Do Hedge Funds Love Evolution Petroleum Corporation (EPM)?

Consequently, some big names were leading the bulls’ herd. Millennium Management initiated the largest position in Evolution Petroleum Corporation (NYSEMKT:EPM). Millennium Management had $0.2 million invested in the company at the end of the quarter. Citadel Investment Group also made a $0.1 million investment in the stock during the quarter. The only other fund with a new position in the stock is Peter Muller’s PDT Partners.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Evolution Petroleum Corporation (NYSEMKT:EPM) but similarly valued. We will take a look at Newtek Business Services, Inc (NASDAQ:NEWT), West Marine, Inc. (NASDAQ:WMAR), eHealth, Inc. (NASDAQ:EHTH), and MBT Financial Corp. (NASDAQ:MBTF). This group of stocks’ market valuations resemble EPM’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NEWT 6 7903 0
WMAR 9 28869 3
EHTH 13 88330 0
MBTF 3 13041 1

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $35 million. That figure was $11 million in EPM’s case. eHealth, Inc. (NASDAQ:EHTH) is the most popular stock in this table. On the other hand MBT Financial Corp. (NASDAQ:MBTF) is the least popular one with only 3 bullish hedge fund positions. Evolution Petroleum Corporation (NYSEAMEX:EPM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EHTH might be a better candidate to consider taking a long position in.

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Disclosure: None