Here is What Hedge Funds Think About C&J Energy Services Inc (CJES)

Judging by the fact that C&J Energy Services Inc (NYSE:CJES) has faced bearish sentiment from hedge fund managers, we can see that there lies a certain “tier” of hedgies who were dropping their full holdings last quarter. It’s worth mentioning that Kyle Bass’s Hayman Advisors sold off the biggest position of the “upper crust” of funds watched by Insider Monkey, valued at an estimated $17.3 million in stock, and Sander Gerber of Hudson Bay Capital Management was right behind this move, as the fund said goodbye to about $10.6 million worth of stock. These transactions are intriguing to say the least, as total hedge fund interest fell by 1 funds last quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as C&J Energy Services Inc (NYSE:CJES) but similarly valued. We will take a look at Century Communities, Inc (NYSE:CCS), Patriot National Inc (NYSE:PN), Carrols Restaurant Group, Inc. (NASDAQ:TAST), and Intrepid Potash, Inc. (NYSE:IPI). This group of stocks’ market values are closest to CJES’s market value.

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 $63 million. That figure was $68 million in CJES’s case, a positive sign. Carrols Restaurant Group, Inc. (NASDAQ:TAST) is the most popular stock in this table, while Patriot National Inc (NYSE:PN) is the laggard with only 6 bullish hedge fund positions. C&J Energy Services Inc (NYSE:CJES) is not the most popular stock in this group, but hedge fund interest is still above average. While this is a slightly positive signal, we’d rather spend our time researching stocks that hedge funds are piling on. Since TAST outperforms CJES in every metric, it might be a better candidate to consider a long position.