Targa Resources Stock Outlook: Is Wall Street Bullish or Bearish?

Houston, Texas-based Targa Resources Corp. (TRGP) owns, operates, acquires, and develops a portfolio of complementary domestic infrastructure assets in North America. The company has a market cap of $59.1 billion and operates in two segments: Gathering and Processing and Logistics and Transportation, and is involved in gathering, compressing, treating, processing, transporting, and selling natural gas, and more. 

TRGP stock has outpaced the broader market over the past year, growing 66.6% compared to the S&P 500 Index’s ($SPX) 20.4% surge. Moreover, in 2026, the stock has risen nearly 49.5%, outperforming the SPX’s 13.7% gain.     

Focusing on its industry benchmark, the State Street Energy Select Sector SPDR ETF (XLE) has risen 44.7% over the past year, underperforming the stock. In 2026, as well, XLE surged 38.5%, lagging behind the stock.    

On Aug. 6, TRGP stock rose 3.1% following the release of its impressive Q2 2026 earnings. The company’s revenue for the quarter amounted to $4.4 billion, surpassing the Street’s forecasts. Additionally, its adjusted EBITDA increased 38% from the prior year’s quarter to a record $1.6 billion, and it also reported record Permian inlet, NGL transportation, fractionation, and LPG export volumes during the quarter. TRGP expects full-year 2026 adjusted EBITDA to be in the range of $5.7 billion to $5.9 billion. 

For the current year, which ends in December, analysts expect TRGP’s EPS to rise 29.7% to $11.01 on a diluted basis. The company surpassed the consensus estimate in two of the last four quarters, missing on two other occasions.

Among the 25 analysts covering TRGP stock, the consensus is a “Strong Buy.” That’s based on 19 “Strong Buy” ratings, two “Moderate Buys,” and four “Holds.”   

The configuration has grown bullish over the past months, with the stock now having 19 “Strong Buy” ratings, up from 17 recorded two months prior.  

On Aug. 11, RBC Capital analyst Elvira Scotto maintained a “Buy” rating for TRGP stock and raised its price target from $310 to $312. 

TRGP’s mean price target of $300.74 represents a 9% premium over the current market price. Its Street-high target of $335 implies a robust 21.5% upside from current levels.