What move does the options market price into Targa Resources's report?

Implied ±3.3%, either direction.

How often does Targa Resources move more than the options market prices?

1 of the last 8 reports moved at least as far as the implied move.

TRGPNYSENatural Gas Transmission

Targa Resources Corp. (TRGP) earnings date, market-implied expected move, and options open interest by expiry

313.80

+2.68 · +0.86%

post 316.00 +0.70%

Closed19:45 ET

Open311.18Volume1.5MMkt cap$67.5BP/E30.12EPS10.49Div yield1.51%

Day311.18 – 316.1497%52-wk148.44 – 316.60100%

TRGP

Targa Resources Corp.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±3.3%implied · report alone

8Q avg ±3.2%·×1.02·fair

304.55325.43

straddle ±6.2%

spot 314.99exp Nov 20ATM strike 310ATM straddle 23.05IV 38%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 4

before open · in 4 days

est.Q3 FY26

Calendar

Next report

Last report

+3.12%

vs ±5.5% implied · ×0.57

shaded = implied · ▲▼ = realized

Aug 6 '26 · confirmed

Implied vs realized

Linked news

1dHESM · customerHess Midstream posts Q3 net income $179.1 million, distribution $0.7985
43dEPM · supplierEvolution Petroleum’s (EPM) Big Rebound Comes With One Familiar Catch

News

Largest filed tie

13F top-10 QoQ

+0.24%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

1,101 managers

Top fund weight

3.45%

TRGP weight · XLE

N-PORTJun 30 '26

9 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Targa Resources (TRGP) is expected to report on Nov 4 before open (estimated date).

Implied vs realized

8 reports

1 of 8≥ implied

avg implied: ±4.9%
avg realized: ±3.2%

Nov 5 '24Nov 5 '24confirmed±4.8%▲+4.85%×1.01

Feb 20 '25Feb 20 '25confirmed±3.2%▼−2.66%×0.84

May 1 '25May 1 '25confirmed±7.2%▼−5.01%×0.70

Aug 7 '25Aug 7 '25confirmed±5.6%▲+2.36%×0.43

Q3 FY25Nov 5 '25confirmed±5.8%▲+5.25%×0.91

Feb 19 '26Feb 19 '26confirmed±3.1%▼−1.52%×0.49

Q1 FY26May 7 '26confirmed±4.5%▲+1.18%×0.26

Q2 FY26Aug 6 '26confirmed±5.5%▲+3.12%×0.57

quarterimplied−10%0+10%realized×

Q2 FY26±5.5%▲+3.12%×0.57

Q1 FY26±4.5%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 5 expiries · Oct 29 close

0.21OI · 5 expiries · Oct 29 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

8560%Nov 2020d3,9820%

1,0250%Dec 1848d0.273,752+1%0.27

4890%Jan 1576d0.351,3860%0.35

2160%Mar 19139d0.171,2370%0.17

3,2700%Apr 16167d74.32440%74.32

ExpiryPutsCallsP/C

Nov 2020d8560%3,9820%0.21

Dec 1848d1,0250%3,752+1%0.27

Jan 1576d4890%1,3860%0.35

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±6.2%

Funds 4

XLE±0.2%

RSP±0.0%

VUG±0.0%

SPY±0.0%

Suppliers 2

REPX±5.1%×0.82

EPM±2.9%×0.47

Dashed = straddle · × = co-movement · max 500dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

17.52%as filednet margin · revenue +8.44% QoQ · +4.23% YoY

Revenue

$4.4B+8.44% QoQ

Gross profit

$2.1B+25.76% QoQ

48.15% margin

Operating income

$1.2B+45.77% QoQ

27.80% margin

Pre-tax income

$1.0B+64.39% QoQ

Net income

$778M+59.56% QoQ

17.52% margin

Cost of revenue

$2.3B−3.86% QoQ

Operating expenses

$904M+5.89% QoQ

SG&A $462M

Depreciation $453M

Other expense

$230M

Tax

$227M+83.37% QoQ

Revenue$4.4B+8.44%

Gross profit

$2.1B+25.76%

48.15% margin

Operating income

$1.2B+45.77%

27.80% margin

Pre-tax income

$1.0B+64.39%

Net income

$778M+59.56%

17.52% margin

Cost of revenue

$2.3B−3.86%

Operating expenses

$904M+5.89%

SG&A $462M

Depreciation $453M

Other expense

$230M

Tax$227M+83.37%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 19:45 ET

Intraday

Event sensitivity

GDP ×1.23· ±1.7% vs ±1.4% · 19 releases

eventrelease day|move|up · n×base

GDPgross domestic product±1.7%11 of 19×1.23

PCEpersonal income & outlays±1.7%12 of 19×1.21

CPIconsumer prices±1.7%7 of 10×1.19

NFPjobs report±1.6%4 of 10×1.14

PPIproducer prices±1.3%5 of 10×0.96

CPROFcorporate profits±1.3%7 of 12×0.93

FOMCrate decision±1.2%14 of 24×0.89

Bar = avg |move| to ±2% · tick = ±1.4% avg day · ×base = |move| ÷ ±1.4% · min 6 releases

Earnings history

EPS 3.54 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 6 '26 · confirmed	3.54	—
Q1 FY26	May 7 '26 · confirmed	2.21	—
Q3 FY25	Nov 5 '25 · confirmed	2.20	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod