Recent Insider Transactions • May 14
Independent Director recently sold US$2.7m worth of stock On the 12th of May, Charles Crisp sold around 11k shares on-market at roughly US$256 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$7.5m. Insiders have been net sellers, collectively disposing of US$35m more than they bought in the last 12 months. New Risk • May 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risk Significant insider selling over the past 3 months (US$25m sold). Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$2.23 (vs US$0.91 in 1Q 2025) First quarter 2026 results: EPS: US$2.23 (up from US$0.91 in 1Q 2025). Revenue: US$4.09b (down 10% from 1Q 2025). Net income: US$479.6m (up 141% from 1Q 2025). Profit margin: 12% (up from 4.4% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 20
Fourth quarter dividend increased to US$1.25 Dividend of US$1.25 is 25% higher than last year. Ex-date: 30th April 2026 Payment date: 15th May 2026 Dividend yield will be 1.8%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but not covered by cash flows (184% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
Targa Resources Corp., Annual General Meeting, May 21, 2026 Targa Resources Corp., Annual General Meeting, May 21, 2026. Location: at 811 louisiana street, suite 2100, tx 77002, houston United States Recent Insider Transactions • Feb 26
President recently sold US$6.8m worth of stock On the 24th of February, Jennifer Kneale sold around 30k shares on-market at roughly US$230 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jennifer's only on-market trade for the last 12 months. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: US$8.62 (vs US$5.77 in FY 2024) Full year 2025 results: EPS: US$8.62 (up from US$5.77 in FY 2024). Revenue: US$17.0b (up 3.9% from FY 2024). Net income: US$1.85b (up 46% from FY 2024). Profit margin: 11% (up from 7.7% in FY 2024). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 19
Targa Resources Corp. Provides Dividend Guidance for the First Quarter, Payable in May 2026 and Annual Common Dividend for the Fiscal Year 2026 Targa Resources Corp. announced that the company's Board of Directors an annual common dividend per share of $5.00 in 2026, a 25% increase to 2025 For the first quarter of 2026, the company intend to recommend to Board of Directors an increase to quarterly common dividend to $1.25 per common share or $5.00 per common share annualized. The recommended 25% increase in common dividend per share, if approved, would be effective for the first quarter of 2026 and payable in May 2026. Going forward, The company expects to be in position to continue to meaningfully increase the capital returned to shareholders through increasing common dividends per share and opportunistic repurchases of common stock. Declared Dividend • Jan 18
Third quarter dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 30th January 2026 Payment date: 13th February 2026 Dividend yield will be 2.2%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (134% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 07
Targa Resources Corp. (NYSE:TRGP) completed the acquisition of Stakeholder Midstream, LLC from EnCap Flatrock Midstream, L.P. Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire Stakeholder Midstream, LLC from EnCap Flatrock Midstream, L.P. for $1.3 billion on December 1, 2025. Targa Resources Corp. will acquire Stakeholder Midstream, LLC for $1.3 billion in cash. Targa expects to fund the acquisition using its strong liquidity position, including cash on hand and its existing $3.5 billion revolving credit facility.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the first quarter of 2026.
RBC Capital Markets, LLC acted as financial advisor for Targa Resources Corp. Ryan Maierson, James Garrett, Patrick Nevins, Joshua Marnitz, Jim Cole, Jason Cruise, Peter Todaro, David Della Rocca, Sandra Benjamin, Aaron Friberg, Robert Brown, Harrison White, James Robertson, Eric Leon and Benjamin Gelfand of Latham & Watkins LLP acted as legal advisor for Targa Resources Corp. Jefferies Financial Group Inc. acted as financial advisor for Stakeholder Midstream, LLC. Sarah McLean, Robert Jacobson, Britton Davis, Jonathan Konoff and Scott Thompson of Willkie Farr & Gallagher LLP and Clifford Chance US LLP acted as legal advisor for Stakeholder Midstream, LLC.
