Do Hedge Funds Love Cobalt International Energy, Inc. (CIE)?

As one would reasonably expect, some big names have jumped into Cobalt International Energy, Inc. (NYSE:CIE) headfirst. Eton Park Capital, led by Eric Mindich, created the most valuable position in Cobalt International Energy, Inc. (NYSE:CIE). Eton Park Capital had $2 million invested in the company at the end of the quarter. Steve Ketchum’s Sound Point Capital also made a $1.2 million investment in the stock during the quarter. The following funds were also among the new CIE investors: Jerome L. Simon’s Lonestar Capital Management, Ken Griffin’s Citadel Investment Group, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now review hedge fund activity in other stocks similar to Cobalt International Energy, Inc. (NYSE:CIE). We will take a look at CalAmp Corp. (NASDAQ:CAMP), Stoneridge, Inc. (NYSE:SRI), Actua Corp (NASDAQ:ACTA), and SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN). This group of stocks’ market caps match CIE’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $52 million. That figure was $281 million in CIE’s case. Stoneridge, Inc. (NYSE:SRI) is the most popular stock in this table. On the other hand Actua Corp (NASDAQ:ACTA) is the least popular one with only 8 bullish hedge fund positions. Cobalt International Energy, Inc. (NYSE:CIE) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SRI might be a better candidate to consider taking a long position in.

Disclosure: None