What is the 13F Pro Quality Score for TRGP?

13F Pro ranks Targa Resources Corp. (TRGP) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View TRGP's current score at https://13fpro.ai/research/TRGP (free sign-up required for the full ranking).

Where does 13F Pro source TRGP data?

All Targa Resources Corp. fundamentals and ownership data come directly from SEC EDGAR. Targa Resources Corp. files with the SEC under CIK 1389170. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is TRGP in?

Targa Resources Corp. (TRGP) is classified in the Energy sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/energy.

What drives TRGP's revenue?

Per Targa Resources Corp.'s latest 10-Q filed with the SEC on 2026-05-07, the biggest revenue drivers are: Logistics and Transportation ($3,411.2M, -19% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/TRGP.

What are TRGP's largest expenses?

Targa Resources Corp.'s latest 10-Q reports these as the largest expense items: Product purchases and fuel ($2,394.5M, -26% YoY); Depreciation and amortization ($426.0M, +16% YoY); Operating expenses ($333.7M, +10% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is TRGP research updated on 13F Pro?

TRGP's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Targa Resources Corp.(TRGP)Stock Analysis

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13F Pro Quality Score

70.0/100

Rank #338 of 2,879 stocksTOP 25%

View Energy peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

67.0/100

Profitability

74.5/100

Balance Sheet

79.7/100

Earnings Quality

66.9/100

Free Cash Flow

32.0/100

Institutional Flow

78.2/100

Revenue Scale

91.6/100

Dilution Risk

78.4/100

TRGP Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Targa Resources Corp. (TRGP), a Energy sector company. 13F Pro's AI-powered ranking engine scores TRGP at 70.0/100 on a 32-signal composite quality model, placing it at rank #338 of 2,879 stocks — the top 25% of the AI-ranked universe. TRGP scores in the top quartile across revenue scale (91.6), balance sheet strength (79.7), institutional flow (78.2). Areas of concern include free cash flow (32.0), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), Targa Resources Corp. reports quarterly revenue of $4.1B, net income of $479.6M, an operating margin of 20.7%. Top institutional holders of TRGP by reported 13-F value include BlackRock,, WELLINGTON MANAGEMENT GROUP LLP, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. TRGP trades on the NYSE exchange and files with the SEC under CIK 1389170. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TRGP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Targa Resources Corp. directly from SEC EDGAR. Targa Resources Corp.'s 13F Pro composite quality score has ranged between 8 and 74 since 2021, currently 70.0 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about Targa Resources Corp.

Quirks, history, and lore behind TRGP — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. energy infrastructure company · large-cap · listed on the NYSE · headquartered in Houston, Texas.
2
The Numbers
Annual revenue in the range of $15–20 billion, with an asset base built around thousands of miles of natural gas pipelines and processing plants across the American heartland.
3
The History
Formed in the mid-2000s through the combination of natural gas gathering and processing assets in the Permian Basin and beyond, it grew aggressively just as the U.S. shale boom exploded.
4
The Secret
It doesn't drill a single well — instead it makes its money gathering, compressing, processing, and fractionating the gas and liquids that drillers pull out of the ground, acting as the industry's toll road.
5
The Lore
The company operates one of the largest NGL (natural gas liquids) pipeline and logistics networks in the U.S., moving everything from propane to butane — basically the plumbing nobody thinks about that keeps America's energy flowing.
6
The Giveaway
Its ticker is four letters that sound like a target on the move, and its name pairs a word meaning shield or covering with 'Resources' — a midstream giant whose fortune is tied to every barrel of NGLs the Permian Basin can produce.

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What's Driving TRGP's Business? Latest 10-Q Breakdown

AI-extracted from Targa Resources Corp.'s 10-Q filed 2026-05-07 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q1 2026 revenue of $4.1B with net income of $479.6M, up 77% YoY, driven by higher fee-based margins and strong Permian volumes despite 14% decline in commodity sales.

Biggest Revenue Drivers

Total revenue: $4,094.7M-10% YoY

Logistics and Transportation$3,411.2M-19% YoY

Higher NGL pipeline transportation and fractionation volumes offset by lower export volumes; improved marketing margin.

