HollyFrontier Corp (HFC): Does Hedge Fund Sentiment Point to a Coming Rebound?

Now, some big names were leading the bulls’ herd. Millennium Management created the largest position in HollyFrontier Corp (NYSE:HFC), while Point72 Asset Management‘s large position was also a new one. The other funds with new positions in the stock are Alyeska Investment Group, Daniel S. Och’s OZ Management, and Dmitry Balyasny’s Balyasny Asset Management.

Let’s now review hedge fund activity in other stocks similar to HollyFrontier Corp (NYSE:HFC). These stocks are Store Capital Corp (NYSE:STOR), BOK Financial Corporation (NASDAQ:BOKF), Life Storage Inc (NYSE:LSI), and Corrections Corp Of America (NYSE:CXW). All of these stocks’ market caps are similar to HFC’s market cap.

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 $196 million. That figure was $204 million in HFC’s case. Corrections Corp Of America (NYSE:CXW) is the most popular stock in this table. On the other hand Store Capital Corp (NYSE:STOR) is the least popular one with only 11 bullish hedge fund positions. HollyFrontier Corp (NYSE:HFC) 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 CXW might be a better candidate to consider a long position in.

Disclosure: None