Four of 147: Bill Nygren - Oakmark Funds Holds 67.3% of the Tracked Targa Resources Stake, and the Cohort Cut 6.4% in a Quarter When the Price Rose 6.9%

GetCoattail Research — The Filing Tape #120. Targa Resources surfaced on a trending-stocks screen this week listed as a Strong Buy with four Buy ratings and no Hold or Sell, and the filings describe a small tracked register that was trimming while the broad market added: 4 of the 147 superinvestors held the stock at June 30, 2026, totalling 11,788,295 shares, all four verified against the first quarter, for a combined decrease of 6.4%. Insiders have recorded no purchase in any window of the parsed record, no congressional aggregate carries a row for the name, and short interest stands at 2.64% of shares outstanding, up 39.9% from a year ago.

The Hype

Targa Resources' attention this week is a screen story. The stock appeared on TipRanks' Trending Stocks by Analyst screener — SCHW, SMTC and BAC topped the page's order, followed by names already covered in this series, among them RKLB, JBHT, USB, BNY, MSFT, VSTM, BLK, CRWV, PGR, META, UNH and NOW — and Targa Resources followed them, listed as a Strong Buy with a price target of $328.76 (11.48% upside as printed on the page), 4 Buy, 0 Hold and 0 Sell ratings, in Energy, dated October 16, 2026. TipRanks Our price file shows the path behind the screen: the stock rose 6.9% in the second quarter, from $250.73 on March 31 to $268.14 on June 30, and closed at $281.74 on October 2 — up 5.1% from the June 30 close, up 52.7% year to date, 6.8% below the 252-session closing high of $302.25 (August 20, 2026) and 92.6% above the 252-session low of $146.30 (October 16, 2025). That is what this series checks against the filings.

The Tape

For Targa Resources — the one hundred and twentieth Filing Tape audit — the tape shows a four-manager cohort that cut a verified 6.4% into a rising price, a full market adding filers and shares, an insider record with no purchase in any window, no congressional row, a passive-only 5% register whose maximum print was later followed by a zero print under the same name, and a small borrow rising quickly from a low base.

Lens 1 — the superinvestors: four holders, all verified, cutting 6.4% into the rise. We track 149 managers whose 13F portfolios we collect from SEC EDGAR — 147 are in the collection (144 at a June 30 period-end, 3 early filers at September 30, none of them holding this name) — and the June 30, 2026 register for this name, on the single CUSIP 87612G101, is 4 distinct managers holding 11,788,295 shares worth $3,160,913,352, long only, with no option rows: 3 labelled DECREASED and 1 INCREASED. Bill Nygren - Oakmark Funds is the largest: 7,937,530 shares worth $2,128,369,224 — 67.3% of the tracked stake — at a 2.82% portfolio weight, labelled DECREASED at -9.0%. Tortoise Capital Advisors is second at 3,529,491 shares (29.9%), labelled DECREASED at -0.5%, so the top two hold 11,467,021 shares, 97.3% of the cohort. Energy Income Partners holds 321,173 shares, labelled DECREASED at -1.7%, and First Eagle Investment Management holds 101 shares, labelled INCREASED at +381.0% (21 shares a quarter earlier). The decrease verifies row by row under two independent register methods that agree on every holder (see methodology): the four continuing holders held 12,596,760 shares at March 31 and 11,788,295 at June 30 (-808,465 shares, -6.4%), with no unverified holder, no new holder and no exit. Every row implies $268.14, the June 30 close. 13F figures are as of June 30, 2026, published up to 45 days later.

Lens 2 — institutions: 75 more filers and 18.70% more shares, moving the other way from the tracked cohort. At June 30, 2026, 1,092 institutions reported positions, up 75 from 1,017 at March 31 (+7.37%); 1,085 are long. Reported shares rose 18.70%, from 167,042,774 to 198,274,152 (+31,231,378 shares), and reported value rose 27.55% to $52,104,096,933, labelled "reported" because the aggregate includes option rows (see methodology). Flow counts agree: 953 entered, 878 exited, a net of +75, and the single by-CUSIP row matches the by-ticker row on every field. The reported value implies $262.79 per share against a June 30 close of $268.14 (-2.00%, from the unrounded implied price).

