Does Energen Corporation (EGN) Represent a Good Stock for Your Portfolio?

On the other hand, there were a few hedge funds that decided to sell off their positions entirely in the third quarter. Interestingly, Zach Schreiber’s Point State Capital dropped the biggest position of all the hedgies monitored by Insider Monkey, valued at an estimated $77.1 million in stock. Stuart J. Zimmer’s fund, Zimmer Partners, also cut its stock, worth about $48.2 million. These transactions are intriguing to say the least, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s also examine hedge fund activity in other stocks similar to Energen Corporation (NYSE:EGN). These stocks are ABIOMED, Inc. (NASDAQ:ABMD), Williams-Sonoma, Inc. (NYSE:WSM), Tahoe Resources Inc (NYSE:TAHO), and Tesoro Logistics LP (NYSE:TLLP). All of these stocks’ market caps resemble EGN’s market cap.

As you can see these stocks had an average of 17 investors with long positions and the average amount invested in these stocks was $292 million. That figure was $787 million in EGN’s case. ABIOMED, Inc. (NASDAQ:ABMD) is the most popular stock in this table, while Tesoro Logistics LP (NYSE:TLLP) is the least popular one with only six bullish hedge fund positions. Compared to these stocks Energen Corporation (NYSE:EGN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.