Targa Resources (TRGP) vs Western Midstream Partners (WES)
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 Western Midstream Partners (WES) over the past year, gaining 70.6% versus a gain of 19.6%. Over five years, TRGP leads with a +409.7% price change compared with +97.5% for WES. Targa Resources is the larger company by market cap ($60.89 billion vs $18.82 billion), about 3.2 times the size, while Western Midstream Partners is growing revenue faster (+6.6% vs +3.9%).
On valuation, Western Midstream Partners trades at a lower forward P/E (11.9x vs 23.6x for Targa Resources). Western Midstream Partners offers the higher dividend yield (8.08% vs 1.58%). Western Midstream Partners converts more of its revenue into profit, with a net margin of 30.7% versus 11.3%.
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 | TRGP | WES |
|---|---|---|
| Share price | $283.96 | $45.55 |
| Market cap | $60.89B | $18.82B |
| 1-day change | -0.62% | -1.36% |
| YTD return | +53.91% | +16.91% |
| 1-year return | +70.61% | +19.64% |
| 5-year return | +409.71% | +97.52% |
| P/E ratio (TTM) | 27.30 | 14.60 |
| Forward P/E | 23.58 | 11.89 |
| EPS (TTM) | $10.40 | $3.12 |
| Dividend yield | 1.58% | 8.08% |
| Annual dividend | $4.50 | $3.68 |
| Revenue (latest FY) | $17.03B | $3.84B |
| Revenue growth (YoY) | +3.95% | +6.61% |
| Net income (latest FY) | $1.92B | $1.18B |
| Gross margin | 38.29% | 94.61% |
| Operating margin | 19.56% | 41.67% |
| Net margin | 11.29% | 30.73% |
| 52-week high | $307.94 | $50.07 |
| 52-week low | $144.14 | $36.90 |
| Distance from 52-week high | -7.79% | -9.03% |
| Analyst consensus | strong_buy | buy |
| Avg. price target upside | +14.62% | +9.09% |
| Average volume | 1.19M | 820.75K |
| Shares outstanding | 214.43M | 413.17M |
| Employees | 3,570 | 1,704 |
| Sector | Energy | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Midstream |
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 3.2 times larger than Western Midstream Partners by market value ($60.89B vs $18.82B).
- TRGP has outperformed WES by 51.0 percentage points over the past year.
- Targa Resources trades at a higher earnings multiple (27.3x vs 14.6x trailing P/E).
- Western Midstream Partners offers a meaningfully higher dividend yield (8.08% vs 1.58%).
- Western Midstream Partners is more profitable, keeping 30.7 cents of every revenue dollar as net income versus 11.3 cents for Targa Resources.
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.
Energy · Oil & Gas Midstream · 3,570 employees
About Western Midstream Partners
WES stock →Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water.
Energy · Oil & Gas Midstream · 1,704 employees
TRGP vs WES FAQ
Which is bigger, Targa Resources or Western Midstream Partners?
Targa Resources (TRGP) is larger, with a market capitalization of $60.89B compared with $18.82B for Western Midstream Partners (WES).
Which stock has performed better over the past year, TRGP or WES?
TRGP returned +70.61% over the past 12 months, compared with +19.64% for WES (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, TRGP or WES?
WES has the lower trailing P/E at 14.6, versus 27.3 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, Targa Resources or Western Midstream Partners?
Western Midstream Partners has the higher yield at 8.08%, compared with 1.58% for Targa Resources.
Are Targa Resources and Western Midstream Partners in the same industry?
Yes. Both are classified in the Oil & Gas Midstream industry within the Energy sector.