Lens 3 — insiders: no purchase in any window, against 43 sales. The parsed Form 4 record holds 78 filings through October 2, 2026, and it contains no purchase transaction: 0 purchases, 0 buyers and 0 officer purchases in the 90-day window, the one-year window and the full record. The last 90 days hold 0 purchases and 9 sales: 7,216 shares for $2,127,631.81, by 3 sellers, none of them officer sale transactions, across 11 filings. The one-year window holds 25 sales (148,755 shares, $34,254,115.02, 10 sellers, 13 of them officer sale transactions) across 45 filings, and the full record holds 43 sales (313,888 shares, $65,255,977.17, 11 sellers, 25 of them officer sale transactions). The sales imply $294.85 per share in the 90-day window, $230.27 over one year and $207.90 over the full record, each inside that window's close range on our price file ($256.87 to $302.25, $146.30 to $302.25 and $39.88 to $302.25) — so the dollar totals are cited for every window. The site's insider aggregate matches the full parse's 90-day window exactly (methodology).

Lens 4 — Congress: no row in any aggregate. The combined record (as of October 3, 2026) carries no row for this name. The House aggregate (as of October 3, 2026) carries no row, and the Senate aggregate (as of October 1, 2026) carries no row — no congressional transaction for this name sits in any archive.

Lens 5 — the 5% register: 7 filings, all passive, and a maximum that was later printed at zero. Our full parse holds 7 SC 13D/G filings matching the site aggregate — 0 in the SC 13D family, 2 SC 13G and 5 SC 13G/A; 5 of them amendments, 7 reporter names in 16 reporter rows. The register maximum is 13.18%: The Vanguard Group printed 28,382,289 shares at 13.18% as of September 30, 2025 (filed October 31, 2025, SC 13G/A) — and the same name's next print in the parse is 0 shares at 0.0% as of March 13, 2026 (filed March 27, 2026). The latest filing prints the Wellington group — Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP at 7.0% and Wellington Management Company LLP at 6.6%, each on 15,043,474 shares as of March 31, 2026 (filed May 15, 2026, SC 13G/A); other March 31 prints are Vanguard Capital Management at 16,208,859 shares (7.54%) and Vanguard Portfolio Management at 11,907,152 shares (5.54%). The 240,077,064-share total counts reporter rows across dates, not distinct stakes.

Lens 6 — short interest: a small borrow, rising fast from a low base. The latest FINRA settlement, September 15, 2026, records 5,650,628 shares sold short — 2.64% of the 214,431,021 shares outstanding — at 6.36 days to cover, up 5.29% from the prior settlement (5,366,594 on August 31, 2026). Against the June 30, 2026 settlement (4,644,849) the latest is up 21.7%, and against the year-ago settlement (4,037,877 on September 15, 2025) it is up 39.9%. The latest reading is the highest since the January 30, 2026 settlement (6,583,884), and the series maximum across 137 settlements is 7,224,407 on June 15, 2021, so the latest sits 21.8% below that peak. The recent path dips once, then rises at four straight settlements: 4,644,849 (June 30), 4,162,578 (July 15), 4,596,420 (July 31), 4,961,455 (August 14), 5,366,594 (August 31) and 5,650,628 (September 15). One step at or above 2 times sits in 2021 (methodology); the series is published as collected, and every comparison here sits after it.

The Gap

The narrative arriving this week is an analyst-consensus story: a Strong Buy trending listing, 4 Buy ratings against no Hold or Sell, a printed target above the last close, on a stock up 52.7% year to date on our price file. The filings split the institutional picture in two. The broad market added exposure in the second quarter — 75 more filers and 18.70% more shares — while the tracked superinvestor cohort did the opposite: all four of its holders verify, and together they cut 6.4% during a quarter when the price rose 6.9%, with the largest holder, Bill Nygren - Oakmark Funds at 67.3% of the tracked stake, cutting 9.0%. The insider record runs one way: no purchase in any window of a 78-filing record, only sales, and no congressional aggregate carries the name. And the borrow, though small at 2.64% of the share count, is this audit's fastest-moving lens: up 21.7% since June 30, up 39.9% year over year, rising at four straight settlements. One plausible reading is that the trending case rests on the analyst screen and the year's price run, while the June tape shows the broad register adding, a narrow tracked register trimming into strength, insiders selling only, and a small but growing borrow — enthusiasm in the aggregate, caution in the tracked names, and no insider or congressional confirmation either way.

