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/company/TRGP (free sign-up required for the full ranking).

Which hedge funds own the most TRGP stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of TRGP include BlackRock,, STATE STREET, WELLINGTON MANAGEMENT GROUP LLP. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/TRGP as soon as new 13F filings post.

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 2026-08-06, the biggest revenue drivers are: Logistics and Transportation ($3,460.3M, +3% YoY); Gathering and Processing ($876.7M, +43% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/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 ($2,302.0M, -6% YoY); Depreciation and amortization ($453.1M, +21% YoY); Operating expenses ($354.1M, +9% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 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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SEC EDGAR: CIK 1389170 TRGP stock profile & AI dashboard →

13F Pro Quality Score

63.3/100

Rank #638 of 2,961 stocksTOP 25%

View Energy peers →

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

Revenue Growth

39.3/100

Profitability

76.0/100

Balance Sheet

82.5/100

Earnings Quality

45.0/100

Free Cash Flow

39.9/100

Institutional Flow

68.9/100

Revenue Scale

91.2/100

Dilution Risk

78.4/100

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Why TRGP Scores 63/100

exact factor attribution · 2026-09-11

TRGP's composite is driven by scale and profitability, held back by revenue growth and free cash flow. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Scale

+6.2 pts

91th pct

Profitability

+3.9 pts

76th pct

Capital efficiency

+3.3 pts

83th pct

Earnings growth

+1.8 pts

85th pct

Shareholder dilution

+1.4 pts

78th pct

Institutional flow

+0.9 pts

69th pct

Earnings quality

-0.5 pts

45th pct

Free cash flow

-1.5 pts

40th pct

Revenue growth

-2.1 pts

39th pct

Latest change (2026-08-06): 70 → 71 · ↑ Free cash flow 32→50; despite ↓ Revenue growth 67→50

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

TRGP Stock Analysis & AI Quality Score

Data updated 2026-09-11

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 63.3/100 on a 32-signal composite quality model, placing it at rank #638 of 2,961 stocks — the top 25% of the AI-ranked universe. TRGP scores in the top quartile across revenue scale (91.2), balance sheet strength (82.5), profitability (76.0). Areas of concern include revenue growth (39.3) and free cash flow (39.9), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), Targa Resources Corp. reports quarterly revenue of $4.4B, net income of $764.6M, an operating margin of 27.8%. Top institutional holders of TRGP by reported 13-F value include BlackRock, STATE STREET, WELLINGTON MANAGEMENT GROUP LLP, 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 29 and 74 since 2021, currently 63.3 — an improving long-term trajectory across 68 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 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Targa grew Q2 2026 revenue 4% YoY to $4.44B and net income attributable to common shareholders rose 22% to $764.6M, driven by record Permian gathering volumes and higher Logistics & Transportation margins even as Permian natural gas prices turned negative on egress constraints.

Biggest Revenue Drivers

Logistics and Transportation$3,460.3M+3% YoY

Higher marketing margin, pipeline transportation and fractionation margin, and LPG export margin from higher volumes and fees.

Gathering and Processing$876.7M+43% YoY

Higher natural gas inlet volumes in the Permian from new plant additions and the Stakeholder acquisition drove higher fee-based margin, partially offset by lower natural gas prices.

Biggest Revenue Drivers

Total revenue: $4.44B+4% YoY

Logistics and Transportation$3,460.3M+3% YoY

Higher marketing margin, pipeline transportation and fractionation margin, and LPG export margin from higher volumes and fees.

Gathering and Processing$876.7M+43% YoY

Higher natural gas inlet volumes in the Permian from new plant additions and the Stakeholder acquisition drove higher fee-based margin, partially offset by lower natural gas prices.

Largest Expense Items

Product purchases and fuel$2,302.0M-6% YoY

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

Depreciation and amortization$453.1M+21% YoY

Acquisition of Permian Basin assets, higher amortization of finance lease right-of-use assets, and system expansions.

Operating expenses$354.1M+9% YoY

Higher labor and maintenance costs from system expansions and the Permian Basin acquisition, partly offset by lower compressor rental costs.

General and administrative$108.1M+14% YoY

Higher compensation and benefits.

Margins: Total reportable segment operating margin rose to $1,680.9M from $1,220.0M as higher Permian gathering volumes and Logistics and Transportation marketing/export margin outweighed lower commodity prices; adjusted EBITDA grew 38% YoY to $1,603.1M.

