14 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (-100% cumulative for TRGP by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory (— by 2030) |
| 3. Time value | NPV calculated using — WACC (sector fallback) |
| 4. Multiple framework | P/S compresses with scale: bear 1.0x / base 2.0x / bull 4.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.
TRGP price target FAQ
How is the Targa Resources Inc 2030 stock forecast calculated?
The TRGP 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
What is the analyst consensus on TRGP stock?
14 analysts cover TRGP with an average 12-month price target of $243.86. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.