Is Hess Corp. (HES) A Good Stock To Buy?

Due to the fact that Hess Corp. (NYSE:HES) has faced a falling interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few hedgies who were dropping their positions entirely in the third quarter. It’s worth mentioning that Dmitry Balyasny’s Balyasny Asset Management dropped the biggest stake of all the hedgies followed by Insider Monkey, comprising an estimated $113.2 million in stock, and Anand Parekh’s Alyeska Investment Group was right behind this move, as the fund dumped about $24.4 million worth of shares. These transactions are important to note, as total hedge fund interest dropped by 2 funds in the third quarter.

Let’s go over hedge fund activity in other stocks similar to Hess Corp. (NYSE:HES). We will take a look at Mead Johnson Nutrition CO (NYSE:MJN), Tenaris S.A. (ADR) (NYSE:TS), W.W. Grainger, Inc. (NYSE:GWW), and Motorola Solutions Inc (NYSE:MSI). This group of stocks’ market valuations matches Hess Corp. (NYSE:HES)’s market valuation.

As you can see, these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $1.40 billion. That figure was $1.58 billion in Hess Corp. (NYSE:HES)’s case. Mead Johnson Nutrition CO (NYSE:MJN) is the most popular stock in this table. On the other hand, Tenaris S.A. (ADR) (NYSE:TS) is the least popular one with only 13 bullish hedge fund positions. Hess Corp. (NYSE:HES) 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, Mead Johnson Nutrition CO (NYSE:MJN) might be a better candidate to consider a long position.