Hedge Funds Are Buying Euronav NV Ordinary Shares (EURN)

Consequently, specific money managers have jumped into Euronav NV Ordinary Shares (NYSE:EURN) headfirst. Millennium Management, managed by Israel Englander, assembled the biggest position in Euronav NV Ordinary Shares (NYSE:EURN). Millennium Management had $24.3 million invested in the company at the end of the quarter. Soros Fund Management also initiated a $3.8 million position during the quarter. The other funds with new positions in the stock are D E Shaw, Richard Driehaus’ Driehaus Capital, and GLG Partners.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Euronav NV Ordinary Shares (NYSE:EURN) but similarly valued. We will take a look at QEP Resources Inc (NYSE:QEP), Valmont Industries, Inc. (NYSE:VMI), CalAtlantic Group Inc (NYSE:CAA), and Colony Capital Inc (NYSE:CLNY). This group of stocks’ market caps matches Euronav NV Ordinary Shares (NYSE:EURN)’s market cap.

As you can see, these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $351 million. That figure was $410 million in Euronav NV Ordinary Shares (NYSE:EURN)’s case. Colony Capital Inc (NYSE:CLNY) is the most popular stock in this table. On the other hand, CalAtlantic Group Inc (NYSE:CAA) is the least popular one with only 10 bullish hedge fund positions. Euronav NV Ordinary Shares (NYSE:EURN) 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, Colony Capital Inc (NYSE:CLNY) might be a better candidate to consider a long position.