Watch Items from the Filing

Two customers within the Logistics and Transportation segment each represented approximately 10% of consolidated revenue in Q2 2026; no customer reached 10% in Q2 2025.
NMED issued a proposed Administrative Compliance Order with a civil penalty of approximately $47.8 million for alleged air permit violations at the Red Hills facility, which Targa is contesting.
Realized natural gas prices in the Gathering and Processing segment were negative (-$2.48/MMBtu) in Q2 2026 due to extended negative Waha prices from significant Permian Basin egress constraints.
Long-term debt rose to $19,020.0M from $16,662.4M at year-end 2025, funded by the $1.25B Stakeholder Acquisition and record growth capex of $2,021.8M for six months.

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

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

Revenue

Q2 2026

$4.4B

Net Income

Q2 2026

$764.6M

Free Cash Flow

Q2 2026

$431.2M

Operating Margin

Q2 2026

27.8%

ROIC

Q2 2026

21.3%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+3.9% YoY

$17.03BFY 2025

FY22 $20.93BFY23 $16.06BFY24 $16.38BFY25 $17.03B

Net Income

+46.6% YoY

$1.92BFY 2025

FY22 $1.20BFY23 $1.35BFY24 $1.31BFY25 $1.92B

Operating Income

+23.6% YoY

$3.33BFY 2025

FY22 $1.73BFY23 $2.63BFY24 $2.70BFY25 $3.33B

EPS (Diluted)

+47.9% YoY

$8.49FY 2025

FY22 $3.88FY23 $3.66FY24 $5.74FY25 $8.49

Total Assets

+10.9% YoY

$25.22BFY 2025

FY22 $19.56BFY23 $20.67BFY24 $22.73BFY25 $25.22B

Total Debt

+23.0% YoY

$17.43BFY 2025

FY22 $11.54BFY23 $12.95BFY24 $14.17BFY25 $17.43B

Op. Cash Flow

+7.3% YoY

$3.92BFY 2025

FY22 $2.38BFY23 $3.21BFY24 $3.65BFY25 $3.92B

Free Cash Flow

-14.6% YoY

$584.1MFY 2025

FY22 $1.05BFY23 $826.2MFY24 $683.9MFY25 $584.1M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$17.03B +3.9%	$16.38B +2.0%	$16.06B -23.3%	$20.93B +23.5%	$16.95B +105.2%	$8.26B
Net Income	$1.92B +46.6%	$1.31B -2.5%	$1.35B +12.6%	$1.20B +1579.1%	$71.2M +104.6%	$-1.55B
Operating Income	$3.33B +23.6%	$2.70B +2.6%	$2.63B +51.9%	$1.73B +99.9%	$864.8M +166.3%	$-1.30B
EPS (Diluted)	$8.49 +47.9%	$5.74 +56.8%	$3.66 -5.7%	$3.88 +5642.9%	$-0.07 +99.0%	$-7.26
Total Assets	$25.22B +10.9%	$22.73B +10.0%	$20.67B +5.7%	$19.56B +28.6%	$15.21B -4.2%	$15.88B
Total Debt	$17.43B +23.0%	$14.17B +9.4%	$12.95B +12.3%	$11.54B +71.0%	$6.75B -16.8%	$8.11B
Operating Cash Flow	$3.92B +7.3%	$3.65B +13.6%	$3.21B +34.9%	$2.38B +3.4%	$2.30B +32.0%	$1.74B
Free Cash Flow	$584.1M -14.6%	$683.9M -17.2%	$826.2M -21.1%	$1.05B -41.8%	$1.80B +126.7%	$792.9M

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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.
$5.6B20,832,687 sh
STATE STREET CORP
$3.8B14,226,166 sh
WELLINGTON MANAGEMENT GROUP LLP
$3.8B14,176,394 sh
VANGUARD CAPITAL MANAGEMENT LLC
$3.8B14,015,559 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$3.1B11,697,574 sh
HARRIS ASSOCIATES L P
$2.1B7,937,530 sh
GEODE CAPITAL MANAGEMENT, LLC
$1.6B6,083,486 sh
NORGES BANK
$1.1B4,216,259 sh
Blackstone Inc.
$965.8M3,601,933 sh
MORGAN STANLEY
$954.4M3,559,424 sh

Fund	Value	Shares
BlackRock, Inc.	$5.6B	20,832,687
STATE STREET CORP	$3.8B	14,226,166
WELLINGTON MANAGEMENT GROUP LLP	$3.8B	14,176,394
VANGUARD CAPITAL MANAGEMENT LLC	$3.8B	14,015,559
VANGUARD PORTFOLIO MANAGEMENT LLC	$3.1B	11,697,574
HARRIS ASSOCIATES L P	$2.1B	7,937,530
GEODE CAPITAL MANAGEMENT, LLC	$1.6B	6,083,486
NORGES BANK	$1.1B	4,216,259
Blackstone Inc.	$965.8M	3,601,933
MORGAN STANLEY	$954.4M	3,559,424

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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. TRGP is classified as a large company.

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.