Hedge Funds Are Crazy About Piedmont Natural Gas Company, Inc. (PNY)

Let’s also examine hedge fund activity in other stocks similar to Piedmont Natural Gas Company, Inc. (NYSE:PNY). These stocks are Horizon Pharma Inc (NASDAQ:HZNP), Tanger Factory Outlet Centers Inc. (NYSE:SKT), MGIC Investment Corp. (NYSE:MTG), and LifePoint Hospitals, Inc. (NASDAQ:LPNT). This group of stocks’ market valuations resemble PNY’s market valuation.

As you can see these stocks had an average of 32 hedge funds with bullish positions and the average amount invested in these stocks was $735 million. That figure was $34 million in PNY’s case. MGIC Investment Corp. (NYSE:MTG) is the most popular stock in this table, whereas, Tanger Factory Outlet Centers Inc. (NYSE:SKT) is the least popular one. Compared to these stocks Piedmont Natural Gas Company, Inc. (NYSE:PNY), with only 10 bullish hedge fund positions, shares the same popularity as SKT. To comprehend why the smart money isn’t behind this stock, more research is needed. This doesn’t necessarily mean it is not a good buying opportunity, it is possible that investors found it overvalued because they weren’t considering the bullish thesis. In any case, further research is advisable.