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.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ICLR 20 282106 0
EEFT 22 233336 -6
PTHN 21 177484 21
APU 8 5691 3

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