Chesapeake Energy Corporation (CHK)’s Stock Extends Its Rally Into Second Day

Due to the fact that Chesapeake Energy Corporation (NYSE:CHK) has experienced a slightly bearish sentiment from the smart money, logic holds that there were a few fund managers that elected to cut their entire stakes by the end of the first quarter. Intriguingly, Sander Gerber’s Hudson Bay Capital Management dumped the biggest position of the “upper crust” of funds watched by Insider Monkey, worth about $48.3 million in stock. Gordy Holterman and Derek Dunn’s fund, Overland Advisors, also sold off its stock, about $26.6 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Chesapeake Energy Corporation (NYSE:CHK). We will take a look at HSN, Inc. (NASDAQ:HSNI), Companhia Siderurgica Nacional (ADR) (NYSE:SID), AMC Entertainment Holdings Inc (NYSE:AMC), and F.N.B. Corp (NYSE:FNB). This group of stocks’ market values are closest to CHK’s market value.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $53 million. That figure was $727 million in CHK’s case. HSN, Inc. (NASDAQ:HSNI) is the most popular stock in this table. On the other hand, Companhia Siderurgica Nacional (ADR) (NYSE:SID) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Chesapeake Energy Corporation (NYSE:CHK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None