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The Screen · Energy · Oil & Gas Midstream
Targa Resources
TRGP · a US exchange · USD · Market cap $60.6B · 3,570 employees
Targa Resources Corp., together with its subsidiaries, owns, operates, acquires, and develops a portfolio of complementary domestic infrastructure assets in North America.
FAIL · Does not pass the screen
302.37 USD
Price as of 23 Oct 2026Daily close, not a live quoteLast reviewed 5 days ago
Screened 2026-10-23 · the tape above runs as of 20:04 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price302.37 USD at the 23 Oct 2026 close
Our ratingAvoid, current read markup
Ethical screenDoes not pass
OptionsOpen interest leans heavily to calls (put/call 0.11)
Last reviewed23 Oct 2026 (5 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 302.37 against the desk's fair-value range, base estimate 215.79, over the last year.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.11, read 2026-10-23
Ethical does not pass the values gate
Price302.37 USD
Fair value215.79
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-21Read Markup282.55+7.0% to today ✓Markdown gives way to Markup first Markup read since September
2026-10-02Read Markdown277.84+8.8% to today Markup gives way to Markdown after a 6% slide in 2 weeks
2026-09-15Read Markup294.29+2.7% to today ✓Distribution gives way to Markup after a 13% rise in 4 weeks
2026-08-15Read Distribution260.11+16.2% to today Markup gives way to Distribution with volume flow in agreement
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Targa Resources holds its Markup at $302.37. Consolidating, no directional conviction, held for 9 days.
As held on the ledger · 2026-10-23
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 9 days
Price at the screen
$302.37
Valuation
27.22 trailing · 23.51 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.80
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
69.48%
Below 33%
Interest-bearing debt is 69.5% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
1.22%
Below 33%
Cash held in interest-bearing accounts and securities is 1.2% of assets, under the one-third limit.
Pass
Receivables
6.51%
Below 49%
Money owed to the company is 6.5% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Targa Resources's business is in a permissible area, but its interest-bearing debt is about 69% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today TRGP does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades above our $215.79 fair value estimate, 4.20% revenue growth.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 23.6% above the base estimate.
Third-party analyst targets: 21 covering, consensus Strong Buy. The average target sits +9% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Midstream giant priced above fair value
Picture the vast web of pipes moving US gas and liquids across states. Targa keeps that flow moving yet trades at a 30% premium to our fair value while revenue slips 10%. The 23.7 times forward earnings multiple and outright ethical fail on debt ratio make this an easy pass.
High return on equity of 74% catches the eye, yet the cyclical nature of oil and gas means those peak profits can vanish fast. A low multiple often signals a value trap here, not a bargain, and the debt screen simply rules the name out regardless of analyst targets.
Consensus may stay bullish but the combination of stretched valuation, falling top line and leverage risk leaves no margin for error in a downturn. Analysis, not advice.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
TRGP trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markup$282.55+0.0%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 25% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274. Since the last review it dropped out of the Titan Ethical 500.
2026-10-21Markup · changed$282.55-1.4%Entry 8
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 1.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274.
2026-10-14Markdown$286.70+3.2%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 3.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274.
2026-10-02Markdown · changed$277.84-5.6%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274.
2026-09-15Markup · changed$294.29+13.1%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274.
2026-07-18Markup$264.09+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 69%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (20 analysts) rates it strong buy, with a mean price target of $274.
2026-07-03Markup$264.09+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$264.09Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
