WallStSmart
TRGP

Targa Resources Inc

NYSE: TRGP · ENERGY · OIL & GAS MIDSTREAM

$250.14
+0.71% today

Updated 2026-04-29

Market cap
$51.74B
P/E ratio
28.32
P/S ratio
3.04x
EPS (TTM)
$8.50
Dividend yield
1.67%
52W range
$142 – $254
Volume
1.5M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Targa Resources Inc (TRGP) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$250.14
Consensus
$243.86
-2.51%
2030 Target
$1,612.97
+544.83%
DCF
—
—
14 analysts:
8 Buy2 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

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$2,688.29
$28.9B Rev × 20x P/S
Base case (2030)
$1,612.97
$28.9B Rev × 12x P/S
Bear case (2030)
$1,075.32
$28.9B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2029 (E)2030 (E)
Revenue$15.6B$16.6B$17.1B$22.7B$24.0B$27.1B$28.9B
Revenue growth—6.5%3.1%33.2%5.7%6.5%6.4%
EPS$3.70$6.11$8.60$10.22$11.65$14.65$16.30
P/S ratio———12.0x12.0x12.0x12.0x
Implied price———$1,270.83$1,344.15$1,515.22$1,612.97

Catalysts & 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's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 14 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.