What Would Change the Picture

Nothing above is a recommendation. These filings would change it:

• 1. The 2026Q3 13F season (filing window closing mid-November 2026). All four June holders verify, so the cohort's -6.4% is a clean baseline. Whether Bill Nygren - Oakmark Funds' 7,937,530-share stake and Tortoise Capital Advisors' 3,529,491-share position shrink again in third-quarter filings dated after a further rise decides whether the June cut reads as a one-quarter trim or the start of a tracked exit from a stock the broad market is still adding.
• 2. A first insider purchase. The parsed record holds 0 purchases in 78 filings, in every window. A first purchase transaction would break the sales-only record.
• 3. A first congressional row. The combined, House and Senate aggregates all carry no row for this name. A first recorded transaction in either chamber would open this lens.
• 4. A first SC 13D, or a 5% print above 13.18%. The register holds only passive SC 13G family filings, and its maximum, The Vanguard Group's 13.18% print as of September 30, 2025, was followed by a 0.0% print under the same name. A first activist-family filing, or a new filing moving the maximum, would change this lens.
• 5. Short interest through the series peak, or back below the June 2026 level. The borrow stands at 5,650,628 shares, up 5.29% on the settlement and up 21.7% from the June 30, 2026 settlement, at 2.64% of shares outstanding. A reading at or above 7,224,407 would set a new series high; a fall back below 4,644,849 would unwind the post-June rise.

Related reading: Four of 147: RTW Holds 43.2% of the Tracked Verastem Stake, and the Cohort Grew 16.3% in a Quarter When the Price Fell 27.9% — Filing Tape #119; 11 of 147: Dodge & Cox Holds 62.4% of the Tracked BNY Stake — and Cut It 29.0% in a Quarter When the Price Rose 21.9% — Filing Tape #118. Targa Resources' own page: Targa Resources (TRGP) on GetCoattail.

