Is Boardwalk Pipeline Partners, LP (BWP) A Good Stock To Buy?

Now, some big names were breaking ground themselves. Panning Capital Management, led by Kieran Goodwin, initiated the most outsized position in Boardwalk Pipeline Partners, LP (NYSE:BWP). Panning Capital Management had $1.4 million invested in the company at the end of the quarter. Jim Simons’ Renaissance Technologies also made a $1.3 million investment in the stock during the quarter. The following funds were also among the new BWP investors: Paul Marshall and Ian Wace’s Marshall Wace LLP and Ken Griffin’s Citadel Investment Group.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Boardwalk Pipeline Partners, LP (NYSE:BWP) but similarly valued. We will take a look at ICON plc – Ordinary Shares (NASDAQ:ICLR), Euronet Worldwide, Inc. (NASDAQ:EEFT), Patheon NV (NYSE:PTHN), and AmeriGas Partners, L.P. (NYSE:APU). All of these stocks’ market caps resemble BWP’s market cap.

As you can see these stocks had an average of 18 funds with bullish positions and the average amount invested in these stocks was $175 million. That figure was $141 million in BWP’s case. Euronet Worldwide, Inc. (NASDAQ:EEFT) is the most popular stock in this table. On the other hand AmeriGas Partners, L.P. (NYSE:APU) is the least popular one with only eight bullish hedge fund positions. Boardwalk Pipeline Partners, LP (NYSE:BWP) is not the most popular stock in this group but hedge fund interest is in-line with the average value. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EEFT might be a better candidate to consider taking a long position in.

Disclosure: none