Crude futures are in the green today and trading near $48 per barrel after yesterday’s bullish API numbers.
Among the stocks traders are talking about today are Chevron Corporation (NYSE:CVX), AVG Technologies NV (NYSE:AVG), JPMorgan Chase & Co. (NYSE:JPM), Costco Wholesale Corporation (NASDAQ:COST), and Greenbrier Companies Inc (NYSE:GBX). Let’s find out why each stock is in the spotlight and see what the funds in our database think about the companies in question.
At Insider Monkey, we track around 770 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on, can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see the details here).
Chevron’s Nigerian Operations Attacked Again
Chevron Corporation (NYSE:CVX)‘s Nigerian unit can’t catch a break as apparently a Nigerian militant group blew up three of the company’s manifolds on Wednesday. Nigerian militants are attacking Chevron and other Western companies’ assets in the region because they want more sovereignty and a greater share of the crude wealth. The supply disruptions have been ongoing in the region for almost half a year and don’t seem like they will stop anytime soon. Of the funds we track, 46 funds owned $1.71 billion worth of Chevron Corporation (NYSE:CVX)’s stock, which accounted for 1.00% of the float on March 31, versus 44 funds and $1.48 billion, respectively, on December 31.
AVG Technologies To Be Acquired by Avast
AVG Technologies NV (NYSE:AVG)’s stock has surged by over 31% so far today after the software company agreed to be acquired by Avast Software for $25 in cash per share, for a total consideration of around $1.3 billion. The deal has been approved by the boards of both companies and is expected to close between September and October 15. Shares of the company were down by 6% year-to-date before the news. A total of 21 funds tracked by us were long AVG Technologies NV (NYSE:AVG) at the end of March, up by six funds from the previous quarter.
On the next page, we examine why JPMorgan Chase & Co, Costco Wholesale Corporation, and Greenbrier Companies are trending.