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TRGP · Energy · Oil & Gas Midstream · Market cap $38.21B

4 funds in our archive have pitched Targa Resources, most recently Bristolgate US Equity Strategy in March 2026.

Company profile

Targa Resources Corp., alongside its subsidiary Targa Resources Partners LP, is a significant entity in the North American midstream energy sector, focusing on the ownership, operation, acquisition, and development of crucial energy infrastructure assets. Its business is structured into two main divisions: "Gathering and Processing" and "Logistics and Transportation." Within these segments, the company undertakes a broad range of activities, including the collection, compression, treatment, processing, transport, and sale of natural gas. It also manages the storage, fractionation, treatment, transportation, and distribution of natural gas liquids (NGLs) and their associated products, providing services even to liquefied petroleum gas (LPG) exporters. Furthermore, Targa handles the gathering, storage, terminaling, purchasing, and selling of crude oil. Beyond these core operations, the company is involved in the procurement and resale of NGL products, wholesale propane distribution, and providing related logistics support to a diverse clientele, including multi-state retailers, independent businesses, and end-users. It also offers NGL balancing services and transportation solutions for refineries and petrochemical companies situated in the Gulf Coast region, while actively purchasing, marketing, and reselling natural gas. The company's extensive asset base features approximately 28,400 miles of natural gas pipelines, including 42 owned and managed processing plants, and it operates 34 storage wells with a substantial gross capacity of about 76 million barrels. As of December 31, 2021, its transportation fleet comprised approximately 648 leased and managed railcars, 119 transport tractors, and two company-owned pressurized NGL barges. Targa Resources Corp. was established in 2005 and is headquartered in Houston, Texas.

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Fund signal · last 12 months

5 letters

Too few moves on Targa Resources yet for a clear signal

+1
Net flow
2 buys · 2 new positions · 67%1 sell

Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.

Position history

Between Q3 2025 and Q3 2026, 5 fund letters reported a position in Targa Resources, with 2 buys (opened or added) and 1 sell (trimmed or exited).

Fund letters reporting a position in Targa Resources, by quarter
QuarterLettersBoughtSoldTheses
Q3 20262010
Q1 20263202
Q4 20250001
Q3 20250001

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 5 positions · 3 moves

Also mentioned · 2

These funds discuss Targa Resources as a competitor, benchmark or comparable, without disclosing a position in it.

Fund coverage · 4 theses

  • Targa Resources is a fee-based midstream energy infrastructure company positioned to benefit from Permian production growth and strong dividend growth.

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  • Targa Resources is a Permian-focused midstream operator in gas and NGLs with growth supported by faster NGL production and new pipeline and export investments.

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  • Oakmark Select Fund
    December 2025

    Targa Resources is a leading NGL midstream operator with cost advantages, fee-based earnings stability, and an attractive valuation despite Permian growth uncertainty.

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  • Oakmark Global Fund
    September 2025

    Targa Resources is a leading midstream natural gas and NGL company with significant competitive advantages and stable earnings from long-term contracts, well-positioned for growth despite recent market uncertainties.

    Read the full thesis

Read every full thesis on Targa Resources

Read all 4 theses in full, with each fund's reasoning, and get unlimited access to the archive.

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