Consequently, key hedge funds were breaking ground themselves. AlphaOne Capital Partners established the most outsized position in Panhandle Oil and Gas Inc. (NYSE:PHX). John Overdeck and David Siegel’s Two Sigma Advisors also initiated an $0.2 million position during the quarter. Ken Griffin’s Citadel Investment Group and Matthew Hulsizer’s PEAK6 Capital Management were also among the new PHX investors.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Panhandle Oil and Gas Inc. (NYSE:PHX) but similarly valued. These stocks are ChemoCentryx Inc (NASDAQ:CCXI), Atlas Resource Partners, L.P. (NYSE:ARP), Franklin Covey Co. (NYSE:FC), and Marine Products Corp. (NYSE:MPX). This group of stocks’ market caps match PHX’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $32 million, compared to the $24 million figure in PHX’s case. ChemoCentryx Inc (NASDAQ:CCXI) is the most popular stock in this table. On the other hand Marine Products Corp. (NYSE:MPX) is the least popular one with only 4 bullish hedge fund positions. Panhandle Oil and Gas Inc. (NYSE:PHX) 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 CCXI might be a better candidate to consider a long position.