What changed
$TRGP — HOLD 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $4.1B | EPS $2.76 vs $2.57 🟢 | Margin 20.7%
💡 Consensus expects continued double-digit EBITDA growth; our variant view is that growth may decelerate and the market is overpaying for it, as implied EV/EBITDA ~17x exceeds historical norms and comparable peers.
📉 Reward/risk: 0.7:1
🏢 Business Quality: 8/10 - Integrated midstream assets with visible growth projects, strong management, fee-based cash flows.
📊 Valuation: rich - EV/EBITDA ~17x 2024E vs historical 12-14x and peers 10-12x; P/E ~23x; FCF yield sub-3%. Rich relative to history and sector.
🔮 Catalyst: Operational milestones for Roadrunner III and Copperhead II
💰 Entry: $258.58, stop $235, target $275
📊 Our read: HOLD. Full analysis →
https://stockduty.xyz/s/TRGP0621