Do Hedge Funds Love Unit Corporation (UNT)?

Consequently, key money managers have jumped into Unit Corporation (NYSE:UNT) headfirst. Hutchin Hill Capital, led by Neil Chriss, assembled the most valuable position in Unit Corporation (NYSE:UNT). Hutchin Hill Capital had $1.7 million invested in the company at the end of the quarter. Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners also made a $700,000 investment in the stock during the quarter. The following funds were also among the new UNT investors: Matthew Tewksbury’s Stevens Capital Management and Cliff Asness’ AQR Capital Management.

Let’s now review hedge fund activity in other stocks similar to Unit Corporation (NYSE:UNT). We will take a look at Caretrus REIT Inc (NASDAQ:CTRE), Solaredge Technologies Inc (NASDAQ:SEDG), First PacTrust Bancorp, Inc. (NASDAQ:BANC), and Meridian Interstate Bancorp, Inc. (NASDAQ:EBSB). This group of stocks’ market valuations are similar to UNT’s market valuation.

As you can see these stocks had an average of 14 funds with bullish positions and the average amount invested in these stocks was $93 million. That figure was $67 million in UNT’s case. First PacTrust Bancorp, Inc. (NASDAQ:BANC) is the most popular stock in this table. On the other hand Caretrus REIT Inc (NASDAQ:CTRE) is the least popular one with only 10 investors having reported long positions. Unit Corporation (NYSE:UNT) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard First PacTrust Bancorp, Inc. (NASDAQ:BANC) might be a better candidate to consider taking a long position in.