Due to the fact that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has experienced a decline in interest from hedge fund managers, logic holds that there were a few fund managers who sold off their full holdings heading into Q4. Interestingly, Charles Clough’s Clough Capital Partners sold off the biggest position of all the hedgies monitored by Insider Monkey, worth an estimated $6.3 million in stock. Joel Greenblatt’s fund, Gotham Asset Management, also dropped its stock, about $5.6 million worth. These bearish behaviors are important to note, as total hedge fund interest fell by 7 funds heading into Q4.
Let’s go over hedge fund activity in other stocks similar to Patterson-UTI Energy, Inc. (NASDAQ:PTEN). We will take a look at Enstar Group Ltd. (NASDAQ:ESGR), CNO Financial Group Inc (NYSE:CNO), Piedmont Office Realty Trust, Inc. (NYSE:PDM), and Sibanye Gold Ltd (ADR) (NYSE:SBGL). All of these stocks’ market caps are similar to PTEN’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 12.25 hedge funds with bullish positions and the average amount invested in these stocks was $231 million. That figure was $278 million in PTEN’s case. CNO Financial Group Inc (NYSE:CNO) is the most popular stock in this table. On the other hand Sibanye Gold Ltd (ADR) (NYSE:SBGL) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio, bearing in mind the steep drop in ownership last quarter.