Equity Profile

TRGP

Targa Resources Corp.

EnergyOil & Gas Storage & Transportation$54.7B

Aug6Thu

Pre-Earnings Brief

UpcomingQ1-2016Pre-Market9:00 AM EDT

Company Snapshot

Targa Resources Corp. (TRGP) operates in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

$2.60

Revenue

Revenue figures provide insight into the company's sales performance and overall business growth.

$4.8B

Wall Street expectations, options signals, track record, and call prep available with Pro.

TRGP Q1-2016 Earnings Preview

Context

Company Snapshot

Targa Resources Corp. (TRGP) operates in the energy sector, focusing on the storage and transportation of oil and gas. With a market cap of $55 billion, it plays a crucial role in the energy supply chain, making it significant for investors interested in energy infrastructure.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-21.21%

Avg Stock Reaction

-1.28%

Last Quarter Recap

In the last quarter, Targa Resources reported an EPS of $0.48, exceeding expectations and resulting in a positive stock reaction. However, revenue details were not disclosed, leaving some uncertainty.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Targa Resources to report solid earnings this quarter, with a consensus EPS of $2.60. The market is cautiously optimistic, given the company's recent performance.

Bull Case

If Targa exceeds EPS expectations and shows strong revenue growth, it could indicate robust demand in the energy sector, driving the stock higher.

Bear Case

Conversely, if the company fails to meet EPS expectations or reports declining revenue, it could lead to a significant drop in stock price, reflecting market concerns.

Key Metrics to Watch

EPS

$2.60

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

Revenue

$4.8B

Revenue figures provide insight into the company's sales performance and overall business growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Targa Resources achieve an EPS of $2.60 or higher?

This figure is critical as it will indicate the company's profitability and could significantly influence market sentiment.

What will the revenue figure be, and how does it compare to the $4.8B consensus?

Revenue growth is essential for assessing the company's operational performance and market demand.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for Targa to outperform given its recent operational improvements and the energy sector's recovery.

Supporting Evidence

Targa's previous quarter showed a positive surprise, indicating potential for continued growth.

Options pricing suggests a lower expected move than historical averages, indicating a potential mispricing of volatility.

Key Risk

If Targa's revenue exceeds $4.8B, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing the potential for strong earnings against concerns about revenue growth in a fluctuating energy market.

Bull Confirmed If

An EPS of $2.60 or better, with revenue exceeding $4.8B, would confirm strong operational performance.

Bear Confirmed If

An EPS below $2.49 or revenue significantly under $3.7B would signal potential issues in demand or operational efficiency.

Pre-Earnings Positioning

Options Market

Implied Move

±2.87%

Historical Avg

±4.3%

Pricing cheap

The options market is pricing in a modest move around the earnings report, suggesting that investors are uncertain about the outcome.

Options are pricing ±2.9% while TRGP has averaged ±4.3% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.3%

30d HV

31.4%

Calls (13K)P/C Ratio: 0.09Puts (2K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options pricing cheap in Energy

n=30

Fade rate: 7 of 30 (23%)

This setup has occurred 30 times across Energy in the last 2 years. 23 of 30 (77%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 4.4%, with a raw directional average of -1.6% (modestly negative historical bias).

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Mixed flows

Institutional

95.97%

of float

Insider

1.39%

of float

Holders

1,335

institutions

Top Holders· as of Dec 2025

Vanguard Group Inc
28,161,938 sh · $6.8B
13.11%
-0.8%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Targa beats expectations, history suggests a potential stock increase of around +1.58%, confirming positive market sentiment.

In-Line / Cautious

A report in line with expectations may lead to a muted reaction as investors await further guidance from management.

Miss

If Targa misses earnings expectations, history suggests a potential decline of around -4.15%, reflecting investor disappointment.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

2 buys·1 sell

Members

House only

Est. Notional

$3,003.00–$45,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
3

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiency improvements.
2Details on demand trends in the oil and gas market.
3Management's outlook on future revenue growth.
4Insights into capital expenditures and investments in infrastructure.
5Responses to market conditions affecting pricing and margins.

See the full picture

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Company Snapshot

Targa Resources Corp. (TRGP) operates in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

$2.60

Revenue

Revenue figures provide insight into the company's sales performance and overall business growth.

$4.8B

Wall Street expectations, options signals, track record, and call prep available with Pro.

TRGP Q1-2016 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-21.21%

Avg Stock Reaction

-1.28%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Targa Resources to report solid earnings this quarter, with a consensus EPS of $2.60. The market is cautiously optimistic, given the company's recent performance.

Bull Case

If Targa exceeds EPS expectations and shows strong revenue growth, it could indicate robust demand in the energy sector, driving the stock higher.

Bear Case

Conversely, if the company fails to meet EPS expectations or reports declining revenue, it could lead to a significant drop in stock price, reflecting market concerns.

Key Metrics to Watch

EPS

$2.60

Earnings per share (EPS) is a key indicator of the company's profitability and financial health.

Revenue

$4.8B

Revenue figures provide insight into the company's sales performance and overall business growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Targa Resources achieve an EPS of $2.60 or higher?

This figure is critical as it will indicate the company's profitability and could significantly influence market sentiment.

What will the revenue figure be, and how does it compare to the $4.8B consensus?

Revenue growth is essential for assessing the company's operational performance and market demand.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for Targa to outperform given its recent operational improvements and the energy sector's recovery.

Supporting Evidence

Targa's previous quarter showed a positive surprise, indicating potential for continued growth.

Options pricing suggests a lower expected move than historical averages, indicating a potential mispricing of volatility.

Key Risk

If Targa's revenue exceeds $4.8B, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing the potential for strong earnings against concerns about revenue growth in a fluctuating energy market.

Bull Confirmed If

An EPS of $2.60 or better, with revenue exceeding $4.8B, would confirm strong operational performance.

Bear Confirmed If

An EPS below $2.49 or revenue significantly under $3.7B would signal potential issues in demand or operational efficiency.

Pre-Earnings Positioning

Options Market

Implied Move

±2.87%

Historical Avg

±4.3%

Pricing cheap

The options market is pricing in a modest move around the earnings report, suggesting that investors are uncertain about the outcome.

Options are pricing ±2.9% while TRGP has averaged ±4.3% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.3%

30d HV

31.4%

Calls (13K)P/C Ratio: 0.09Puts (2K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options pricing cheap in Energy

n=30

Fade rate: 7 of 30 (23%)

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Mixed flows

Institutional

95.97%

of float

Insider

1.39%

of float

Holders

1,335

institutions

Top Holders· as of Dec 2025

Vanguard Group Inc
28,161,938 sh · $6.8B
13.11%
-0.8%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Targa beats expectations, history suggests a potential stock increase of around +1.58%, confirming positive market sentiment.

In-Line / Cautious

A report in line with expectations may lead to a muted reaction as investors await further guidance from management.

Miss

If Targa misses earnings expectations, history suggests a potential decline of around -4.15%, reflecting investor disappointment.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

2 buys·1 sell

Members

House only

Est. Notional

$3,003.00–$45,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
3

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiency improvements.
2Details on demand trends in the oil and gas market.
3Management's outlook on future revenue growth.
4Insights into capital expenditures and investments in infrastructure.
5Responses to market conditions affecting pricing and margins.