How Is Smart Money Trading Targa Resources Corp (TRGP)?

Seeing as Targa Resources Corp (NYSE:TRGP) has witnessed declining sentiment from the aggregate hedge fund industry, it’s easy to see that there exists a select few money managers that decided to sell off their entire stakes in the third quarter. Intriguingly, Matthew Tewksbury’s Stevens Capital Management said goodbye to the largest stake of the 700 funds watched by Insider Monkey, comprising close to $1.6 million in stock, and Bernard Selz’s Selz Capital was right behind this move, as the fund said goodbye to about $1 million worth. These moves are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s check out hedge fund activity in other stocks similar to Targa Resources Corp (NYSE:TRGP). These stocks are Mentor Graphics Corp (NASDAQ:MENT), Progressive Waste Solutions Ltd (USA) (NYSE:BIN), Enstar Group Ltd. (NASDAQ:ESGR), and WGL Holdings Inc (NYSE:WGL). This group of stocks’ market values are similar to TRGP’s market value.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $310 million. That figure was $266 million in TRGP’s case. Mentor Graphics Corp (NASDAQ:MENT) is the most popular stock in this table. On the other hand, Enstar Group Ltd. (NASDAQ:ESGR) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Targa Resources Corp (NYSE:TRGP) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.