Hedge Funds Are Dumping Exterran Corp (EXTN)

Since Exterran Corp (NYSE:EXTN) has witnessed a decline in interest from the smart money, we can see that there was a specific group of hedgies who were dropping their entire stakes last quarter. Intriguingly, Paul Marshall and Ian Wace’s Marshall Wace LLP sold off the biggest stake of all the investors watched by Insider Monkey, comprising an estimated $0.5 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund dropped about $0.3 million worth of shares.

Let’s also examine hedge fund activity in other stocks similar to Exterran Corp (NYSE:EXTN). These stocks are CoBiz Financial Inc (NASDAQ:COBZ), Student Transportation Inc (NASDAQ:STB), First Trust High Income Long/short Fund (NYSE:FSD), and Rudolph Technologies Inc (NYSE:RTEC). This group of stocks’ market valuations resemble EXTN’s market valuation.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $41 million. That figure was $106 million in EXTN’s case. Rudolph Technologies Inc (NYSE:RTEC) is the most popular stock in this table. On the other hand First Trust High Income Long/short Fund (NYSE:FSD) is the least popular one with only 3 bullish hedge fund positions. Exterran Corp (NYSE:EXTN) 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 RTEC might be a better candidate to consider taking a long position in.

Disclosure: None