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This Metric Says You Are Smart to Buy Targa Resources Partners LP (NGLS)

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Targa Resources Partners LP (NYSE:NGLS) was in 7 hedge funds’ portfolio at the end of December. NGLS investors should be aware of an increase in hedge fund interest lately. There were 3 hedge funds in our database with NGLS holdings at the end of the previous quarter.

In the financial world, there are dozens of gauges shareholders can use to track the equity markets. A pair of the most under-the-radar are hedge fund and insider trading activity. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the top investment managers can beat the broader indices by a healthy amount (see just how much).

Equally as important, optimistic insider trading sentiment is a second way to parse down the marketplace. As the old adage goes: there are a variety of reasons for an upper level exec to sell shares of his or her company, but just one, very clear reason why they would behave bullishly. Several empirical studies have demonstrated the market-beating potential of this method if you know what to do (learn more here).

With these “truths” under our belt, let’s take a peek at the key action encompassing Targa Resources Partners LP (NYSE:NGLS).

What does the smart money think about Targa Resources Partners LP (NYSE:NGLS)?

At the end of the fourth quarter, a total of 7 of the hedge funds we track held long positions in this stock, a change of 133% from the third quarter. With hedgies’ sentiment swirling, there exists a select group of key hedge fund managers who were increasing their stakes significantly.

Targa Resources Partners LP (NYSE:NGLS)Of the funds we track, Dmitry Balyasny’s Balyasny Asset Management had the largest position in Targa Resources Partners LP (NYSE:NGLS), worth close to $5.5 million, comprising 0.1% of its total 13F portfolio. On Balyasny Asset Management’s heels is Renaissance Technologies, managed by Jim Simons, which held a $1.8 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other hedgies that are bullish include Richard Driehaus’s Driehaus Capital, Andrew R. Midler’s Savitr Capital and Ken Griffin’s Citadel Investment Group.

As aggregate interest increased, key money managers have jumped into Targa Resources Partners LP (NYSE:NGLS) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the most outsized position in Targa Resources Partners LP (NYSE:NGLS). Balyasny Asset Management had 5.5 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also initiated a $1.8 million position during the quarter. The other funds with brand new NGLS positions are Richard Driehaus’s Driehaus Capital and Andrew R. Midler’s Savitr Capital.

What do corporate executives and insiders think about Targa Resources Partners LP (NYSE:NGLS)?

Insider purchases made by high-level executives is particularly usable when the company in focus has experienced transactions within the past half-year. Over the latest half-year time period, Targa Resources Partners LP (NYSE:NGLS) has experienced 2 unique insiders buying, and zero insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Targa Resources Partners LP (NYSE:NGLS). These stocks are Genesis Energy, L.P. (NYSE:GEL), NuStar Energy L.P. (NYSE:NS), Spectra Energy Partners, LP (NYSE:SEP), Cheniere Energy Partners LP (NYSEAMEX:CQP), and Regency Energy Partners LP (NYSE:RGP). This group of stocks are the members of the oil & gas pipelines industry and their market caps are closest to NGLS’s market cap.

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