Is Teekay Tankers Ltd. (TNK) Worthy of Your Portfolio?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that sold off their entire stakes in the stock during the third quarter. At the top of the heap, John Fichthorn’s Dialectic Capital Management sold off the biggest stake of the “upper crust” of funds studied by Insider Monkey, totaling an estimated $1.1 million in stock, and Paul Tudor Jones’ Tudor Investment Corp was right behind this move, as the fund cut about $0.3 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Teekay Tankers Ltd. (NYSE:TNK) but similarly valued. We will take a look at Forestar Group Inc. (NYSE:FOR), Carriage Services, Inc. (NYSE:CSV), Financial Institutions, Inc. (NASDAQ:FISI), and Capital Product Partners L.P. (NASDAQ:CPLP). All of these stocks’ market caps match TNK’s market cap.

As you can see these stocks had an average of eight hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $62 million in TNK’s case. Forestar Group Inc. (NYSE:FOR) is the most popular stock in this table. On the other hand Capital Product Partners L.P. (NASDAQ:CPLP) is the least popular one with only four bullish hedge fund positions. Teekay Tankers Ltd. (NYSE:TNK) 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 FOR might be a better candidate to consider taking a long position in.

Disclosure: none