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Is Triangle Petroleum Corporation (TPLM) Going to Burn These Hedge Funds?

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Triangle Petroleum Corporation (NYSEAMEX:TPLM) was in 6 hedge funds’ portfolio at the end of March. TPLM investors should pay attention to a decrease in hedge fund interest recently. There were 10 hedge funds in our database with TPLM holdings at the end of the previous quarter.

Richard Driehaus

According to most traders, hedge funds are viewed as underperforming, outdated investment vehicles of yesteryear. While there are greater than 8000 funds in operation today, we at Insider Monkey hone in on the aristocrats of this group, around 450 funds. It is widely believed that this group oversees the majority of all hedge funds’ total asset base, and by paying attention to their highest performing picks, we have figured out a number of investment strategies that have historically beaten the S&P 500 index. Our small-cap hedge fund strategy outpaced the S&P 500 index by 18 percentage points per annum for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have outpaced the S&P 500 index by 23.3 percentage points in 8 months (see the details here).

Equally as integral, optimistic insider trading sentiment is another way to parse down the world of equities. Just as you’d expect, there are plenty of reasons for an upper level exec to drop shares of his or her company, but just one, very obvious reason why they would behave bullishly. Plenty of empirical studies have demonstrated the valuable potential of this tactic if piggybackers understand what to do (learn more here).

Keeping this in mind, it’s important to take a gander at the latest action surrounding Triangle Petroleum Corporation (NYSEAMEX:TPLM).

How have hedgies been trading Triangle Petroleum Corporation (NYSEAMEX:TPLM)?

Heading into Q2, a total of 6 of the hedge funds we track held long positions in this stock, a change of -40% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were increasing their holdings meaningfully.

When looking at the hedgies we track, Chuck Royce’s Royce & Associates had the biggest position in Triangle Petroleum Corporation (NYSEAMEX:TPLM), worth close to $7.9 million, comprising less than 0.1%% of its total 13F portfolio. The second largest stake is held by GRT Capital Partners, managed by Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk, which held a $1.7 million position; 0.3% of its 13F portfolio is allocated to the stock. Remaining hedgies that are bullish include Richard Driehaus’s Driehaus Capital, Cliff Asness’s AQR Capital Management and Matthew Hulsizer’s PEAK6 Capital Management.

Since Triangle Petroleum Corporation (NYSEAMEX:TPLM) has witnessed declining sentiment from the smart money, logic holds that there were a few hedge funds who were dropping their entire stakes last quarter. Intriguingly, Andrew Wallach’s Cumberland Associates dropped the largest stake of the 450+ funds we watch, worth close to $0.2 million in stock., and Paul Tudor Jones of Tudor Investment Corp was right behind this move, as the fund said goodbye to about $0.2 million worth. These moves are interesting, as total hedge fund interest was cut by 4 funds last quarter.

What do corporate executives and insiders think about Triangle Petroleum Corporation (NYSEAMEX:TPLM)?

Insider buying is best served when the primary stock in question has experienced transactions within the past half-year. Over the last half-year time period, Triangle Petroleum Corporation (NYSEAMEX:TPLM) has experienced 1 unique insiders buying, and 2 insider sales (see the details of insider trades here).

Let’s also review hedge fund and insider activity in other stocks similar to Triangle Petroleum Corporation (NYSEAMEX:TPLM). These stocks are LRR Energy LP (NYSE:LRE), VAALCO Energy, Inc. (NYSE:EGY), Apco Oil and Gas International Inc (NASDAQ:APAGF), Quicksilver Resources Inc (NYSE:KWK), and Sandridge Mississippian Trust I (NYSE:SDT). All of these stocks are in the independent oil & gas industry and their market caps are closest to TPLM’s market cap.

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