Because EnLink Midstream LLC (NYSE:ENLC) has witnessed falling interest from the smart money, we can see that there lies a certain “tier” of hedge funds that elected to cut their positions entirely by the end of the third quarter. Interestingly, Michael Platt and William Reeves’s BlueCrest Capital Mgmt. dumped the biggest investment of all the hedgies monitored by Insider Monkey, worth about $0.3 million in stock. Dmitry Balyasny’s fund, Balyasny Asset Management, also cut its position, about $0.2 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest fell by 1 funds by the end of the third quarter.
Let’s also examine hedge fund activity in other stocks similar to EnLink Midstream LLC (NYSE:ENLC). We will take a look at ITT Corp (NYSE:ITT), Methanex Corporation (USA) (NASDAQ:MEOH), Cognex Corporation (NASDAQ:CGNX), and United States Cellular Corporation (NYSE:USM). This group of stocks’ market caps are closest to ENLC’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $195 million. That figure was just $59 million in ENLC’s case. ITT Corp (NYSE:ITT) is the most popular stock in this table and United States Cellular Corporation (NYSE:USM) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks EnLink Midstream LLC (NYSE:ENLC) is even less popular than USM. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock.