5 Best Performing Growth Stocks in 2022

4. Targa Resources Corp. (NYSE:TRGP)

Number of Hedge Fund Holders: 30

YTD Share Price Gain in 2022 as of December 29: 40.65%

P/E Ratio as of December 29: 69.18

Targa Resources Corp. (NYSE:TRGP) owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. Targa Resources Corp. (NYSE:TRGP) was incorporated in 2005 and is headquartered in Houston, Texas. The company expects to generate full year adjusted EBITDA between $2.85 billion and $2.95 billion, despite volatile commodity prices. It is one of the best performing growth stocks of 2022.

On December 8, Citi analyst Spiro Dounis initiated coverage of Targa Resources Corp. (NYSE:TRGP) with a Buy rating and a $95 price target. The analyst launched coverage of 23 midstream stocks with a “constructive cash flow outlook” but acknowledges the “need to be selective in this environment.” He named Targa Resources Corp. (NYSE:TRGP) as one of his top picks in the sector. 

According to Insider Monkey’s data, Targa Resources Corp. (NYSE:TRGP) was part of 30 hedge fund portfolios at the end of Q3 2022, compared to 32 in the earlier quarter. Stuart J. Zimmer’s Zimmer Partners is the largest stakeholder of the company, with 3.5 million shares worth $212 million.