Billionaire Louis Bacon’s 10 Stock Picks with Huge Upside Potential

6. Targa Resources Corp. (NYSE:TRGP)

Moore Global Investments’ Stake: $28.75 million

Number of Hedge Fund Holders: 61

Average Upside Potential as of May 2: 34.87%

Targa Resources Corp. (NYSE:TRGP) owns, operates, acquires, and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments: Gathering & Processing (G&P) and Logistics & Transportation. It’s involved in gathering, compressing, treating, processing, transporting, and selling natural gas.

In Q1 2025, natural gas inlet volumes in the Permian Basin operations within the G&P segment averaged over 6 billion cubic feet per day, which was an 11% increase year-over-year. While volumes saw a slight 1% decrease sequentially due to winter weather events, they have since rebounded and are trending ~200 million cubic feet per day higher than the Q1 average.

Targa Resources Corp. (NYSE:TRGP) now anticipates significant volume growth in the Permian throughout the remainder of 2025 and beyond. Targa Resources Corp. (NYSE:TRGP) is also investing in new infrastructure in the Permian. For instance, the Pembrook II plant in the Midland Basin is now expected to come online in Q3 2025, with the East Pembrook and East Driver plants following in Q2 and Q3 of 2026.