Is Atlantic Power Corp (AT) A Good Stock To Buy?

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Now, key money managers were breaking ground themselves. Jim Simons’ Renaissance Technologies created the most outsized position in Atlantic Power Corp (NYSE:AT). Renaissance Technologies had $0.1 million invested in the company at the end of the quarter. Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital also initiated a small position during the quarter. The other fund with a new position in the stock is Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Atlantic Power Corp (NYSE:AT) but similarly valued. These stocks are Farmers National Banc Corp (NASDAQ:FMNB), The Chefs Warehouse, Inc (NASDAQ:CHEF), Panhandle Oil and Gas Inc. (NYSE:PHX), and Magnachip Semiconductor Corp (NYSE:MX). This group of stocks’ market values match AT’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
FMNB 7 9235 1
CHEF 5 12585 0
PHX 4 35866 0
MX 24 160551 8

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $55 million. That figure was $44 million in AT’s case. Magnachip Semiconductor Corp (NYSE:MX) is the most popular stock in this table. On the other hand Panhandle Oil and Gas Inc. (NYSE:PHX) is the least popular one with only 4 bullish hedge fund positions. Atlantic Power Corp (NYSE:AT) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MX might be a better candidate to consider taking a long position in.

Disclosure: None

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