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Hedge Funds Hate These 10 Large-Caps, Part 1

Dominion Resources Inc. (NYSE:D)

 – Concentration of Ownership (as of September 30): 1.00%

 – Investors with Long Positions (as of September 30): 24

 – Aggregate Value of Investors’ Holdings (as of September 30): $397.46 Million

The number of smart money investors with long positions in Dominion Resources Inc. (NYSE:D) increased to 24 from 22 during the third quarter, though the overall value of these positions shrank to $397.46 million in aggregate from $454.88 million. Dominion Resources is one of the largest producers and transporters of energy in the United States and has seen its shares drop by 15% this year. Dominion’s stock is currently trading at a trailing price-to-earnings ratio of 21.92, which is slightly below the average of 22.71 for the companies included in the S&P 500. On December 10, Argus reiterated its ‘Buy’ rating on the stock but cut its price target on it to $72 from $82, which still represents upside of at least 10%. Adage Capital Management, founded by Phill Gross and Robert Atchinson, reported owning 1.42 million shares of Dominion Resources Inc. (NYSE:D) during the latest round of 13F filings.

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Southern Co (NYSE:SO)

 – Concentration of Ownership (as of September 30): 0.90%

 – Investors with Long Positions (as of September 30): 17

 – Aggregate Value of Investors’ Holdings (as of September 30): $360.54 Million

Hedge funds tracked by Insider Monkey owned just 0.90% of Southern Co (NYSE:SO) as of September 30, with 17 funds owning $360.54 million worth of shares. This compares to 19 hedge funds which aggregately held $240.46 million in shares at the end of June. The public electric utility company reported total operating revenue of $13.92 billion for the first nine months of 2015, down from $14.45 billion reported for the same period of 2014. Nevertheless, its diluted earnings per share increased to $2.30 from $1.87 reported for the same nine-month period of 2014. Furthermore, it is hard to overlook the company’s cheap trailing P/E ratio of 17.30, which is well below the ratio for the S&P 500 benchmark. Cliff Asness’ AQR Capital Management is among the largest equity holders of Southern Co (NYSE:SO) within our database, holding 1.28 million shares as of September 30.

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Enterprise Products Partners L.P. (NYSE:EPD)

 – Concentration of Ownership (as of September 30): 0.40%

 – Investors with Long Positions (as of September 30): 21

 – Aggregate Value of Investors’ Holdings (as of September 30): $210.07 Million

Enterprise Products Partners L.P. (NYSE:EPD) had the lowest concentration of ownership among the hedge funds monitored by our team from the aforementioned group of five stocks. 21 smart money investors with positions in the company at the end of the third quarter amassed just 0.40% of its shares. Although the number of funds invested in the company was up by one quarter-over-quarter, the value of their investments dropped to $210.07 million from $285.21 million. The provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products has seen its shares decline by 34% this year. Commodity prices have been at low levels since the fourth quarter of 2014, which is clearly reflected in the company’s top-line figure and financial performance. Enterprise Products Partners generated total revenue of $20.87 billion for the nine-month period that ended September 30, down by $16.89 billion relative to the same period of last year. Charles Davidson’s Wexford Capital added a 936,213-share stake in Enterprise Products Partners L.P. (NYSE:EPD) to its portfolio during the September quarter.

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Disclosure: None

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