Here is What Hedge Funds Think About California Resources Corporation. (CRC)

Due to the fact that California Resources Corporation (NYSE:CRC) has witnessed declining sentiment from the aggregate hedge fund industry, logic holds that there is a sect of funds who sold off their full holdings last quarter. Intriguingly, Mason Hawkins’s Southeastern Asset Management said goodbye to the largest stake of the “upper crust” of funds followed by Insider Monkey, worth an estimated $81.8 million in stock, and Zac Hirzel’s Hirzel Capital Management was right behind this move, as the fund dumped about $20.9 million worth of CRC shares. These moves are important to note, as aggregate hedge fund interest was cut by 6 funds last quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as California Resources Corporation. (NYSE:CRC) but similarly valued. We will take a look at NxStage Medical, Inc. (NASDAQ:NXTM), Banner Corporation (NASDAQ:BANR), Cooper-Standard Holdings Inc (NYSE:CPS), and Wright Medical Group NV (NASDAQ:TRNX). This group of stocks’ market valuations are closest to CRC’s market valuation.

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 $188 million. That figure was $293 million in CRC’s case. NxStage Medical, Inc. (NASDAQ:NXTM) is the most popular stock in this table. On the other hand Cooper-Standard Holdings Inc (NYSE:CPS) and Wright Medical Group NV (NASDAQ:TRNX) are the least popular ones, with only 14 bullish hedge fund positions each. Compared to these stocks California Resources Corporation (NYSE:CRC) 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.