Hedge Funds Have Mixed Feelings On These Two Energy Stocks

A former employee of Dakin Securities, an investment bank in San Francisco, California, J. Carlo Cannell founded Cannell Capital in 1992 with $600,000 in capital. An avid supporter of value investing, Cannell uses bottom-up and quantitative analysis to identify investment opportunities in small-cap stocks. During the second quarter, Cannell dumped approximately 40% of his stake in Callon Petroleum Company (NYSE:CPE), reducing it to just 1.2 million shares. He also decided to step up his interest in Avid Technology, Inc. (NASDAQ:AVID), more than doubling his stake to 806,234 shares. Cannell Capital’s top equity position, GTT Communications Inc (NYSE:GTT) was reduced for the fifth quarter in a row, with the fund reporting ownership of 1.74 million shares in its latest 13F filing.

So far this year, North American Energy Partners Inc. (USA) (NYSE:NOA)’s stock has slumped by 33.8% to a current value of $2.05 per share, giving the company a market cap of $68.2 million. Second quarter revenues came in at $64.41 million, with the loss widening to $0.13 per share, compared with the loss of $0.11 for the same period of last year. Analysts are upbeat about the prospects of North American Energy Partners and expect a profit in the current quarter, eyeing revenues of $101 million and earnings of $0.02 per share. Only five of the hedge funds that we track were invested in North American Energy Partners Inc. (USA) (NYSE:NOA) on June 30, with hedge fund guru Jim Simons among them. His fund, Renaissance Technologies, held 389,637 shares, down by 10% during the second quarter. The biggest stake in North American Energy Partners within our database is held by Frontfour Capital Group, run by Stephen Loukas, David A. Lorber and Zachary George, which reported ownership of 3.61 million shares.

Disclosure: None