Should You Buy PDC Energy Inc (PDCE)?

Consequently, some big names were leading the bulls’ herd. Alyeska Investment Group, managed by Anand Parekh, initiated the most valuable position in PDC Energy Inc (NASDAQ:PDCE). Jonathon Jacobson’s Highfields Capital Management also made a $26.8 million investment in the stock during the quarter. The following funds were also among the new PDCE investors: Daniel S. Och’s OZ Management, Richard Driehaus’s Driehaus Capital, and Leon Cooperman’s Omega Advisors.

Let’s now take a look at hedge fund activity in other stocks similar to PDC Energy Inc (NASDAQ:PDCE). These stocks are LaSalle Hotel Properties (NYSE:LHO), Fitbit Inc (NYSE:FIT), Littelfuse, Inc. (NASDAQ:LFUS), and SLM Corp (NASDAQ:SLM). All of these stocks’ market caps are closest to PDCE’s market cap.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $203 million. That figure was $278 million in PDCE’s case. Fitbit Inc (NYSE:FIT) is the most popular stock in this table. On the other hand LaSalle Hotel Properties (NYSE:LHO) is the least popular one with only 13 bullish hedge fund positions. PDC Energy Inc (NASDAQ:PDCE) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FIT might be a better candidate to consider a long position.

Disclosure: none.