VAALCO Energy, Inc. (NYSE:EGY) was in 13 hedge funds’ portfolio at the end of March. EGY shareholders have witnessed an increase in support from the world’s most elite money managers in recent months. There were 10 hedge funds in our database with EGY positions at the end of the previous quarter.
In the financial world, there are tons of indicators shareholders can use to analyze the equity markets. Some of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the top investment managers can outclass the S&P 500 by a very impressive margin (see just how much).
Equally as important, optimistic insider trading sentiment is a second way to break down the marketplace. As the old adage goes: there are plenty of incentives for an executive to drop shares of his or her company, but just one, very obvious reason why they would buy. Many empirical studies have demonstrated the useful potential of this strategy if you understand what to do (learn more here).
With these “truths” under our belt, it’s important to take a glance at the recent action surrounding VAALCO Energy, Inc. (NYSE:EGY).
Hedge fund activity in VAALCO Energy, Inc. (NYSE:EGY)
Heading into Q2, a total of 13 of the hedge funds we track held long positions in this stock, a change of 30% from the previous quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were boosting their stakes substantially.
When looking at the hedgies we track, Jim Simons’s Renaissance Technologies had the most valuable position in VAALCO Energy, Inc. (NYSE:EGY), worth close to $26.5 million, comprising 0.1% of its total 13F portfolio. Sitting at the No. 2 spot is Cliff Asness of AQR Capital Management, with a $9.9 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Some other peers with similar optimism include Ken Griffin’s Citadel Investment Group, Robert B. Gillam’s McKinley Capital Management and Chuck Royce’s Royce & Associates.
As one would reasonably expect, some big names were breaking ground themselves. Citadel Investment Group, managed by Ken Griffin, initiated the most valuable position in VAALCO Energy, Inc. (NYSE:EGY). Citadel Investment Group had 2.6 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $0.8 million investment in the stock during the quarter. The following funds were also among the new EGY investors: Matthew Hulsizer’s PEAK6 Capital Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Ken Griffin’s Citadel Investment Group.
Insider trading activity in VAALCO Energy, Inc. (NYSE:EGY)
Insider purchases made by high-level executives is particularly usable when the company in focus has seen transactions within the past half-year. Over the latest six-month time period, VAALCO Energy, Inc. (NYSE:EGY) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
With the returns shown by Insider Monkey’s research, retail investors should always pay attention to hedge fund and insider trading activity, and VAALCO Energy, Inc. (NYSE:EGY) shareholders fit into this picture quite nicely.