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TRGP
Targa Resources Corp. · Energy - Midstream / Natural Gas Gathering & Processing
$258.58
-6.38% this month
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MPLX
MPLX LP (Midstream MLP Reference) · Energy - Midstream / Natural Gas & Crude Oil
$56.84
+2.25% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
TRGP
2
MPLX
2
Comparison scoreboard
MIXED SETUPAI Score
TRGP ✓56.8
MPLX 40.1
1Y Return
TRGP ✓+52.42%
MPLX +19.60%
Fwd P/E
TRGP 22.15
MPLX ✓11.51
Target Up.
TRGP +4.15%
MPLX ✓+6.82%
Op. Margin
TRGP 20.90%
MPLX N/A
Metrics last refreshed: 6/20/2026
Quick take
TRGP vs Midstream Natural Gas Comparison: AI Score, Valuation, Performance and Upside
Targa Resources (TRGP) is a major Permian Basin-concentrated midstream gathering and processing company with an integrated wellhead-to-export NGL value chain, while DCP Midstream (the original comparison pair) was acquired by Phillips 66 in 2023 and is no longer publicly traded. MPLX LP provides a comparable midstream context as a large diversified midstream MLP with gathering and processing alongside crude and refined product transportation.
TRGP vs midstream gathering and processing peers is Permian-concentrated natural gas gathering and processing compounder with integrated NGL logistics (Targa Resources' Grand Prix Pipeline, Gulf Coast fractionation, and fee-based contract volume growth driven by Permian Basin production growth) — a pure-play midstream growth vehicle for investors seeking exposure to the Permian Basin's production ramp with fee-based earnings protection.
Live analysis · updated 6/20/2026
TRGP and MPLX are closely matched — they split the tracked metrics evenly. TRGP has delivered stronger 1-year price return (+52.42% vs +19.60%), though MPLX trades at the lower forward P/E (11.51x vs 22.15x). Analyst consensus implies similar upside for both: +4.15% for TRGP and +6.82% for MPLX.
Normalized 1Y performance
TRGP
MPLX
Recent returns
TRGP
MPLX
Analyst price targets & sentiment
TRGP
Price target range
analyst mean$283.90
current price$258.58
+4.1% upside to analyst mean
MPLX · 14 analysts
Price target range
analyst low$54.00
analyst high$73.00
analyst mean$60.71
current price$56.84
+6.8% upside to analyst mean
Who should consider this stock?
TRGP may suit investors who:
- →Want Permian Basin production growth exposure through midstream fee-based earnings that are less volatile than E&P commodity price exposure
- →Value Targa's integrated wellhead-to-export NGL value chain as creating durable customer relationships and volume growth tied to Permian Basin drilling activity
- →Seek a midstream company with dividend growth trajectory tied to organic EBITDA growth from expanding gathering and processing capacity
MPLX may suit investors who:
- →Want a high-yield midstream MLP (7-9% distribution yield) with Marathon Petroleum sponsorship providing volume visibility and financial backing
- →Value MPLX's diversified exposure across crude oil, refined products, and natural gas gathering as providing revenue resilience
- →Prefer a larger, more diversified midstream MLP over a Permian-concentrated operator like Targa Resources
Performance & AI score
| Metric | TRGP | MPLX |
|---|---|---|
| AI score | 56.8 | 40.1 |
| AI rank | #226 | #1089 |
| Latest close | $258.58 | $56.84 |
| 1M return | -6.38% | +2.25% |
| 6M return | +41.79% | +8.47% |
| 1Y return | +52.42% | +19.60% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | TRGP | MPLX |
|---|---|---|
| 1Y ago | $15.27K (+52.7%) started 2025-06-18 | $12.97K (+29.7%) started 2025-06-18 |
| 5Y ago | $66.66K (+566.6%) started 2021-06-21 | $51.94K (+419.4%) started 2021-06-18 |
| 10Y ago | $154.13K (+1441.3%) started 2016-06-20 | $170.99K (+1609.9%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | TRGP | MPLX |
|---|---|---|
| Market cap | $58.51B | $57.68B |
| Trailing P/E | 27.84 | 12.30 |
| Forward P/E | 22.15 | 11.51 |
| Price/Sales | N/A | 4.91 |
| EV/Revenue | 4.69 | 6.97 |
| Analyst target | $283.90 | $60.71 |
| Target upside | +4.15% | +6.82% |
Growth, profitability & risk
| Metric | TRGP | MPLX |
|---|---|---|
| Revenue growth | -10.20% | -2.80% |
| Earnings growth | 142.90% | -18.40% |
| EPS growth | +142.90% | -18.40% |
| FCF margin | -1.92% | +16.45% |
| Operating margin | 20.90% | N/A |
| Profit margin | 12.87% | 40.03% |
| ROIC proxy | 74.10% | 33.41% |
| Return on equity | 74.10% | 33.41% |
| Dividend yield | 1.56% | 7.68% |
| Beta | 0.71 | 0.46 |
| Debt/equity | 585.25 | 182.79 |
| Current ratio | 0.72 | 1.10 |
| Quick ratio | 0.53 | 1.02 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
TRGP max drawdown16.80%
MPLX max drawdown7.71%
TRGP max wkly drop10.34%
MPLX max wkly drop5.19%
5Y risk snapshot
TRGP max drawdown32.02%
MPLX max drawdown18.46%
TRGP max wkly drop20.93%
MPLX max wkly drop15.94%
10Y risk snapshot
TRGP max drawdown90.78%
MPLX max drawdown75.21%
TRGP max wkly drop67.27%
MPLX max wkly drop45.62%
Performance metrics by period
| Period | Metric | TRGP | MPLX |
|---|---|---|---|
| 1Y | Growth | +52.72% | +19.60% |
| CAGR | +52.81% | +19.62% | |
| Sharpe ratio | 1.53 | 0.93 | |
| Max drawdown | 16.80% | 7.71% | |
| Max daily drop | 5.51% | 3.51% | |
| Max wkly drop | 10.34% | 5.19% | |
| 5Y | Growth | +513.16% | +199.15% |
| CAGR | +43.80% | +24.51% | |
| Sharpe ratio | 1.17 | 1.00 | |
| Max drawdown | 32.02% | 18.46% | |
| Max daily drop | 12.15% | 7.07% | |
| Max wkly drop | 20.93% | 15.94% | |
| 10Y | Growth | +831.30% | +315.71% |
| CAGR | +25.02% | +15.32% | |
| Sharpe ratio | 0.64 | 0.47 | |
| Max drawdown | 90.78% | 75.21% | |
