TRGP vs ET Stock Comparison: AI Score, Valuation, Performance and Upside
Targa Resources and Energy Transfer both operate significant natural gas and NGL midstream infrastructure, but Targa is more concentrated in Permian Basin gathering, processing, and Gulf Coast export logistics as a standard corporation, while Energy Transfer operates a broader, more diversified pipeline network as a master limited partnership.
TRGP offers concentrated Permian and NGL export growth exposure through a simpler corporate structure, while ET offers broader diversification across commodity types and basins through an MLP structure. The decision depends on whether you prioritize focused growth exposure or diversified scale.
TRGP holds the edge across 3 of 5 key metrics in this comparison. TRGP has delivered stronger 1-year price return (+71.19% vs +29.07%), though ET has the better forward P/E setup (12.03x vs 23.83x for TRGP). On fundamentals, ET is growing revenue faster (78.40%), while TRGP maintains the higher operating margin (27.80%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for ET (+16.75%) than for TRGP (+7.04%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want concentrated exposure to Permian Basin gathering and processing and NGL export growth
- Prefer owning shares of a standard corporation rather than a limited partnership
- Believe Gulf Coast NGL export infrastructure buildout offers a durable long-term growth driver
- Are comfortable with the geographic concentration risk of a Permian and Gulf Coast-focused business
- Want exposure to diversified US midstream infrastructure spanning multiple commodity types and basins
- See growing natural gas and NGL export demand as a long-term growth driver
- Value the scale advantages of one of the largest US midstream operators
- Are comfortable with the tax considerations that come with owning a master limited partnership
| Metric | TRGP | ET |
|---|---|---|
| AI scorei | 65.5 | 45.9 |
| AI ranki | #77 | #738 |
| Latest closei | $285.07 | $21.05 |
| 1M returni | -4.27% | -1.73% |
| 6M returni | +19.01% | +14.83% |
| 1Y returni | +71.19% | +29.07% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | TRGP | ET |
|---|---|---|
| 1Y ago | $16.76K (+67.6%) started 2025-09-18 | $13.91K (+39.1%) started 2025-09-17 |
| 5Y ago | $75.77K (+657.7%) started 2021-09-20 | $55.49K (+454.9%) started 2021-09-17 |
| 10Y ago | $139.49K (+1294.9%) started 2016-09-19 | $103.99K (+939.9%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
| Metric | TRGP | ET |
|---|---|---|
| Market capi | $61.72B | $72.48B |
| Trailing P/Ei | 27.54 | 14.42 |
| Forward P/Ei | 23.83 | 12.03 |
| Price/Salesi | N/A | 0.68 |
| EV/Revenuei | 4.86 | 1.50 |
| Analyst targeti | $308.10 | $24.58 |
| Target upsidei | +7.04% | +16.75% |
| Metric | TRGP | ET |
|---|---|---|
| Revenue growthi | 4.20% | 78.40% |
| Earnings growthi | 23.30% | 85.30% |
| EPS growthi | +23.30% | +85.30% |
| FCF margini | +0.39% | +2.94% |
| Operating margini | 27.80% | 10.41% |
| Profit margini | 13.54% | 4.92% |
| ROIC proxyi | 70.84% | 14.56% |
| Return on equityi | 70.84% | 14.56% |
| Dividend yieldi | 1.74% | 6.46% |
| Payout ratioi | 40.63% | 91.44% |
| Dividend growth streaki | No increase yet | 4 yrs |
| Betai | 0.72 | 0.57 |
| Debt/equityi | 515.79 | 138.33 |
| Current ratioi | 0.77 | 1.16 |
| Quick ratioi | 0.61 | 0.91 |
Over the past year, TRGP and ET have moved moderately in the same direction (correlation of 0.58), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | TRGP | ET |
|---|---|---|---|
| 1Y | Growthi | +67.57% | +29.07% |
| CAGRi | +67.64% | +29.10% | |
| Volatilityi | 29.05% | 16.62% | |
| Sharpe ratioi | 1.78 | 1.35 | |
| Sortino ratioi | 2.70 | 2.19 | |
| Max drawdowni | 16.01% | 8.04% | |
| Current drawdowni | 5.68% | 3.13% | |
| Avg drawdowni | 3.31% | 2.52% | |
| Ulcer Indexi | 4.78% | 3.27% | |
| Max daily dropi | 5.51% | 2.55% | |
| Max wkly dropi | 10.34% | 5.20% | |
| 5Y | Growthi | +598.70% | +243.36% |
| CAGRi | +47.58% | +27.99% | |
| Volatilityi | 31.63% | 24.05% | |
| Sharpe ratioi | 1.25 | 0.96 | |
| Sortino ratioi | 1.77 | 1.41 | |
| Max drawdowni | 32.02% | 24.56% | |
| Current drawdowni | 5.68% | 3.13% | |
| Avg drawdowni | 8.23% | 5.39% | |
| Ulcer Indexi | 11.63% | 7.88% | |
| Max daily dropi | 12.15% | 8.86% | |
| Max wkly dropi | 20.93% | 16.44% | |
| 10Y | Growthi | +773.18% | +193.15% |
| CAGRi | +24.21% | +11.36% | |
| Volatilityi | 47.47% | 33.90% | |
| Sharpe ratioi | 0.62 | 0.36 | |
| Sortino ratioi | 0.84 | 0.51 | |
| Max drawdowni | 90.78% | 72.82% | |
| Current drawdowni | 5.68% | 3.13% | |
| Avg drawdowni | 17.71% | 16.97% | |
| Ulcer Indexi | 25.45% | 24.25% | |
| Max daily dropi | 52.91% | 27.82% | |
| Max wkly dropi | 67.27% | 44.00% |
| Category | TRGP | ET |
|---|---|---|
| Company | Targa Resources Corp. | Energy Transfer LP |
| Sector | Energy | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Midstream |
| Core business | A midstream energy company focused on natural gas and natural gas liquids gathering, processing, storage, and export logistics, with a significant concentration of assets in the Permian Basin and Gulf Coast export infrastructure. | A diversified midstream energy master limited partnership operating natural gas, natural gas liquids, crude oil, and refined product pipelines, storage, and terminal infrastructure across the United States. |
| Investor focus | Permian Basin gathering and processing volume growth, NGL export terminal utilization, and capital project execution on growth infrastructure. | Distribution growth policy and coverage ratio, natural gas and NGL export infrastructure expansion, and balance sheet deleveraging progress. |
- Strong Permian Basin gathering and processing position provides direct exposure to one of the most active natural gas liquids-rich drilling regions
- Growing Gulf Coast NGL export infrastructure positions the company to capture rising global demand for US natural gas liquids
- Standard corporate structure, rather than a limited partnership, simplifies tax reporting for shareholders
- Extensive, diversified midstream asset base spans multiple commodity types and basins across the United States
- Significant natural gas and NGL export infrastructure positions the company to benefit from growing global demand for US energy exports
- Large scale provides operational and negotiating advantages relative to smaller, more geographically concentrated midstream peers
- Gathering and processing volumes remain tied to upstream producer drilling activity, which fluctuates with commodity price cycles
- Large-scale export infrastructure buildout requires substantial capital investment with execution and timing risk
- Geographic concentration in the Permian Basin and Gulf Coast provides less diversification than midstream peers with broader national footprints
- Master limited partnership structure carries distinct tax considerations for investors compared to owning shares of a standard corporation
- Historical distribution cuts during periods of market stress illustrate that payouts are not entirely immune to commodity price cycles
- Elevated leverage relative to some pipeline peers requires ongoing debt reduction discipline
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