Largest Expense Items

Product purchases and fuel$2,394.5M-26% YoY

Lower NGL and natural gas prices, partially offset by higher volumes purchased.

Depreciation and amortization$426.0M+16% YoY

Acquisition of Permian Basin assets and multiple plant additions increased asset base.

Operating expenses$333.7M+10% YoY

Higher labor, maintenance costs from increased activity, system expansions and Permian asset acquisition.

Interest expense, net$227.6M+15% YoY

Higher borrowings partially offset by increased capitalized interest on major projects.

Margins: Adjusted operating margin improved 19% to $1,402.7M (EBITDA), driven by higher fee-based revenues from Permian expansion and strong volumes, despite lower commodity prices. Operating margin expanded 56% to $846.9M benefiting from lower product costs and improved fee-based business mix.

Watch Items from the Filing

One Logistics and Transportation customer represented 11% of Q1 2026 consolidated revenues, versus no single customer at 10%+ in Q1 2025; customer concentration risk.
New Mexico Environment Department issued proposed Administrative Compliance Order with $47.8M civil penalty and $140M capital improvement requirement (largely completed by year-end 2024) for Red Hills processing facility air violations; ongoing dispute with hearing filed January 3, 2025.
Stakeholder Acquisition ($1.25B) and Dovetail Acquisition ($122.8M) closed in early 2026, significantly increasing asset base and debt; contingent consideration up to $60M on Dovetail over five years adds long-term obligation.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$4.1B

Net Income

Q1 2026

$479.6M

Free Cash Flow

Q1 2026

$-160.0M

Operating Margin

Q1 2026

20.7%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+3.9% YoY

$17.03BFY 2025

FY20 $8.26BFY21 $16.95BFY24 $16.38BFY25 $17.03B

Net Income

+46.6% YoY

$1.92BFY 2025

FY20 $-1.55BFY21 $71.2MFY24 $1.31BFY25 $1.92B

Operating Income

+23.6% YoY

$3.33BFY 2025

FY20 $-1.30BFY21 $864.8MFY24 $2.70BFY25 $3.33B

EPS (Diluted)

+47.9% YoY

$8.49FY 2025

FY20 $-7.26FY21 $-0.07FY24 $5.74FY25 $8.49

Total Assets

+10.9% YoY

$25.22BFY 2025

FY20 $15.88BFY21 $15.21BFY24 $22.73BFY25 $25.22B

Total Debt

+23.0% YoY

$17.43BFY 2025

FY20 $8.11BFY21 $6.75BFY24 $14.17BFY25 $17.43B

Op. Cash Flow

+7.3% YoY

$3.92BFY 2025

FY20 $1.74BFY21 $2.30BFY24 $3.65BFY25 $3.92B

Metric	FY 2025	FY 2024	FY 2021	FY 2020	FY 2019	FY 2018
Revenue	$17.03B +3.9%	$16.38B -3.4%	$16.95B +105.2%	$8.26B -4.7%	$8.67B -17.3%	$10.48B
Net Income	$1.92B +46.6%	$1.31B +1742.7%	$71.2M +104.6%	$-1.55B -642.8%	$-209.2M -13175.0%	$1.6M
Operating Income	$3.33B +23.6%	$2.70B +211.7%	$864.8M +166.3%	$-1.30B -775.8%	$192.9M -18.8%	$237.5M
EPS (Diluted)	$8.49 +47.9%	$5.74 +8300.0%	$-0.07 +99.0%	$-7.26 -404.2%	$-1.44 -171.7%	$-0.53
Total Assets	$25.22B +10.9%	$22.73B +49.5%	$15.21B -4.2%	$15.88B -15.6%	$18.82B +11.1%	$16.94B
Total Debt	$17.43B +23.0%	$14.17B +110.1%	$6.75B -16.8%	$8.11B -1.0%	$8.19B +6.5%	$7.69B
Operating Cash Flow	$3.92B +7.3%	$3.65B +58.5%	$2.30B +32.0%	$1.74B +25.5%	$1.39B +21.5%	$1.14B

AI Insight: TRGP Financial Trends

Net income nearly doubled year-over-year by Q2 2025, but total debt has surged 41% since Q2 2024 to $19,132M, raising leverage concerns.

• Net income rose from $298M in Q2 2024 to $629M in Q2 2025, a 111% year-over-year gain, before settling at $480M in Q1 2026.

• Operating income expanded from $627M in Q2 2024 to $1,034M in Q2 2025, with Q1 2026 at $847M — structurally higher than year-ago levels.

• Total debt climbed from $13,567M in Q2 2024 to $19,132M in Q1 2026, a $5,565M increase over six quarters with no sign of deceleration.

• Operating cash flow was $740M in Q1 2026 versus $904M in Q2 2024, remaining volatile and not keeping pace with debt accumulation.

⚠ Debt jumped $1,700M in Q1 2026 alone to $19,132M — the largest single-quarter increase in the dataset; funding source and use warrant scrutiny.

⚠ Equity has grown modestly from $2,468M to $3,136M while debt surged, compressing the equity-to-debt ratio — leverage risk is rising.

⚠ Revenue has plateaued near $4,000–$4,100M for three straight quarters through Q1 2026 after peaking at $4,562M in Q1 2025.

AI Insight: TRGP Ratio Trends

Margins and returns have broadly improved year-over-year, but leverage remains elevated near 6x D/E with no clear deleveraging trend.

• Operating margin rose from 17.6% in Q2 2024 to 22.6% in Q4 2025, reflecting meaningful profitability improvement over six quarters.

• ROE surged to 97.2% in Q2 2025 before normalizing to 61.2% in Q1 2026, suggesting a one-off earnings boost rather than sustained structural improvement.

• ROIC peaked at 21.3% in Q2 2025 but contracted to 15.2% in Q1 2026, the lowest reading since Q1 2025.

⚠ D/E climbed from 5.47 in Q4 2024 to 6.61 in Q1 2025 and remains near 6.10 in Q1 2026 — leverage is not retreating.

⚠ Q1 2026 shows sequential margin softness (20.7% vs. 22.6% in Q4 2025); watch whether this reflects seasonality or a trend.

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Available Research

13F Pro tracks comprehensive data for Targa Resources Corp. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of TRGP

BlackRock, Inc.
$5.2B20,541,573 sh
WELLINGTON MANAGEMENT GROUP LLP
$3.8B15,043,461 sh
VANGUARD CAPITAL MANAGEMENT LLC
$3.5B13,950,353 sh
STATE STREET CORP
$3.4B13,599,281 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$3.0B11,851,389 sh
HARRIS ASSOCIATES L P
$2.2B8,723,203 sh
GEODE CAPITAL MANAGEMENT, LLC
$1.5B6,008,324 sh
TORTOISE CAPITAL ADVISORS, L.L.C.
$889.3M3,546,761 sh
Blackstone Inc.
$838.0M3,342,348 sh
MORGAN STANLEY
$806.9M3,218,149 sh

Fund	Value	Shares
BlackRock, Inc.	$5.2B	20,541,573
WELLINGTON MANAGEMENT GROUP LLP	$3.8B	15,043,461
VANGUARD CAPITAL MANAGEMENT LLC	$3.5B	13,950,353
STATE STREET CORP	$3.4B	13,599,281
VANGUARD PORTFOLIO MANAGEMENT LLC	$3.0B	11,851,389
HARRIS ASSOCIATES L P	$2.2B	8,723,203
GEODE CAPITAL MANAGEMENT, LLC	$1.5B	6,008,324
TORTOISE CAPITAL ADVISORS, L.L.C.	$889.3M	3,546,761
Blackstone Inc.	$838.0M	3,342,348
MORGAN STANLEY	$806.9M	3,218,149

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Is TRGP a good stock to buy?

13F Pro's AI-powered analysis of Targa Resources Corp. (TRGP) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for TRGP are available on the TRGP stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own TRGP?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling TRGP. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Targa Resources Corp.'s investment landscape.