Subtext

Targa Resources Corp. TRGP

SectorEnergy
Transcripts21
Date range2020-05-07 – 2025-05-01
Calls charted21

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-15-8+0+8+152020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · Overall: +0.02020 Q2 · Overall: +7.22020 Q3 · Overall: +11.42020 Q4 · Overall: +8.32021 Q1 · Overall: +11.12021 Q2 · Overall: +7.92021 Q3 · Overall: +9.62021 Q4 · Overall: +7.42022 Q1 · Overall: +9.92022 Q2 · Overall: +5.92022 Q3 · Overall: +3.62022 Q4 · Overall: +11.22023 Q1 · Overall: +8.62023 Q2 · Overall: +7.42023 Q3 · Overall: +7.92023 Q4 · Overall: +8.92024 Q1 · Overall: +4.22024 Q2 · Overall: +12.22024 Q3 · Overall: +8.32024 Q4 · Overall: +13.32025 Q1 · Overall: +9.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-25-12+0+12+252020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · CEO: -3.62020 Q2 · CEO: +9.02020 Q3 · CEO: +16.42020 Q4 · CEO: +10.42021 Q1 · CEO: +17.82021 Q2 · CEO: +18.42021 Q3 · CEO: +14.42021 Q4 · CEO: +8.72022 Q1 · CEO: +19.12022 Q2 · CEO: +10.72022 Q3 · CEO: +11.42022 Q4 · CEO: +15.12023 Q1 · CEO: +10.32023 Q2 · CEO: +12.72023 Q3 · CEO: +9.52023 Q4 · CEO: +12.22024 Q2 · CEO: +20.92024 Q3 · CEO: +13.62024 Q4 · CEO: +20.22025 Q1 · CEO: +18.32020 Q1 · CFO: +6.82020 Q2 · CFO: +6.62020 Q3 · CFO: +9.92020 Q4 · CFO: +18.32021 Q1 · CFO: +15.42021 Q2 · CFO: +10.82021 Q3 · CFO: +13.22021 Q4 · CFO: +17.32022 Q1 · CFO: +21.42022 Q2 · CFO: +9.32022 Q3 · CFO: +11.82022 Q4 · CFO: +9.82023 Q1 · CFO: +18.52023 Q2 · CFO: +10.52023 Q3 · CFO: +17.02023 Q4 · CFO: +10.12024 Q3 · CFO: +19.32024 Q4 · CFO: +18.62025 Q1 · CFO: +15.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-26-13+0+13+262020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · Prepared remarks: -1.52020 Q2 · Prepared remarks: +2.92020 Q3 · Prepared remarks: +11.52020 Q4 · Prepared remarks: +16.22021 Q1 · Prepared remarks: +13.42021 Q2 · Prepared remarks: +19.32021 Q3 · Prepared remarks: +12.02021 Q4 · Prepared remarks: +8.02022 Q1 · Prepared remarks: +23.02022 Q2 · Prepared remarks: +12.02022 Q3 · Prepared remarks: +8.42022 Q4 · Prepared remarks: +12.42023 Q1 · Prepared remarks: +12.02023 Q2 · Prepared remarks: +9.82023 Q3 · Prepared remarks: +13.42023 Q4 · Prepared remarks: +13.52024 Q1 · Prepared remarks: +10.32024 Q2 · Prepared remarks: +13.42024 Q3 · Prepared remarks: +17.52024 Q4 · Prepared remarks: +18.72025 Q1 · Prepared remarks: +13.12020 Q1 · Q&A responses: +6.02020 Q2 · Q&A responses: +12.72020 Q3 · Q&A responses: +13.62020 Q4 · Q&A responses: +9.72021 Q1 · Q&A responses: +15.72021 Q2 · Q&A responses: +9.12021 Q3 · Q&A responses: +13.62021 Q4 · Q&A responses: +9.22022 Q1 · Q&A responses: +13.02022 Q2 · Q&A responses: +7.32022 Q3 · Q&A responses: +5.12022 Q4 · Q&A responses: +11.72023 Q1 · Q&A responses: +10.62023 Q2 · Q&A responses: +7.72023 Q3 · Q&A responses: +9.92023 Q4 · Q&A responses: +10.62024 Q1 · Q&A responses: +7.82024 Q2 · Q&A responses: +14.42024 Q3 · Q&A responses: +10.32024 Q4 · Q&A responses: +15.22025 Q1 · Q&A responses: +15.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-4.04$2.05$8.142020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1: $0.122020 Q2: $-3.192020 Q3: $-1.402020 Q4: $0.842021 Q1: $1.152021 Q2: $1.592021 Q3: $2.152021 Q4: $2.862022 Q1: $3.582022 Q2: $4.382022 Q3: $5.252022 Q4: $5.592023 Q1: $5.962023 Q2: $5.742023 Q3: $6.372023 Q4: $6.492024 Q1: $5.982024 Q2: $6.342024 Q3: $7.30

Forward P/E

9.1925.4341.662020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1: 39.422020 Q2: 39.422020 Q4: 33.672021 Q1: 29.052021 Q2: 30.792021 Q3: 21.702021 Q4: 17.802022 Q1: 18.342022 Q2: 15.252022 Q3: 13.812022 Q4: 13.112023 Q1: 11.432023 Q2: 12.362023 Q3: 13.302023 Q4: 13.072024 Q1: 17.802024 Q2: 19.452024 Q3: 20.83

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2020 Q2 tone ↑ +7.2 fwd EPS ↓ -3.31 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -3.1 fwd EPS ↑ +2.24 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -3.2 fwd EPS ↑ +0.44 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -2.2 fwd EPS ↑ +0.71 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -4.0 fwd EPS ↑ +0.79 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -2.4 fwd EPS ↑ +0.87 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -2.5 fwd EPS ↑ +0.37 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -3.9 fwd EPS ↑ +0.96 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+9.7——View →
2024 Q42025-02-20+13.3——View →
2024 Q32024-11-05+8.3$7.3020.8View →
2024 Q22024-08-01+12.2$6.3419.4View →
2024 Q12024-05-02+4.2$5.9817.8View →
2023 Q42024-02-15+8.9$6.4913.1View →
2023 Q32023-11-02+7.9$6.3713.3View →
2023 Q22023-08-03+7.4$5.7412.4View →