Parsley Energy Inc (PE) Buys Assets in Promising Southern Delaware Basin

Key hedge funds were breaking ground in PE during the first quarter. Graham Capital Management, managed by Kenneth Tropin, created the most outsized position in Parsley Energy Inc (NYSE:PE). Graham Capital Management had $17 million invested in the company at the end of the quarter. Charles Davidson’s Wexford Capital also made a $13.2 million investment in the stock during the quarter. The other funds with new positions in the stock are Scott Phillips’ Latimer Light Capital, Charles Clough’s Clough Capital Partners, and Rob Citrone’s Discovery Capital Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Parsley Energy Inc (NYSE:PE) but similarly valued. We will take a look at Bank Of The Ozarks Inc (NASDAQ:OZRK), MDU Resources Group Inc (NYSE:MDU), DST Systems, Inc. (NYSE:DST), and PTC Inc (NASDAQ:PTC). This group of stocks’ market caps are closest to PE’s market cap.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $349 million. That figure was $720 million in PE’s case. PTC Inc (NASDAQ:PTC) is the most popular stock in this table. On the other hand MDU Resources Group Inc (NYSE:MDU) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Parsley Energy Inc (NYSE:PE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and their bullishness is growing, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None