Hedge Funds Fled eBay, GM, and 3 Other Stocks in Q1

3. EOG Resources Inc (NYSE:EOG)

 – Investors with Long Positions (as of March 31): 33

 – Aggregate Value of Investors’ Holdings (as of March 31): $631.33 Million

Even though EOG Resources Inc (NYSE:EOG) shares inched up by 2.5% in the first quarter, the aggregate value of hedge funds’ holdings in the Houston-based Oil & Gas Exploration and Production company dropped by a hefty 30% during the period, while the number of shareholders fell by 18. A series of downgrades from Susquehanna, Johnson Rice, and KLR Group hounded the company in May, although its shares remain up by about 10% in the second quarter. However, many analysts believe the Eagle Ford crude oil producer’s current valuation is too high given the turmoil in the oil markets, but the company has made some interesting developments of late. After three years of testing in four successful pilot projects, EOG Resources Inc (NYSE:EOG) recently confirmed the success of its internally-developed EOR (Enhanced Oil Recovery) process. Ric Dillon‘s Diamond Hill Capital slashed its holding in EOG by 20% during the first quarter, to 2.02 million shares.

2. General Motors Company (NYSE:GM)

 – Investors with Long Positions (as of March 31): 67

 – Aggregate Value of Investors’ Holdings (as of March 31): $3.72 Billion

The number of hedge funds tracked by Insider Monkey which were long General Motors Company (NYSE:GM) fell by 17 during the March quarter. The automaker, for which the cost of ignition switch defects has topped $2 billion, recently announced that it will compensate 135,000 SUV owners for overstating fuel economy ratings by one-to-two miles per gallon. So far this year, General Motor’s stock price has depreciated by about 7.73%. Anand Parekh‘s Alyeska Investment Group cut its General Motors Company (NYSE:GM) holding by 18% to 1.31 million shares during the first quarter.

1. Sunedison Inc (OTCMKTS:SUNEQ)

 – Investors with Long Positions (as of March 31): 26

 – Aggregate Value of Investors’ Holdings (as of March 31): $25.48 Million

Lastly is the developer and seller of photovoltaic energy solutions, which is now undergoing bankruptcy proceedings. Just recently, Sunedison Inc (OTCMKTS:SUNEQ) secured a deal to receive a $1.34 billion loan that will allow it to operate during the trying period that has now befallen the company after it took on unsustainable amounts of debt to speed up its growth. The number of hedge funds betting on the company’s revival nearly halved during the first quarter, plummeting by 24, while the value of hedgies’ holdings in the stock cratered by 95% to just over $25 million. Phill Gross and Robert Atchinson‘s Adage Capital Management liquidated its entire Sunedison Inc (OTCMKTS:SUNEQ) stake comprising 17 million shares during the first quarter.

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