Targa Resources Corp. (NYSE:TRGP) completed the acquisition of Stakeholder Midstream, LLC from EnCap Flatrock Midstream, L.P. on January 6, 2026. The acquisition has an effective date of January 1, 2026. Announcement • Dec 01
Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire Stakeholder Midstream, LLC for $1.3 billion. Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire Stakeholder Midstream, LLC for $1.3 billion on December 1, 2025. Targa expects to fund the acquisition using its strong liquidity position, including cash on hand and its existing $3.5 billion revolving credit facility.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the first quarter of 2026.
RBC Capital Markets, LLC acted as financial advisor for Targa Resources Corp. Latham & Watkins LLP acted as legal advisor for Targa Resources Corp. Jefferies Financial Group Inc. acted as financial advisor for Stakeholder Midstream, LLC. Willkie Farr & Gallagher LLP and Clifford Chance US LLP acted as legal advisor for Stakeholder Midstream, LLC. Recent Insider Transactions • Nov 19
President of Logistics & Transportation recently sold US$3.4m worth of stock On the 14th of November, D. Pryor sold around 20k shares on-market at roughly US$172 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$34m more than they bought in the last 12 months. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$2.22 (vs US$1.76 in 3Q 2024) Third quarter 2025 results: EPS: US$2.22 (up from US$1.76 in 3Q 2024). Revenue: US$4.15b (up 7.8% from 3Q 2024). Net income: US$478.4m (up 24% from 3Q 2024). Profit margin: 12% (up from 10.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 34% per year. Declared Dividend • Oct 20
Second quarter dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 31st October 2025 Payment date: 17th November 2025 Dividend yield will be 2.5%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (201% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Aug 20
President of Logistics & Transportation recently sold US$3.3m worth of stock On the 15th of August, D. Pryor sold around 20k shares on-market at roughly US$165 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$42m more than they bought in the last 12 months. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$2.89 (vs US$1.34 in 2Q 2024) Second quarter 2025 results: EPS: US$2.89 (up from US$1.34 in 2Q 2024). Revenue: US$4.26b (up 20% from 2Q 2024). Net income: US$629.1m (up 112% from 2Q 2024). Profit margin: 15% (up from 8.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 34% per year. Declared Dividend • Jul 14
First quarter dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 31st July 2025 Payment date: 15th August 2025 Dividend yield will be 2.0%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not covered by cash flows (136% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 13
President of Logistics & Transportation recently sold US$3.2m worth of stock On the 8th of May, D. Pryor sold around 20k shares on-market at roughly US$162 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$9.5m. Insiders have been net sellers, collectively disposing of US$47m more than they bought in the last 12 months. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$0.92 (vs US$1.23 in 1Q 2024) First quarter 2025 results: EPS: US$0.92 (down from US$1.23 in 1Q 2024). Revenue: US$4.56b (flat on 1Q 2024). Net income: US$200.0m (down 27% from 1Q 2024). Profit margin: 4.4% (down from 6.0% in 1Q 2024). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 20
Fourth quarter dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 30th April 2025 Payment date: 15th May 2025 Dividend yield will be 1.8%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (127% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 11
Targa Resources Corp. to Report Q1, 2025 Results on May 01, 2025 Targa Resources Corp. announced that they will report Q1, 2025 results Pre-Market on May 01, 2025 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$165, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 4x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 129% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$241 per share. Announcement • Mar 31
Targa Resources Corp., Annual General Meeting, May 20, 2025 Targa Resources Corp., Annual General Meeting, May 20, 2025. Location: 811 louisiana street, suite 2100, tx 77002, houston United States Buy Or Sell Opportunity • Mar 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to US$181. The fair value is estimated to be US$227, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Recent Insider Transactions • Feb 27
CEO & Director recently sold US$9.5m worth of stock On the 25th of February, Matthew Meloy sold around 49k shares on-market at roughly US$195 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Matthew's only on-market trade for the last 12 months. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: US$5.86 (vs US$3.69 in FY 2023) Full year 2024 results: EPS: US$5.86 (up from US$3.69 in FY 2023). Revenue: US$16.4b (up 2.0% from FY 2023). Net income: US$1.28b (up 54% from FY 2023). Profit margin: 7.8% (up from 5.2% in FY 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
