Here Is What Hedge Funds Think About EQT Corporation (EQT)

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As industrywide interest jumped, key money managers were leading the bulls’ herd. Waratah Capital Advisors, managed by Brad Dunkley and Blair Levinsky, established the largest position in EQT Corporation (NYSE:EQT). Waratah Capital Advisors had $13.6 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also made a $13 million investment in the stock during the quarter. The other funds with brand new EQT positions are Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners, Phil Frohlich’s Prescott Group Capital Management, and Millennium Management.

Let’s now review hedge fund activity in other stocks similar to EQT Corporation (NYSE:EQT). These stocks are Mobileye NV (NYSE:MBLY), Ally Financial Inc (NYSE:ALLY), CMS Energy Corporation (NYSE:CMS), and Coty Inc (NYSE:COTY). All of these stocks’ market caps resemble EQT Corporation (NYSE:EQT)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
MBLY 32 704976 -7
ALLY 57 3532229 1
CMS 18 60102 -2
COTY 23 437847 3

As you can see, these stocks had an average of 33 hedge funds with bullish positions and the average amount invested in these stocks was $1.18 billion. That figure was $922 million in EQT Corporation (NYSE:EQT)’s case. Ally Financial Inc (NYSE:ALLY) is the most popular stock in this table. On the other hand, CMS Energy Corporation (NYSE:CMS) is the least popular one with only 18 bullish hedge fund positions. EQT Corporation (NYSE:EQT) 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, Ally Financial Inc (NYSE:ALLY) might be a better candidate to consider a long position.

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