Methodology and data notes

• As-of & limits: The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later; Form 4 runs through October 2, 2026; Congress aggregates run through October 3, 2026 (Senate through October 1, 2026); 13D/G through May 15, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Six limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, the tracked collection mixes period-ends in general, but for this name all four holders sit on June 30, 2026 period-ends and none of the three September 30 early filers holds it, so every superinvestor figure here is a single-date figure. Third, the full-market reported value rose 27.55% while reported shares rose 18.70%; the value implies $262.79 per share against the $268.14 June 30 close (-2.00%, computed from the unrounded implied price), a wider gap than the tracked cohort's exact implied match, and filer and share counts are headlined. Fourth, the full series of short-interest settlements contains a single step at or above 2 times in 2021, detailed in the short-interest note below; the series is published as collected and every comparison in the article sits after that step. Fifth, the fundamentals file carries no fiscal-vintage split for this name — its revenue, net income and assets are all labelled fiscal 2025 — detailed in the fundamentals note below. Sixth, the TipRanks screener listing (dated October 16, 2026 on the page) postdates the 13F snapshot and the short-interest series; the listing is known to this audit only from outside coverage, not from our own files, and none of its price figures are cited here beyond the listing's own printed target, which is reported as screen content in The Hype; every other price figure here is from our own price file.
• Superinvestor lens: 147 managers in the collection (of a 149-manager roster; 144 at a June 30, 2026 period-end and 3 early filers at September 30, 2026, none of them holding this name) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster); Targa Resources positions are counted on CUSIP 87612G101, long rows only. Four distinct managers hold a long position at June 30, 2026, totalling 11,788,295 shares worth $3,160,913,352, with a direction count of 3 DECREASED and 1 INCREASED, and no option rows. Bill Nygren - Oakmark Funds' share of the stake is 67.3% = 7,937,530 / 11,788,295, at a 2.82% portfolio weight; the top two holders (Bill Nygren - Oakmark Funds and Tortoise Capital Advisors) hold 11,467,021 shares, 97.3% of the stake. All four holders are continuing holders, and all four verify row by row against the first quarter under two independent methods that agree exactly. Under the rule used in the previous audits — a holder's first-quarter row accepted only when its implied shares-change reproduces the EDGAR shares-change label at one decimal place — the verified continuing total is 12,596,760 shares at March 31 moving to 11,788,295 at June 30 (-6.4%): Bill Nygren - Oakmark Funds 8,723,203 → 7,937,530 (-9.0%), Tortoise Capital Advisors 3,546,761 → 3,529,491 (-0.5%), Energy Income Partners 326,775 → 321,173 (-1.7%), First Eagle Investment Management 21 → 101 (+381.0%). Because two recent audits found the generic accession-prefix method failing on shared filing-agent prefixes, the check was also rerun identifying filings by accession (filing total equal to the manager's collection total, unique) and pairing second- and first-quarter filings of the same manager by maximum CUSIP-set overlap under the same agent prefix (Bill Nygren - Oakmark Funds overlap 149 CUSIPs, First Eagle Investment Management 384, Tortoise Capital Advisors 82, Energy Income Partners 83 — each uniquely the maximum); the corrected method returns the identical four first-quarter rows, so no correction changes any figure here. The pipeline register then reconciles in both quarters with no residual (first quarter: 4 rows and 12,596,760 shares, exactly the verified continuing total, with no new-holder or exited rows; second quarter: 4 rows and 11,788,295 shares; the register change is -6.4%). Implied per-share value: every row implies $268.14, the June 30, 2026 close, so the cohort implied price is $268.14, 0.0% against the close. No tracked manager exited, and no holder is labelled NEW.
• Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the ticker's CUSIP; 1,085 reported long positions out of 1,092 filers). Targa Resources carries a single CUSIP in this aggregation (87612G101), and the backfill fixtures' by-CUSIP row matches the by-ticker row exactly on every field — holders (1,092), long holders (1,085), shares (198,274,152), reported value ($52,104,096,933), prior holders (1,017) and prior reported value ($40,848,966,855). The by-ticker file's entered/exited fields (953 and 878, a net of +75 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($52,104,096,933 over 198,274,152 shares) implies $262.79 per share against a June 30, 2026 close of $268.14 in our price file, a gap of -2.00% computed from the unrounded implied price. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
• Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (78 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. The 90-day window (July 5 to October 2, 2026) holds 0 purchase transactions and 9 sale transactions (7,216 shares, $2,127,631.81, 0 buyers, 3 sellers, 0 officer sale transactions) across 11 filings. The one-year window (October 3, 2025 to October 2, 2026) holds 0 purchases and 25 sales (148,755 shares, $34,254,115.02, 10 sellers, 13 officer sale transactions) across 45 filings, and the full record holds 0 purchases and 43 sales (313,888 shares, $65,255,977.17, 11 sellers, 25 officer sale transactions). The site's insider aggregate (90-day window, as of October 18, 2026) matches the full parse's 90-day window exactly: 0 purchases, 9 sale transactions, 3 sellers and $2,127,631.81 of sale value. This audit uses the full-parse numbers, which the site aggregate confirms for the 90-day window. Window price checks on our price file: the sales imply $294.85 per share in the 90-day window, inside its close range ($256.87 to $302.25); $230.27 over one year, inside its range ($146.30 to $302.25); and $207.90 over the full record, inside its range ($39.88 to $302.25) — so dollar totals are cited for every window.
