OPTIONS FLOW$TRGPTarga Resources Corp.Open ticker analysis →
$12.71M moved through Targa Resources Corp. ($TRGP) options on Monday in a 4-leg trade built around the $300 to $310 strikes. It reads as a multi-leg options structure, a trade about how far Targa Resources moves and when, more than a simple call on direction.
What happened
The legs printed together in the first hour of trading, around 9:40 a.m. ET on Monday, September 28, with $TRGP near $277.42, for $12.71M in combined premium across 3,174 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader collected about $1.03M up front. That credit is theirs to keep if the stock cooperates, but it comes with obligations on the sold side.
- TRGP Apr 16, 2027 $310 Put: 559 contracts at $43.41 (sold)
- TRGP Apr 16, 2027 $300 Put: 559 contracts at $36.85 (bought)
- TRGP Apr 16, 2027 $310 Put: 1,028 contracts at $43.23 (sold)
- TRGP Apr 16, 2027 $300 Put: 1,028 contracts at $36.73 (bought)
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
Net of all legs, the structure behaves like being long roughly 9,100 shares of TRGP, about $2.52M of stock exposure.
The strikes run from $300.00 (8.1% above the stock) to $310.00 (11.7% above the stock), so the trade is built around a zone rather than a single target.
With 200 days until Apr 16, 2027, this is positioning for months, not a quick flip. Implied volatility sat near 33%, a middle-of-the-road price for movement.
Over the last 11 sessions $TRGP has traded between $269.73 and $296.63 and is down 5.3% over that stretch. The stock came into this trade in the middle of that range.
The numbers
| Structure | Multi-leg options trade (4 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Apr 16, 2027 (nearest in 200 days) |
| Strikes | $300, $310 |
| Contracts | 3,174 |
| Total premium | $12.71M |
| Net cost | $1.03M credit |
| Stock at the trade | $277.42 |
Three ways this could play out
Bullish continuation
A move through $310.00 puts $TRGP above every strike. Legs above the stock price take over the result.
Bearish rejection
A drop under $300.00 takes $TRGP below every strike. Legs below the stock price take over the result.
Neutral stabilization
If $TRGP settles between $300.00 and $310.00 into Apr 16, 2027, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $300.00 and $310.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Apr 16, 2027: expiration, 200 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $269.73 and $296.63: the edges of TRGP’s recent trading range.
