BMO Capital Raises Targa Resources (TRGP) Price Target to $328

BMO Capital reaffirmed its Outperform rating on Targa Resources Corp. (NYSE: TRGP) on October 21, 2026, while raising its price target from $303 to $328. The research note points to solid operational momentum in the energy infrastructure sector as the firm updates its outlook on the midstream operator.

TRGP Targa Resources Corp.

$294.38 ▲ +59.95% year to date

1M 3M YTD

Daily close · Oct 21, 2026

BMO Capital's Call on Targa Resources

On October 21, 2026, BMO Capital maintained its Outperform rating on the company and adjusted its target upward to $328 from a previous target of $303. An Outperform rating indicates the firm expects the stock to do better than the broader market average.

Other Institutional Activity in Targa Resources

Large institutional funds continue to adjust their positions in the midstream operator. Harris Associates L.P. reduced its holdings by 785,989 shares for a 9.0% decrease, ending the period with 7,937,530 shares valued at about $2,347,961,003. Meanwhile, Blackstone Inc added 259,692 shares, representing a 7.8% increase, to finish with 3,601,933 shares worth roughly $1,065,469,764.

Targa Resources Corp. Stock Up 1.1%

Targa Resources shares recently traded around $295.80, matching the closing price recorded on October 21, 2026. The stock trades above its 50-day moving average of $286.80 and well above its 200-day moving average of $254.60. Over the past year, shares have ranged from a low of $150.00 to a high of $307.94.

Recent Earnings

For its trailing twelve months, the company generated $16,741,499,904 in revenue alongside earnings of $10.46 per share. Profitability remains a focal point, with a net margin of 13.5% and a return on equity of 70.8%. Investors look to the company's next earnings release on November 5, 2026, for fresh updates.

Dividend

Targa Resources distributes an annual dividend rate of $5.00 per share, which translates to a dividend yield of 1.71%. The payout ratio sits at 40.6% of earnings.

Insider Buying and Selling at Targa Resources Corp.

Company insiders have made several open-market adjustments recently. Director Charles Richard Crisp sold 10,602 shares on May 12, 2026, at an average price of $255.96 for a total of $2,713,738. Later, on August 21, 2026, Director Waters S Davis IV disposed of 2,400 shares worth $719,209. Director Charles Richard Crisp returned to sell 3,000 shares on August 25, 2026, at an average price of $290.23 for a total value of $870,690. Lastly, Director Paul W Chung sold 1,816 shares on September 1, 2026, valued at $537,733.

Analysts Set New Price Targets

Wall Street firms have actively updated their targets on the stock in recent weeks. TD Cowen upgraded the stock to a Buy rating and raised its target from $275 to $350 on September 18, 2026. Truist Securities reiterated a Buy rating and lifted its target to $345 from $312 on September 21, 2026. Barclays maintained an Overweight rating and bumped its target from $284 to $294 on October 8, 2026. Citigroup maintained a Buy rating and raised its target from $303 to $325 on October 13, 2026. Across the wider analyst community, the stock holds a consensus recommendation of strong buy with a mean price target of $328.10 based on 21 analyst opinions.

About Targa Resources

Targa Resources Corp. is a Houston-based energy infrastructure company that operates across North America. It focuses on gathering, processing, treating, and transporting natural gas and natural gas liquids through its extensive network of gathering and processing plants as well as logistics and transportation assets.

Bottom Line

BMO Capital's updated target underscores positive sentiment surrounding the firm's midstream operations. Market participants will watch the upcoming earnings report on November 5, 2026, to gauge whether operational results justify these higher valuation goals.