Targa Resources Corp. Provides Earnings Guidance for the Year 2025 Targa Resources Corp. provided earnings guidance for the year 2025. For the period, the company expects Net income attributable to Targa Resources Corp. of $1,765.0 millions. Declared Dividend • Jan 19
Third quarter dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 31st January 2025 Payment date: 14th February 2025 Dividend yield will be 1.4%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (204% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to US$198. The fair value is estimated to be US$163, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Nov 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to US$199. The fair value is estimated to be US$163, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Recent Insider Transactions • Nov 13
President of Logistics & Transportation recently sold US$5.7m worth of stock On the 8th of November, D. Pryor sold around 30k shares on-market at roughly US$190 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$34m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$196, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 4x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 277% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$132 per share. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: US$1.77 (vs US$0.97 in 3Q 2023) Third quarter 2024 results: EPS: US$1.77 (up from US$0.97 in 3Q 2023). Revenue: US$3.85b (down 1.1% from 3Q 2023). Net income: US$387.4m (up 78% from 3Q 2023). Profit margin: 10% (up from 5.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Declared Dividend • Oct 14
Second quarter dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 31st October 2024 Payment date: 15th November 2024 Dividend yield will be 1.7%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (155% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Oct 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to US$150. The fair value is estimated to be US$124, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 66%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Sep 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to US$151. The fair value is estimated to be US$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 66%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Aug 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to US$146. The fair value is estimated to be US$122, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 66%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Aug 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to US$143. The fair value is estimated to be US$117, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 66%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Recent Insider Transactions • Aug 14
President of Logistics & Transportation recently sold US$2.8m worth of stock On the 12th of August, D. Pryor sold around 20k shares on-market at roughly US$138 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$23m more than they bought in the last 12 months. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$1.34 (vs US$1.44 in 2Q 2023) Second quarter 2024 results: EPS: US$1.34 (down from US$1.44 in 2Q 2023). Revenue: US$3.56b (up 4.7% from 2Q 2023). Net income: US$298.5m (down 8.4% from 2Q 2023). Profit margin: 8.4% (down from 9.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Targa Resources Corp. (NYSE:TRGP) announces an Equity Buyback for $1,000 million worth of its shares. Targa Resources Corp. (NYSE:TRGP) announces a share repurchase program. Under the program, the company will repurchase up to $1,000 million worth of its common stock. Declared Dividend • Jul 22
First quarter dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 31st July 2024 Payment date: 15th August 2024 Dividend yield will be 1.8%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (196% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 15
President of Logistics & Transportation recently sold US$2.3m worth of stock On the 13th of May, D. Pryor sold around 20k shares on-market at roughly US$113 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$7.7m. Insiders have been net sellers, collectively disposing of US$22m more than they bought in the last 12 months. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: US$1.24 (vs US$0.028 in 1Q 2023) First quarter 2024 results: EPS: US$1.24 (up from US$0.028 in 1Q 2023). Revenue: US$4.56b (flat on 1Q 2023). Net income: US$275.2m (up US$268.9m from 1Q 2023). Profit margin: 6.0% (up from 0.1% in 1Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 25
Upcoming dividend of US$0.75 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (4.2%). Declared Dividend • Apr 14
Fourth quarter dividend increased to US$0.75 Dividend of US$0.75 is 50% higher than last year. Ex-date: 29th April 2024 Payment date: 15th May 2024 Dividend yield will be 2.0%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 22
Targa Resources Corp., Annual General Meeting, May 16, 2024 Targa Resources Corp., Annual General Meeting, May 16, 2024, at 08:00 Central Standard Time. Location: 811 Louisiana Street, Suite 2100 Houston Texas United States Agenda: To elect the three Class II Directors named in this proxy statement, each to serve until the 2027 annual meeting of stockholders; to ratify the selection of PricewaterhouseCoopers LLP as the Company’s independent auditors for 2024; to approve, on an advisory basis, the compensation of the Company’s named executive officers for the fiscal year ended December 31, 2023; and to transact such other business as may properly come before the Annual Meeting. Board Change • Mar 19
