Targa Resources Corp. (TRGP)

The total Delta Exposure (DEX) for TRGP across all expirations shows 346,821.56 net shares that market makers must hedge, with 535,307.52 from calls and 188,485.96 from puts. The put-call delta ratio of 0.35 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Dec 19, 25 with 174,405.6 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.