| Max daily drop | 52.91% | 17.61% | |
| Max wkly drop | 67.27% | 45.62% |
Business comparison
| Category | TRGP | MPLX |
|---|---|---|
| Company | Targa Resources Corp. | MPLX LP (Midstream MLP Reference) |
| Sector | Energy | Energy - Midstream / Natural Gas & Crude Oil |
| Industry | N/A | N/A |
| Core business | Targa Resources is a major midstream energy company providing gathering, compression, treating, processing, and NGL logistics services to natural gas and oil producers primarily in the Permian Basin, Anadarko Basin, Bakken, and Williston Basin. Targa's operations: Gathering & Processing (G&P) — collects raw natural gas from producers via gathering pipelines, compresses and processes the gas to remove impurities and extract NGL, and delivers dry residue gas to interstate pipelines; Logistics & Transportation (L&T) — owns NGL pipelines, fractionators (separating mixed NGL into component products: ethane, propane, butane, pentane), and marine export terminals on the Gulf Coast. Targa's Grand Prix NGL Pipeline connects its Permian Basin processing plants to Gulf Coast fractionators at Mont Belvieu, Texas. | MPLX LP is a diversified midstream MLP sponsored by Marathon Petroleum Corporation (MPC), operating crude oil and refined product pipelines, marine terminals, storage facilities, and natural gas gathering and processing (G&P) systems primarily in the Midwest, Appalachian Basin, and Southwest. Following Phillips 66's acquisition of DCP Midstream in 2023, MPLX provides useful comparison context as a major publicly traded midstream MLP with gathering, processing, and logistics operations comparable to what DCP Midstream offered. DCP Midstream was the second-largest natural gas gathering and processing company in the U.S.; the Phillips 66 acquisition integrated DCP's significant DJ Basin, Permian, and Mid-Continent gathering and processing systems into Phillips 66's midstream portfolio. MPLX and Targa Resources are the most representative publicly traded comparables in the gathering and processing midstream segment. |
| Investor focus | Investors track Targa's fee-based contract volume growth (gallons gathered/processed), NGL fractionation volumes, EBITDA growth, dividend growth, and organic capital investment projects (new processing plants, pipeline expansions). | MPLX investors track gathering and processing fee revenue, crude oil and refined products transportation volumes, distribution coverage ratio, and the strategic relationship with Marathon Petroleum as sponsor and anchor customer. |
TRGP strengths
- →Permian Basin concentration positions Targa in the highest-growth U.S. production region — Permian Basin oil and gas production growth drives increasing volumes through Targa's gathering and processing systems; organic volume growth is driven by producers drilling more wells connected to existing infrastructure
- →Integrated midstream value chain from wellhead to export provides durable customer relationships — Targa handles natural gas and NGL from the wellhead through processing and fractionation all the way to Gulf Coast export terminals; producers prefer integrated service providers who can manage the entire supply chain
- →Fee-based contract model provides revenue stability with volume growth upside — most of Targa's contracts charge fees per unit of gas or NGL processed rather than marking to market commodity prices; this reduces commodity price volatility while allowing earnings to grow with production volumes
MPLX strengths
- →MPLX's Marathon Petroleum sponsorship provides anchor customer volumes and financial backstop — approximately 50-60% of MPLX revenue comes from Marathon Petroleum's transportation and terminal needs; this concentrated anchor customer provides volume certainty
- →Diversified midstream exposure across crude, refined products, natural gas, and NGL provides revenue resilience — MPLX's multiple product types reduce dependence on any single commodity market or production region
- →MLP structure provides attractive distribution yield — MPLX distributes substantially all cash flow as quarterly distributions, typically yielding 7-9%; the tax-advantaged MLP structure appeals to income investors
Risks to watch — TRGP
- →Producer drilling activity in Targa's core basins is the primary volume driver — if oil prices fall and Permian producers reduce drilling activity, volumes through Targa's gathering systems decline; Targa's earnings are leveraged to U.S. oil and gas drilling cycles
- →Capital-intensive organic expansion projects require careful execution — new processing plants and NGL pipelines cost hundreds of millions each; cost overruns or commissioning delays create earnings risk
- →Regulatory environment for midstream infrastructure permitting — pipeline construction requires environmental permits; legal challenges to new pipeline permits can delay projects and increase costs
Risks to watch — MPLX
- →Marathon Petroleum concentration creates customer dependency — if MPC's refining volumes decline (refinery maintenance or demand reduction), MPLX's anchor customer revenue could fall
- →MLP structures face ongoing investor base challenges — many investors avoid K-1 tax reporting requirements; MLP valuations have been compressed relative to their C-corp midstream peers since the 2015-2016 energy downturn
- →Appalachian gathering system faces same natural gas price risk as the basin — MPLX has significant Marcellus/Utica G&P operations; low natural gas prices reduce producer drilling activity and gathering volumes
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