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Is Eni SpA (ADR) (E) Going to Burn These Hedge Funds?

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Eni SpA (ADR) (NYSE:E) was in 6 hedge funds’ portfolio at the end of March. E has experienced a decrease in support from the world’s most elite money managers recently. There were 7 hedge funds in our database with E holdings at the end of the previous quarter.

In today’s marketplace, there are plenty of metrics market participants can use to track their holdings. Two of the most useful are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the elite investment managers can outclass the market by a significant margin (see just how much).

Phill Gross

Equally as integral, optimistic insider trading sentiment is another way to parse down the investments you’re interested in. As the old adage goes: there are lots of incentives for an upper level exec to downsize shares of his or her company, but just one, very simple reason why they would initiate a purchase. Various empirical studies have demonstrated the useful potential of this tactic if shareholders know what to do (learn more here).

Consequently, we’re going to take a look at the latest action encompassing Eni SpA (ADR) (NYSE:E).

How are hedge funds trading Eni SpA (ADR) (NYSE:E)?

At the end of the first quarter, a total of 6 of the hedge funds we track were bullish in this stock, a change of -14% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings significantly.

According to our comprehensive database, Adage Capital Management, managed by Phill Gross and Robert Atchinson, holds the most valuable position in Eni SpA (ADR) (NYSE:E). Adage Capital Management has a $7.9 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Sitting at the No. 2 spot is Dreman Value Management, managed by David Dreman, which held a $4.8 million position; 0.1% of its 13F portfolio is allocated to the stock. Some other hedge funds that are bullish include Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and Israel Englander’s Millennium Management.

Since Eni SpA (ADR) (NYSE:E) has faced declining sentiment from the aggregate hedge fund industry, it’s safe to say that there lies a certain “tier” of fund managers who were dropping their full holdings last quarter. Intriguingly, John Overdeck and David Siegel’s Two Sigma Advisors dumped the largest investment of the 450+ funds we watch, totaling about $5 million in stock.. Steven Cohen’s fund, SAC Capital Advisors, also sold off its stock, about $0.8 million worth. These transactions are interesting, as total hedge fund interest dropped by 1 funds last quarter.

How are insiders trading Eni SpA (ADR) (NYSE:E)?

Insider purchases made by high-level executives is particularly usable when the company in question has experienced transactions within the past six months. Over the latest 180-day time period, Eni SpA (ADR) (NYSE:E) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Eni SpA (ADR) (NYSE:E). These stocks are Ecopetrol S.A. (ADR) (NYSE:EC), Occidental Petroleum Corporation (NYSE:OXY), China Petroleum & Chemical Corp (ADR) (NYSE:SNP), ConocoPhillips (NYSE:COP), and Statoil ASA (ADR) (NYSE:STO). This group of stocks are in the major integrated oil & gas industry and their market caps resemble E’s market cap.

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