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. Director Robert Teague was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 15
Targa Resources Corp. Appoints Caron A. Lawhorn as Class III Director and Member of Audit Committee Targa Resources Corp. announced that on March 11, 2024, the Board appointed Ms. Caron A. Lawhorn to serve on the Board. Ms. Lawhorn was designated as a Class III Director, with a term expiring at the Company’s 2025 annual meeting of stockholders. Ms. Lawhorn was also appointed as a member of the Board’s Audit Committee, effective March 11, 2024. Announcement • Feb 29
Targa Resources Corp. Announces Board Changes Robert B. Evans, age 75, a member of the Board of Directors of Targa Resources Corp. retired as a director of the Company, effective February 26, 2024. Mr. Evans has served as a director of the Company since March 1, 2016. There are no disagreements between Mr. Evans and the Company on any matter relating to the Company’s operations, policies or practices. Mr. Evans was a member of the Board’s Audit Committee and Compensation Committee. On February 26, 2024, the Board appointed Mr. Robert Keith Teague to serve on the Board to fill the vacancy resulting from the resignation of Mr. Evans. Mr. Teague was designated as a Class I Director, with a term expiring at the Company’s 2026 annual meeting of stockholders. Mr. Teague was also appointed as a member of the Board’s Audit Committee and Compensation Committee, effective February 27, 2024. Recent Insider Transactions • Feb 24
Chief Financial Officer recently sold US$2.5m worth of stock On the 21st of February, Jennifer Kneale sold around 26k shares on-market at roughly US$97.36 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jennifer has been a net seller over the last 12 months, reducing personal holdings by US$4.7m. Buy Or Sell Opportunity • Feb 16
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to US$96.43. The fair value is estimated to be US$78.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: US$3.75 (vs US$3.95 in FY 2022) Full year 2023 results: EPS: US$3.75 (down from US$3.95 in FY 2022). Revenue: US$16.1b (down 23% from FY 2022). Net income: US$835.8m (down 6.8% from FY 2022). Profit margin: 5.2% (up from 4.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Chairman of the Board Paul Chung was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Jan 23
Upcoming dividend of US$0.50 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 15 February 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (6.8%). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$0.98 (vs US$0.85 in 3Q 2022) Third quarter 2023 results: EPS: US$0.98 (up from US$0.85 in 3Q 2022). Revenue: US$3.90b (down 27% from 3Q 2022). Net income: US$220.0m (up 14% from 3Q 2022). Profit margin: 5.6% (up from 3.6% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Oil and Gas industry in the United Kingdom. Upcoming Dividend • Oct 23
Upcoming dividend of US$0.50 per share at 2.3% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 15 November 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (6.7%). Lower than average of industry peers (6.1%). Buying Opportunity • Sep 26
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be US$106, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Buying Opportunity • Sep 06
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be US$107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Recent Insider Transactions • Aug 13
Chairman of the Board recently sold US$1.5m worth of stock On the 9th of August, Paul Chung sold around 18k shares on-market at roughly US$82.81 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Paul has been a net seller over the last 12 months, reducing personal holdings by US$3.7m. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$1.46 (vs US$1.64 in 2Q 2022) Second quarter 2023 results: EPS: US$1.46 (down from US$1.64 in 2Q 2022). Revenue: US$3.40b (down 44% from 2Q 2022). Net income: US$329.3m (down 12% from 2Q 2022). Profit margin: 9.7% (up from 6.2% in 2Q 2022). Revenue is expected to fall by 1.3% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Oil and Gas industry in the United Kingdom. Upcoming Dividend • Jul 21
Upcoming dividend of US$0.50 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (6.1%). Reported Earnings • May 05
First quarter 2023 earnings released: EPS: US$0.028 (vs US$0.057 in 1Q 2022) First quarter 2023 results: EPS: US$0.028 (down from US$0.057 in 1Q 2022). Revenue: US$4.52b (down 8.8% from 1Q 2022). Net income: US$6.30m (down 52% from 1Q 2022). Profit margin: 0.1% (down from 0.3% in 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 108% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of US$0.50 per share at 1.8% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (5.8%). Recent Insider Transactions • Mar 02
Executive VP recently sold US$2.4m worth of stock On the 27th of February, Regina Gregory sold around 32k shares on-market at roughly US$75.29 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. 
