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Here’s Why These Five Stocks Are on the Move Today

Crude futures have rallied back over $48 per barrel after yesterday’s bearish API build data. Traders hope that today’s EIA release will show a draw and allow the monster rally in the commodity to continue. Among the stocks on the move today are Scorpio Bulkers Inc (NYSE:SALT), Rex Energy Corporation (NASDAQ:REXX), Hi-Crush Partners LP (NYSE:HCLP), Stone Energy Corporation (NYSE:SGY), and Arctic Cat Inc (NASDAQ:ACAT). Let’s take a closer look at these news surrounding these stocks and see how the smart money is positioned towards them.

Hedge fund sentiment is an important metric for assessing the long-term profitability. At Insider Monkey, we track over 700 hedge funds, whose quarterly 13F filings we analyze and determine their collective sentiment towards several thousand stocks. However, our research has shown that the best strategy is to follow hedge funds into their small-cap picks. This approach can allow monthly returns of nearly 95 basis points above the market, as we determined through extensive backtests covering the period between 1999 and 2012 (see the details here).

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Scorpio Falls on Offering

Scorpio Bulkers Inc (NYSE:SALT) shares are lower after the company announced its intention to sell 20 million common shares in a public offering and also grant underwriters a 30 day option to buy an additional 3 million common shares. The dry bulk shipping company plans to use the net proceeds for general corporate purposes. Scorpio Services Holding Limited has expressed interest to buy $15 million or more at the public offering price. The exact pricing of the offering has not been released. A total of 11 funds in our database were long Scorpio Bulkers Inc (NYSE:SALT) at the end of the first quarter, compared to 12 funds a quarter earlier.

Rex Energy Rises on Energy Sale

Rex Energy Corporation (NASDAQ:REXX) is in the green after the company agreed to sell its assets in the Illinois Basin to Campbell Development Group for around $40 million. The deal includes additional proceeds payable to Rex of up to $10 million over the next three years if commodity prices rise to a certain level. Rex plans to use the proceeds to pay down its line of credit and for general corporate purposes. 4 top funds had a bullish position in Rex Energy Corporation (NASDAQ:REXX) at the end of March.

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On the next page, we examine Hi-Crush Partners, Stone Energy Corporation, and Arctic Cat.

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