Here is What Hedge Funds Think About Chesapeake Utilities Corporation (CPK)

Now, specific money managers were breaking ground themselves. Millennium Management established the largest position in Chesapeake Utilities Corporation (NYSE:CPK). Millennium Management had $2.8 million invested in the company at the end of the quarter. D E Shaw also made a $0.6 million investment in the stock during the quarter. The following funds were also among the new CPK investors: Chao Ku’s Nine Chapters Capital Management and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Chesapeake Utilities Corporation (NYSE:CPK) but similarly valued. These stocks are National Western Life Group Inc (NASDAQ:NWLI), First Commonwealth Financial (NYSE:FCF), Cray Inc. (NASDAQ:CRAY), and Tutor Perini Corp (NYSE:TPC). This group of stocks’ market values resembles Chesapeake Utilities Corporation (NYSE:CPK)’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NWLI 8 18087 -3
FCF 7 14325 -4
CRAY 12 39364 4
TPC 16 51865 -3

As you can see, these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $31 million. That figure was $39 million in Chesapeake Utilities Corporation (NYSE:CPK)’s case. Tutor Perini Corp (NYSE:TPC) is the most popular stock in this table. On the other hand, First Commonwealth Financial (NYSE:FCF) is the least popular one with only 7 bullish hedge fund positions. Chesapeake Utilities Corporation (NYSE:CPK) 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, Tutor Perini Corp (NYSE:TPC) might be a better candidate to consider a long position.