Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent our lives looking for wonderful businesses run by able and honest people, and we've spent almost as long avoiding capital-intensive, debt-laden businesses dressed up in the language of "infrastructure" and "tollroads." Targa Resources is a competent operator in a critical corner of American energy. It is not, however, a wonderful business — and the price the market is asking us to pay for it is the kind of price one should pay for a wonderful business. We pass. Targa is the largest pure-play independent midstream company in North America focused on natural gas liquids (NGLs). The business does three reasonably understandable things: 1.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 8-K (2026-07-17), 8-K (2026-07-06).
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