Hedge Funds Are Betting On Triangle Petroleum Corporation (TPLM)

As industrywide interest jumped, some big names have been driving this bullishness. Renaissance Technologies created the biggest position in Triangle Petroleum Corporation (NYSEMKT:TPLM). Renaissance Technologies had $0.3 million invested in the company at the end of the quarter. Michael Platt and William Reeves’ BlueCrest Capital Mgmt. also initiated a $0.2 million position during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, and John Overdeck and David Siegel’s Two Sigma Advisors.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Triangle Petroleum Corporation (NYSEMKT:TPLM) but similarly valued. These stocks are Riverview Bancorp, Inc. (NASDAQ:RVSB), A. H. Belo Corporation (NYSE:AHC), Radio One, Inc. (NASDAQ:ROIAK), and Jernigan Capital Inc (NYSE:JCAP). This group of stocks’ market values are similar to TPLM’s market value.

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $8 million. That figure was $20 million in TPLM’s case. Radio One, Inc. (NASDAQ:ROIAK) is the most popular stock in this table. On the other hand Riverview Bancorp, Inc. (NASDAQ:RVSB) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Triangle Petroleum Corporation (NYSEMKT:TPLM) 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 while oil is still cheap.