Things Are Starting to Look Better for Suncor Energy Inc. (USA) (SU)

Point72 Asia (Singapore), managed by Steve Cohen, initiated the most outsized position in Suncor Energy Inc. (USA) (NYSE:SU). Point72 Asia (Singapore) had $15.3 million invested in the company at the end of the quarter. John Orrico’s Water Island Capital also made a $8 million investment in the stock during the quarter. The other funds with brand new SU positions are Benjamin A. Smith’s Laurion Capital Management, Kenneth Tropin’s Graham Capital Management, and Brian Taylor’s Pine River Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Suncor Energy Inc. (USA) (NYSE:SU) but similarly valued. We will take a look at Netflix, Inc. (NASDAQ:NFLX), FedEx Corporation (NYSE:FDX), Infosys Ltd ADR (NYSE:INFY), and American Tower Corp (NYSE:AMT). All of these stocks’ market caps match SU’s market cap.

As you can see these stocks had an average of 43 hedge funds with bullish positions and the average amount invested in these stocks was $3419 million. That figure was $1661 million in Suncor’s case. Netflix, Inc. (NASDAQ:NFLX) is the most popular stock in this table. On the other hand Infosys Ltd ADR (NYSE:INFY) is the least popular one with only 21 bullish hedge fund positions. Suncor Energy Inc. (USA) (NYSE:SU) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard NFLX might be a better candidate to consider a long position.

Disclosure: None