Bonanza Creek Energy Inc (NYSE:BCEI) shareholders have witnessed an increase in enthusiasm from smart money of late.
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With these "truths" under our belt, it's important to take a glance at the latest action encompassing Bonanza Creek Energy Inc (NYSE:BCEI).
In preparation for this quarter, a total of 16 of the hedge funds we track were long in this stock, a change of 78% from the first quarter. With hedgies' positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were upping their stakes meaningfully.
Of the funds we track, Cardinal Capital, managed by Amy Minella, holds the biggest position in Bonanza Creek Energy Inc (NYSE:BCEI). Cardinal Capital has a $24.5 million position in the stock, comprising 1.5% of its 13F portfolio. Sitting at the No. 2 spot is West Face Capital, managed by Greg Boland, which held a $22.4 million position; the fund has 4.1% of its 13F portfolio invested in the stock. Remaining hedgies with similar optimism include Ken Griffin's Citadel Investment Group, Steven Cohen's SAC Capital Advisors and Donald Chiboucis's Columbus Circle Investors.
With a general bullishness amongst the heavyweights, key money managers have been driving this bullishness. Cupps Capital Management, managed by Drew Cupps, assembled the most outsized position in Bonanza Creek Energy Inc (NYSE:BCEI). Cupps Capital Management had 8.4 million invested in the company at the end of the quarter. Israel Englander's Millennium Management also initiated a $4.3 million position during the quarter. The other funds with brand new BCEI positions are Neil Chriss's Hutchin Hill Capital, Paul Tudor Jones's Tudor Investment Corp, and D. E. Shaw's D E Shaw.
Insider buying is at its handiest when the company we're looking at has seen transactions within the past six months. Over the last half-year time period, Bonanza Creek Energy Inc (NYSE:BCEI) has experienced zero unique insiders buying, and 2 insider sales (see the details of insider trades here).
Let's also take a look at hedge fund and insider activity in other stocks similar to Bonanza Creek Energy Inc (NYSE:BCEI). These stocks are Crosstex Energy, L.P. (NASDAQ:XTEX), PDC Energy Inc (NASDAQ:PDCE), Enbridge Energy Management, L.L.C. (NYSE:EEQ), Gran Tierra Energy Inc. (NYSEAMEX:GTE), and EXCO Resources Inc (NYSE:XCO). All of these stocks are in the independent oil & gas industry and their market caps match BCEI's market cap.