We already know that not all hedge funds are bullish on the stock and some hedge funds actually dropped their positions entirely. At the top of the heap, Till Bechtolsheimer’s Arosa Capital Management dropped the biggest investment of the “upper crust” of funds monitored by Insider Monkey, worth an estimated $24.7 million in call options, and First Eagle Investment Management was right behind this move, as the fund sold off about $23.5 million worth of shares.
Let’s now review hedge fund activity in other stocks similar to Plains All American Pipeline, L.P. (NYSE:PAA). We will take a look at Franco-Nevada Corporation (NYSE:FNV), Cincinnati Financial Corporation (NASDAQ:CINF), Regions Financial Corporation (NYSE:RF), and Church & Dwight Co., Inc. (NYSE:CHD). This group of stocks’ market values match PAA’s market value.
|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 21 hedge funds with bullish positions and the average amount invested in these stocks was $408 million. That figure was just $94 million in PAA’s case. Regions Financial Corporation (NYSE:RF) is by far the most popular stock in this table. On the other hand Franco-Nevada Corporation (NYSE:FNV) is the least popular one with only 15 bullish hedge fund positions. Plains All American Pipeline, L.P. (NYSE:PAA) 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 Regions Financial Corporation (NYSE:RF) might be a better candidate to consider taking a long position in.