Targa Resources Corp.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,022 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• UNITS AND THE ROLL-UP: Targa Resources Corp. (TRGP, the listed common stock) controls the general partner of, and owns ALL of the outstanding common units representing limited-partner interests in, Targa Resources Partners LP ('the Partnership' or 'TRP'), per TRGP's own Q2 2026 10-Q ('TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP'). TRP is fully consolidated into TRGP's financial statements. No TRP common units are publicly held and no separate partnership unit class trades; the roll-up is complete and only TRGP common stock (single class, $0.001 par value, 214,431,021 shares outstanding as of 31 Jul 2026) is the listed, publicly tradable instrument. Nothing in this file is denominated in TRP units: neither the register (all rows are TRGP common shares) nor the holdings (all four are equity-method percentage interests in named private joint ventures, not unit-denominated LP interests). This directly answers the brief's lead: unlike Occidental/Western Midstream, there is no separate listed MLP with outstanding public units sitting alongside Targa's common stock today.
• HOLDINGS DIRECTION: all four holdings entries (Little Missouri 4 LLC 50%, Gulf Coast Fractionators 38.8%, Cayenne Pipeline LLC 50%, Blackcomb Joint Venture 17.5%) are genuine unconsolidated equity-method investments per Targa's own Q2 2026 10-Q Note 6 ('Investments in Unconsolidated Affiliates'); Targa lacks the control required to consolidate them and instead employs the equity method. All four investees are private (no ticker) and each is named individually with its own carrying value in the filing's roll-forward table, so no combined/unnamed bucket problem applies here (unlike Occidental's 'Other various' line): Little Missouri 4 $94.7m, GCF $70.7m, Cayenne $12.3m, Blackcomb $139.8m, totaling exactly the $317.5m 'Investments in unconsolidated affiliates' balance sheet line as of 30 Jun 2026.
• OWNED PIPELINES AND PLANTS ARE EXPLICITLY EXCLUDED: Targa consolidates a large number of majority-owned or wholly-owned processing plants, gathering systems and pipelines that are NOT recorded as holdings here because they are Targa's own operating assets, not equity stakes in separate companies. Examples found in the 10-K/10-Q: the WestTX joint venture (Targa ~72.8% undivided interest, ExxonMobil owning the remainder, proportionately consolidated by Targa); Centrahoma (three OK processing plants, Targa 60% / MPLX LP 40%, consolidated by Targa); the Stonewall, Tupelo and Hickory Hills plants (60% Targa ownership per the plant-level ownership table, but described as '100% of ownership interests... consolidated' in the throughput-volume footnote); and the wholly-owned Grand Prix Pipeline LLC (100% Targa since buying out Blackstone's 25% interest for $1.05bn in Jan 2023) and Targa Badlands LLC (100% Targa since buying out Blackstone's 45% interest for $1.8bn in Mar 2025). None of these appear in the holdings array.
• NONCONTROLLING INTERESTS RUN THE OPPOSITE DIRECTION FROM A HOLDING: Targa's consolidated balance sheet carries a 'Noncontrolling interests' equity line of $139.2 million at 30 Jun 2026 ($130.3 million at 31 Dec 2025). This represents THIRD PARTIES' minority stakes in Targa's OWN consolidated subsidiaries and joint ventures, the reverse of a Targa holding, and is excluded from both holdings and register. The named components identified in the filings: ExxonMobil's ~27.2% share of the proportionately-consolidated WestTX joint venture, and MPLX LP's 40% share of the consolidated Centrahoma processing plants. A third-party partner also appears to hold an economic interest of roughly 40% in the Stonewall/Tupelo/Hickory Hills plants that Targa consolidates at 60% ownership, but that partner's identity was not located in the sections searched (see unknowns). None of these third parties, nor their stakes, are recorded anywhere in this file.
