Here Is What Hedge Funds Think About Stone Energy Corporation (SGY)

As aggregate interest increased, key money managers were breaking ground themselves. PAR Capital Management assembled the largest position in Stone Energy Corporation (NYSE:SGY). Glenn Russell Dubin’s Highbridge Capital Management also initiated a $0.8 million position during the quarter. The other funds with brand new SGY positions are Mike Vranos’ Ellington, Chao Ku’s Nine Chapters Capital Management, and John Overdeck and David Siegel’s Two Sigma Advisors.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Stone Energy Corporation (NYSE:SGY) but similarly valued. We will take a look at Sonus Networks, Inc. (NASDAQ:SONS), Sinovac Biotech Ltd. (NASDAQ:SVA), United Insurance Holdings Corp.(NDA) (NASDAQ:UIHC), and MGP Ingredients Inc (NASDAQ:MGPI). This group of stocks’ market valuations are similar to SGY’s market valuation.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $23 million, close to the $27 million figure in SGY’s case. Sonus Networks, Inc. (NASDAQ:SONS) is the most popular stock in this table with 14 long positions, while MGP Ingredients Inc (NASDAQ:MGPI) is the least popular one. Compared to these stocks Stone Energy Corporation (NYSE:SGY) 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.