A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Pengrowth Energy Corp (USA) (NYSE:PGH) .
Is Pengrowth Energy Corp (USA) (NYSE:PGH) a good stock to buy now? Prominent investors are surely getting more bullish. The number of long hedge fund bets that are revealed through the 13F filings rose by 2 lately. There were 5 hedge funds in our database with PGH holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Invesco Dynamic Credit Opportunities Fd (NYSE:VTA), Urstadt Biddle Properties Inc (NYSE:UBA), and Banc of California Inc (NYSE:BANC) to gather more data points.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
Now, we’re going to analyze the key action regarding Pengrowth Energy Corp (USA) (NYSE:PGH).
What does the smart money think about Pengrowth Energy Corp (USA) (NYSE:PGH)?
At the end of the third quarter, a total of 7 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 40% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards PGH over the last 5 quarters. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their stakes substantially (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Chuck Royce’s Royce & Associates has the most valuable position in Pengrowth Energy Corp (USA) (NYSE:PGH), worth close to $6.8 million, comprising less than 0.1%% of its total 13F portfolio. The second largest stake is held by Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, which holds a $1.9 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining professional money managers that hold long positions comprise Ken Griffin’s Citadel Investment Group, D. E. Shaw’s D E Shaw, one of the largest hedge funds in the world, and Cliff Asness’s AQR Capital Management. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.