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Are Hedge Funds Right to be Bearish on Carrizo Oil & Gas Inc (CRZO)?

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A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Carrizo Oil & Gas Inc (NASDAQ:CRZO).

Is Carrizo Oil & Gas Inc (NASDAQ:CRZO) a buy? Investors who are in the know are becoming less confident. The number of long hedge fund bets went down by 6 recently. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Kosmos Energy Ltd (NYSE:KOS), Cornerstone OnDemand, Inc. (NASDAQ:CSOD), and Dillard’s, Inc. (NYSE:DDS) to gather more data points.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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What does the smart money think about Carrizo Oil & Gas Inc (NASDAQ:CRZO)?

At Q3’s end, a total of 19 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 24% drop from the second quarter of 2016, after hedge fund ownership had remained stable for the prior three quarters. With hedge funds’ capital changing hands, there exists a few key hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Daruma Asset Management, managed by Mariko Gordon, holds the biggest position in Carrizo Oil & Gas Inc (NASDAQ:CRZO). Daruma Asset Management has a $48.4 million position in the stock, comprising 3% of its 13F portfolio. The second largest stake is held by Citadel Investment Group, led by Ken Griffin, holding a $37.3 million position. Some other hedge funds and institutional investors that are bullish comprise John Overdeck and David Siegel’s Two Sigma Advisors, Vince Maddi and Shawn Brennan’s SIR Capital Management and Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners.

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