Vanguard discloses 28,382,289 TRGP shares, a 13.18% stake

Rhea-AI Filing Summary

The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 28,382,289 shares of Targa Resources Corp. (TRGP) common stock, representing 13.18% of the class as of 09/30/2025. Vanguard is identified as an investment adviser.

The filing lists 0 shares with sole voting power and 1,397,836 with shared voting power. It reports 26,192,024 shares with sole dispositive power and 2,190,265 with shared dispositive power. Vanguard states the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control. The filing notes that Vanguard’s clients have rights to dividends or sale proceeds, and no single other person’s interest exceeds 5%.

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Accepted by SEC EDGAR 10/31/2025 - 11:28 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

Targa Resources Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

87612G101

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87612G101

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,397,836.00
7	Sole Dispositive Power 26,192,024.00
8	Shared Dispositive Power 2,190,265.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

28,382,289.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.18 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Targa Resources Corp
(b)	Address of issuer's principal executive offices: 811 Louisiana, Suite 2100, Houston, TX, 77002
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 87612G101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 28382289
(b)	Percent of class: 13.18 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1397836
	(iii) Sole power to dispose or to direct the disposition of: 26192024
	(iv) Shared power to dispose or to direct the disposition of: 2190265
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	10/31/2025

FAQ

What stake in TRGP does Vanguard report in this Schedule 13G/A?

Vanguard reports beneficial ownership of 28,382,289 TRGP shares, or 13.18% of the class as of 09/30/2025.

What are Vanguard’s voting powers over TRGP shares?

Vanguard reports 0 shares with sole voting power and 1,397,836 shares with shared voting power.

What are Vanguard’s dispositive powers over TRGP shares?

Vanguard has sole dispositive power over 26,192,024 shares and shared dispositive power over 2,190,265 shares.

How does Vanguard classify itself in this filing?

Vanguard is listed as an investment adviser (IA).

What does the certification say about Vanguard’s intent?

The securities were acquired and are held in the ordinary course and not to change or influence control of the issuer.

Who has rights to dividends or sale proceeds from these shares?

Vanguard’s clients have such rights, and no single other person’s interest exceeds 5%.

What is the event date tied to this ownership report?

The event date is 09/30/2025.