Here is What Hedge Funds Think About Suncor Energy Inc. (USA) (SU)

Due to the fact that Suncor Energy Inc. (USA) (NYSE:SU) has witnessed a falling interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few money managers that decided to sell off their full holdings in the third quarter. Interestingly, Alexander Mitchell’s Scopus Asset Management cut the largest stake of the 700 funds followed by Insider Monkey, comprising about $19.3 million in call options., and Daniel S. Och’s OZ Management was right behind this move, as the fund said goodbye to about $13.8 million worth of shares. These transactions are interesting, as aggregate hedge fund interest dropped by 4 funds in the third quarter.

Let’s go over hedge fund activity in other stocks similar to Suncor Energy Inc. (USA) (NYSE:SU). These stocks are Cognizant Technology Solutions Corp (NASDAQ:CTSH), Aetna Inc. (NYSE:AET), ASML Holding N.V. (ADR) (NASDAQ:ASML), and Paypal Holdings Inc (NASDAQ:PYPL). This group of stocks’ market valuations resembles Suncor Energy Inc. (USA) (NYSE:SU)’s market valuation.

As you can see, these stocks had an average of 54 hedge funds with bullish positions and the average amount invested in these stocks was $2.71 billion. That figure was $1.33 billion in Suncor Energy Inc. (USA) (NYSE:SU)’s case. Paypal Holdings Inc (NASDAQ:PYPL) is the most popular stock in this table. On the other hand, ASML Holding N.V. (ADR) (NASDAQ:ASML) is the least popular one with only 9 bullish hedge fund positions. Suncor Energy Inc. (USA) (NYSE:SU) 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, Paypal Holdings Inc (NASDAQ:PYPL) might be a better candidate to consider a long position.