• BLACKSTONE, TWO DIFFERENT AND UNRELATED POSITIONS: Blackstone previously held noncontrolling minority interests directly in Targa's own consolidated entities (a 45% interest in Targa Badlands LLC, bought out by Targa for $1.8bn cash in Mar 2025, and a 25% interest in Grand Prix Pipeline LLC, bought out for $1.05bn in Jan 2023, per the FY2025 10-K) -- both examples of the reverse-direction noncontrolling-interest structure described above, now fully unwound. Separately and unrelated, Blackstone Inc.'s Q2 2026 Form 13F-HR shows an ordinary public-market equity position of 3,601,933 TRGP common shares (1.68% of the company, $965.8m) as of 30 Jun 2026. This ordinary-market stake is below the roughly top-6 cutoff used for the institutional rows in this register and is not included as a separate row; it is documented here rather than silently omitted, given the historical relationship.
• SHARE BASIS: company.shares_outstanding (214,431,021) is taken from the cover page of Targa's Q2 2026 Form 10-Q ('As of July 31, 2026, there were 214,431,021 shares of the registrant's common stock, $0.001 par value, outstanding'), single share class. No stock split was found in the text of the FY2025 10-K or Q2 2026 10-Q searched (search terms 'stock split', 'forward split', 'reverse split' all returned zero hits). The 2026 DEF 14A's own beneficial-ownership table uses a different, earlier denominator (214,801,969 shares as of the 24 Mar 2026 record date, reflecting Targa's ongoing share repurchases since then); the register above states which denominator each row uses.
• REGISTER REFRESH: the 4 institutional 5%+ holders named in Targa's 2026 proxy (Vanguard, BlackRock, Wellington, State Street) were sourced there to stale Schedule 13G filings (Vanguard as of 30 Sep 2025; BlackRock and State Street as of 31 Dec 2023; Wellington's filing date not independently re-verified). All four were refreshed to fresh Q2 2026 Form 13F-HR data (period 30 Jun 2026) per the brief's preference for fresh 13F data over stale 13G. The correction did not run one direction: BlackRock rose from 20.0m to 20.8m shares while Wellington fell sharply from 18.0m to 14.2m shares (roughly -21%), and Vanguard and State Street both moved down slightly. Two further large 13F holders not named in the proxy's 5% table (Harris Associates, an active/value manager, and Geode Capital Management, an index/quant manager) were added directly from their own Q2 2026 13F-HR filings.
• VANGUARD FAMILY: The Vanguard Group's parent entity (CIK 0000102909) filed Form 13F-NT (a notice carrying no holdings) for Q2 2026, so the position is reported entirely through 7 successor entities, which were individually checked and summed: Vanguard Capital Management LLC, Vanguard Portfolio Management LLC, Vanguard Fiduciary Trust Co, Vanguard Global Advisers LLC, Vanguard Asset Management Ltd, Vanguard Investments Australia Ltd, and Vanguard Personalized Indexing Management LLC, totaling 28,108,880 shares. These are the same 7 CIKs this project's own Q1 2026 register pipeline (data/registers/TRGP.json) already enumerates for TRGP, refreshed here one quarter forward to Q2 2026.
• CAPITAL GROUP AND T. ROWE PRICE INVESTMENT MANAGEMENT were NOT independently re-fetched this session given the time budget. This project's own Q1 2026 register-derived file for TRGP (data/registers/TRGP.json) shows no Capital Group entity (Capital World Investors, Capital International Investors, or Capital Research Global Investors) holding TRGP as of 31 Mar 2026, and shows only 'PRICE T ROWE ASSOCIATES INC /MD/' (2,581,739 shares) with no separate T. Rowe Price Investment Management, Inc. row, suggesting either entity's TRGP position (if any) is immaterial; this was not independently verified fresh for Q2 2026 and is logged as a gap rather than asserted.
• Self-gate check, computed exactly as the register chart computes it (raw shares summed; the aggregate container reduced only by the members that roll into it, everything else at full value): institutional rows (Vanguard 28,108,880 + BlackRock 20,832,687 + Wellington 14,176,394 + State Street 14,226,166 + Harris Associates 7,937,530 + Geode 6,083,486 = 91,365,143) + individual insider rows at full value (Meloy 665,455 + Chung 515,063 + Joyce 774,729 + Kneale 192,100 + Perkins 159,031 = 2,306,378) + the officers/directors container reduced to its residual (2,950,402 filed total minus the 2,306,378 in members who roll into it = 644,024) = 94,315,545 shares total across 12 register rows, or 94,315,545 / 214,431,021 = 43.99% of shares outstanding. This sits within the brief's expected 25-45% band.