Hedge Funds Are Getting the Heck Away From EQT Corporation (EQT)

Judging by the fact that EQT Corporation (NYSE:EQT) has witnessed declining sentiment from the entirety of the hedge funds we track, we can see that there were a few fund managers that slashed their entire stakes heading into fourth quarter. It’s worth mentioning that John Burbank’s Passport Capital sold off the largest position of the 700 funds followed by Insider Monkey, comprising an estimated $62.6 million in stock, and Curtis Macnguyen’s Ivory Capital (Investment Mgmt) was right behind this move, as the fund dumped about $59.8 million worth of shares. These moves are important to note, as total hedge fund interest dropped by 11 funds heading into fourth quarter.

Let’s now review hedge fund activity in other stocks similar to EQT Corporation (NYSE:EQT). We will take a look at Laboratory Corp. of America Holdings (NYSE:LH), Markel Corporation (NYSE:MKL), SK Telecom Co., Ltd. (ADR) (NYSE:SKM), and FleetCor Technologies, Inc. (NYSE:FLT). This group of stocks’ market values are closest to EQT’s market value.

As you can see these stocks had an average of 33 hedge funds with bullish positions and the average amount invested in these stocks was $1.81 billion. That figure was $576 million in EQT’s case. FleetCor Technologies, Inc. (NYSE:FLT) is the most popular stock in this table. On the other hand SK Telecom Co., Ltd. (ADR) (NYSE:SKM) is the least popular one with only 12 bullish hedge fund positions. EQT Corporation (NYSE:EQT) 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 FLT might be a better candidate to consider a long position in right now.

Disclosure: None