Is TRGP or WES more undervalued in 2026?

CirclFi compares Targa Resources, Inc. (TRGP) and Western Midstream Partners, LP (WES) using 13 institutional-grade valuation models. TRGP has a Quality of Company score of 8.9/10 while WES scores 8.1/10.

Which is a better buy — TRGP or WES?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do TRGP and WES valuations compare?

TRGP at $255.07 and WES at $42.87 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

TRGP vs WES Valuation Comparison 2026 — Intrinsic Value Analysis

TRGP

Natural Gas Transmission

Targa Resources, Inc.

Quality

8.9

out of 10

Value Trap

—

Price

$255.07

Last close

Models

12/13

Active

WES

Natural Gas Transmission

Western Midstream Partners, LP

Quality

8.1

out of 10

Value Trap

SAFE

Price

$42.87

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	TRGP Fair Value	TRGP Upside	WES Fair Value	WES Upside
Bayesian DCF	Intrinsic	$14.72	-94.6%	$65.13	+51.9%
Earnings Power Value	Intrinsic	$10.52	-95.9%	$16.51	-61.5%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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TRGP vs WES — Which Stock Is More Undervalued?

TRGP scores higher with a 8.9/10 quality rating vs WES's 8.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Targa Resources, Inc. (TRGP) and Western Midstream Partners, LP (WES) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

TRGP currently trades at $255.07 with a QOC of 8.9/10, while WES trades at $42.87 with a QOC of 8.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).