Is Civeo Corporation (Canada) (CVEO) Going to Burn These Hedge Funds?

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Since Civeo Corporation (Canada) (NYSE:CVEO) has experienced a falling interest from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of fund managers who were dropping their full holdings in the third quarter. At the top of the heap, Todd J. Kantor’s Encompass Capital Advisors dropped the biggest investment of the 700 funds watched by Insider Monkey, comprising an estimated $4.3 million in stock. Glenn Russell Dubin’s fund, Highbridge Capital Management, also said goodbye to its stock, about $1.7 million worth of shares. These transactions are important to note, as aggregate hedge fund interest dropped by 6 funds in the third quarter.

Let’s check out hedge fund activity in other stocks similar to the Civeo Corporation (Canada) (NYSE:CVEO). We will take a look at Stemline Therapeutics Inc (NASDAQ:STML), Amira Nature Foods Ltd (NYSE:ANFI), Endeavour Silver Corp. (CAN) (NYSE:EXK), and Cytosorbents Corp (NASDAQ:CTSO). All of these stocks’ market caps are closest to Civeo Corporation (Canada) (NYSE:CVEO)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
STML 8 20373 -3
ANFI 4 1442 -3
EXK 4 3643 -3
CTSO 4 515 2

As you can see, these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $6 million. That figure was $34 million in Civeo Corporation (Canada) (NYSE:CVEO)’s case. Stemline Therapeutics Inc (NASDAQ:STML) is the most popular stock in this table. On the other hand, Amira Nature Foods Ltd (NYSE:ANFI) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks, Civeo Corporation (Canada) (NYSE:CVEO) 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.

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