Is Penn West Petroleum Ltd (USA) (PWE) A Good Stock To Buy?

Page 2 of 2

Now, key hedge funds have jumped into Penn West Petroleum Ltd (USA) (NYSE:PWE) headfirst. Israel Englander’s Millennium Management assembled the most outsized position in Penn West Petroleum Ltd (USA) (NYSE:PWE). Millennium Management had $0.6 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.1 million position during the quarter. The following funds were also among the new PWE investors: John Overdeck and David Siegel’s Two Sigma Advisors and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s check out hedge fund activity in other stocks similar to Penn West Petroleum Ltd (USA) (NYSE:PWE). These stocks are General American Investors Co. Inc. (NYSE:GAM), Capstead Mortgage Corporation (NYSE:CMO), Nordic American Tanker Ltd (NYSE:NAT), and Monotype Imaging Holdings Inc. (NASDAQ:TYPE). This group of stocks’ market valuations are similar to PWE’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GAM 4 15051 4
CMO 9 36287 -2
NAT 13 67747 0
TYPE 20 95672 3

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $54 million. That figure was $49 million in PWE’s case. Monotype Imaging Holdings Inc. (NASDAQ:TYPE) is the most popular stock in this table. On the other hand General American Investors Co. Inc. (NYSE:GAM) is the least popular one with only 4 bullish hedge fund positions. Penn West Petroleum Ltd (USA) (NYSE:PWE) 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 TYPE might be a better candidate to consider taking a long position in.

Suggested Articles:
Biggest Fertilizer Companies In The World
Highest Paying Part-Time Jobs For High School Students
Least Racist Countries In The World




Page 2 of 2