10 Stocks Insiders and Hedge Funds Are Crazy About (part 1)

At the end of the third quarter, 41 hedge funds tracked by Insider Monkey were bullish on Chesapeake Energy Corporation (NYSE:CHK), up from 31 funds a quarter earlier. These funds collectively own about 23% of the energy company’s total float. Insider buying of over 4.6 million shares has been reported by Chesapeake Energy Corporation (NYSE:CHK) in the past 12 months, 1.05 million of which were bought in the last three months. The stock has gained over 60% in value since the start of the year.  The company earned $0.09 a share in the third quarter, crushing past the Street’s forecast of per share loss of $0.03. Natixis Global Asset Management’s Harris Associates owns 33.34 million shares of Chesapeake Energy Corporation (NYSE:CHK).

At the end of the September quarter, 23 hedge funds in our database reported ownership of $497.8 million worth of stake in PBF Energy Inc (NYSE:PBF) as a whole. These holdings account for 20.4% of the company’s total float. A total of 382,500 shares have been bought in insider trading in the last three months, while 4,865 shares were sold by insiders in the same period. The stock has lost over 30% year-to-date. In the third quarter, PBF reported a loss of $0.16 per share, worse than the analyst estimate of $0.02. Seth Klarman’s Baupost Group reported ownership of 15.72 million shares of PBF Energy Inc (NYSE:PBF).

At the end of the third quarter, 19 hedge funds in our system were long Intra-Cellular Therapies Inc (NASDAQ:ITCI), down from 25 funds a quarter earlier. These hedge funds own 16.30% of Intra-Cellular’s float. The stock has lost over 72% in value so far this year. In the last three months, 8 insider purchases have been made at Intra-Cellular Therapies Inc (NASDAQ:ITCI) in which 106,116 shares were acquired. In the third quarter, the company posted a loss of $0.70 a share, above the forecasts of $0.84 per share loss.

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