Plains All American Pipeline L.P. (PAA) vs Targa Resources (TRGP)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Targa Resources (TRGP) has outperformed Plains All American Pipeline L.P. (PAA) over the past year, gaining 70.6% versus a gain of 44.3%. Over five years, TRGP leads with a +409.7% price change compared with +116.8% for PAA. Targa Resources is the larger company by market cap ($60.89 billion vs $17.00 billion), about 3.6 times the size.
On valuation, Plains All American Pipeline L.P. trades at a lower forward P/E (12.6x vs 23.6x for Targa Resources). Plains All American Pipeline L.P. offers the higher dividend yield (6.78% vs 1.58%). Targa Resources converts more of its revenue into profit, with a net margin of 11.3% versus 3.2%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | PAA | TRGP |
|---|---|---|
| Share price | $24.09 | $283.96 |
| Market cap | $17.00B | $60.89B |
| 1-day change | +0.12% | -0.62% |
| YTD return | +33.96% | +53.91% |
| 1-year return | +44.33% | +70.61% |
| 5-year return | +116.76% | +409.71% |
| P/E ratio (TTM) | 20.77 | 27.15 |
| Forward P/E | 12.59 | 23.58 |
| EPS (TTM) | $1.16 | $10.46 |
| Dividend yield | 6.78% | 1.58% |
| Annual dividend | $1.63 | $4.50 |
| Revenue (latest FY) | $44.26B | $17.03B |
| Revenue growth (YoY) | -9.46% | +3.95% |
| Net income (latest FY) | $1.44B | $1.92B |
| Gross margin | 8.65% | 38.29% |
| Operating margin | 3.24% | 19.56% |
| Net margin | 3.24% | 11.29% |
| 52-week high | $26.39 | $307.94 |
| 52-week low | $15.69 | $144.14 |
| Distance from 52-week high | -8.72% | -7.79% |
| Analyst consensus | buy | strong_buy |
| Avg. price target upside | +8.47% | +14.62% |
| Average volume | 2.52M | 1.19M |
| Shares outstanding | 705.57M | 214.43M |
| Employees | 3,900 | 3,570 |
| Sector | Energy | Utilities |
| Industry | Natural Gas Distribution | Natural Gas Distribution |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Targa Resources is about 3.6 times larger than Plains All American Pipeline L.P. by market value ($60.89B vs $17.00B).
- TRGP has outperformed PAA by 26.3 percentage points over the past year.
- Targa Resources trades at a higher earnings multiple (27.1x vs 20.8x trailing P/E).
- Plains All American Pipeline L.P. offers a meaningfully higher dividend yield (6.78% vs 1.58%).
- Targa Resources is more profitable, keeping 11.3 cents of every revenue dollar as net income versus 3.2 cents for Plains All American Pipeline L.P..
- Targa Resources grew revenue faster in its latest fiscal year (+3.95% vs -9.46%).
- The two companies sit in different sectors: Plains All American Pipeline L.P. in Energy and Targa Resources in Utilities.
About Plains All American Pipeline L.P.
PAA stock →Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.
Energy · Natural Gas Distribution · 3,900 employees
About Targa Resources
TRGP stock →Targa Resources Corp., together with its subsidiaries, owns, operates, acquires, and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation.
Utilities · Natural Gas Distribution · 3,570 employees
PAA vs TRGP FAQ
Which is bigger, Plains All American Pipeline L.P. or Targa Resources?
Targa Resources (TRGP) is larger, with a market capitalization of $60.89B compared with $17.00B for Plains All American Pipeline L.P. (PAA).
Which stock has performed better over the past year, PAA or TRGP?
TRGP returned +70.61% over the past 12 months, compared with +44.33% for PAA (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, PAA or TRGP?
PAA has the lower trailing P/E at 20.8, versus 27.1 for TRGP. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Plains All American Pipeline L.P. or Targa Resources?
Plains All American Pipeline L.P. has the higher yield at 6.78%, compared with 1.58% for Targa Resources.
Are Plains All American Pipeline L.P. and Targa Resources in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Energy sector.