Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
QEP 21 341425 -5
VMI 18 282228 0
CAA 10 187709 -4
CLNY 36 593964 0

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.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.