• 13D/G lens: full-parse SC 13D/G parsed filings (7 filings matching issuer CIK 1389170 on CUSIP 87612G101: 0 SC 13D family filings, 2 SC 13G and 5 SC 13G/A, 5 of them amendments), filings through May 15, 2026. The site aggregation carries this name under a ticker-keyed row; that row (7 filings, 0 D-filings, 7 G-filings, 5 amendments, 7 reporters, latest date May 15, 2026, maximum 13.18%, total reported 240,077,064 shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and the cross-date reported total. The total sums reporter rows across filings and dates (16 reporter rows, none of which carries a missing percentage), so it is a filing-volume total, not a stake. The maximum of 13.18% is The Vanguard Group's print of 28,382,289 shares as of September 30, 2025 (filed October 31, 2025, SC 13G/A); the same name's later print is 0 shares at 0.0% as of March 13, 2026 (filed March 27, 2026, SC 13G/A). The latest filing prints the Wellington group — Wellington Management Group LLP, Wellington Group Holdings LLP and Wellington Investment Advisors Holdings LLP at 7.0% and Wellington Management Company LLP at 6.6%, each on 15,043,474 shares — as of March 31, 2026 (filed May 15, 2026, SC 13G/A); the group's earlier prints are 18,022,893 shares as of June 30, 2025 and 12,828,324 shares as of December 31, 2024. Other filings with a March 31, 2026 event date print Vanguard Capital Management at 16,208,859 shares (7.54%, filed April 30, 2026, SC 13G) and Vanguard Portfolio Management at 11,907,152 shares (5.54%, filed April 29, 2026, SC 13G). The Vanguard names are reported exactly as they appear in each file and are not summed. The parsed coverage for this issuer holds these 7 filings; a 5% holder that has not filed in the covered window would not appear here.
• Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries no row for this name; the House aggregate (as of October 3, 2026) carries no row; the Senate aggregate (as of October 1, 2026) carries no row. The absence is recorded as it stands in all three files: no recorded congressional transaction for this name sits in any of the archives as we hold them.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. This is the standard single-symbol case: the series is every row under symbol TRGP, all 137 of them under the single issuer name "Targa Resources Corp." exactly as printed in the files (the market-class column reads NYSE on every row), covering 137 settlements from January 15, 2021 (3,306,852 shares) to September 15, 2026, with all 137 settlement dates distinct. The latest reading is 5,650,628 shares on September 15, 2026, up 5.29% from the prior settlement (5,366,594 on August 31, 2026), up 21.7% from the June 30, 2026 settlement of 4,644,849 and up 39.9% from the year-ago settlement of 4,037,877 on September 15, 2025, at 6.36 days to cover; it is the highest reading since the January 30, 2026 settlement of 6,583,884. Series discontinuity check — one step flagged and disclosed: exactly one single-settlement step in the series reaches 2 times — 2.563x on June 15, 2021 (2,818,221 shares on May 28, 2021 to 7,224,407), which is both the largest step in the series and the series maximum itself. No step in the series falls to 0.5 times or below (the smallest step is 0.707x, on March 31, 2021). The June 15, 2021 row is the only row in the series carrying any FINRA flag, a revision flag ("R"); no row in the series carries a stock-split flag. Our own price file shows no single-day close jump at or above 1.5 times, or at or below 0.6 times, anywhere in its full history, so no price-file jump corresponds to the step. The full series is published as collected, with no smoothing or rebasing; the flagged step sits in 2021, and every short-interest comparison in this article (latest against prior settlement, against the June 30, 2026 settlement and against the year-ago settlement) is computed inside the window after it. The recent path runs 4,644,849 (June 30), 4,162,578 (July 15), 4,596,420 (July 31), 4,961,455 (August 14), 5,366,594 (August 31) and 5,650,628 (September 15) — one fall, then four consecutive rises. FINRA publishes each settlement about two weeks after the fact, so the October price action is not yet in this series. The share-count ratio (2.64%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Targa Resources' revenue of $17,028,300,000, net income of $1,923,000,000 and assets of $25,218,400,000, all sourced to the same financial-series cache and all labelled fiscal 2025 — this name carries no fiscal-vintage split, so the three figures are reported here under their shared label. The file is marked ok for this name, with no missing fields: shares outstanding of 214,431,021 (sourced in the file to the DEI entity-common-stock shares-outstanding count, with a shares-end date of July 31, 2026) and a file-computed market value of $61,267,231,581.88. The file does not flag the issuer as a foreign private issuer, and it carries SIC 4922, Natural Gas Transmission, and a NYSE listing. The file's price for the name is $285.72 as of October 6, 2026; our daily-close file ends October 2, 2026 at $281.74, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for TRGP through October 2, 2026 ($281.74 close, +52.7% year to date on that file; the 252-session closing high is $302.25 on August 20, 2026, so the last close sits 6.8% below it; the 252-session closing low is $146.30 on October 16, 2025, so the last close sits 92.6% above it; closes of $250.73 at March 31, 2026 and $268.14 at June 30, 2026, a second-quarter change of +6.9%; change from June 30 to October 2 of +5.1%; change from the September 30, 2025 close of $167.54 of +68.2%; change from the October 2, 2025 close of $162.65 of +73.2%; the December 31, 2025 close is $184.50). The series in our price file begins June 1, 2021 at $39.88 and holds 1,342 rows; the file's full-period close range is $39.88 to $302.25.
• Market context sources: the TipRanks Trending Stocks by Analyst screener (full-page crawl, October 18, 2026), on which Targa Resources followed SCHW, SMTC and BAC at the top of the page's order and covered names (RKLB, JBHT, USB, BNY, MSFT, VSTM, BLK, CRWV, PGR, META, UNH and NOW), skipped names (TSM, IBKR and PNC among the names ahead of it, skipped as recorded in this audit's datasheet; WSE and TTE were skipped in this run for missing lens data and foreign-private-issuer lens gaps respectively, as recorded in the datasheet), and was listed as a Strong Buy with a price target of $328.76 (11.48% upside as printed), 4 Buy, 0 Hold and 0 Sell ratings, in Energy, dated October 16, 2026 on the page; and the Google Trends United States daily list (CyberKendra snapshot, last updated October 18, 2026, 8:23 AM IST), whose top ten were led by darian mensah, la galaxy and a thanksgiving day snow rain forecast 2026 query and carried no single-stock query. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements, and none of their price figures are cited in this audit beyond the screener's printed target as reported in The Hype.
• Targa Resources is in the GetCoattail stock-page universe: Targa Resources (TRGP) stock page. Series data: trgp_lens_data.csv · trgp_short_interest_series.csv. Earlier audits: Verastem · BNY · Viper Energy.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history: v1.0 — October 18, 2026: first publication.