Seeing as Energen Corporation (NYSE:EGN) has faced a declination in interest from the aggregate hedge fund industry, we can see that there was a specific group of fund managers who were dropping their entire stakes last quarter. It’s worth mentioning that Clint Carlson’s Carlson Capital dumped the largest stake of the 700 funds monitored by Insider Monkey, worth close to $69.6 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund said goodbye to about $37.9 million worth. These bearish behaviors are important to note, as total hedge fund interest fell by 9 funds last quarter.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Energen Corporation (NYSE:EGN) but similarly valued. We will take a look at MAXIMUS, Inc. (NYSE:MMS), Bio-Rad Laboratories, Inc. (NYSE:BIO), Lincoln Electric Holdings, Inc. (NASDAQ:LECO), and Godaddy Inc (NYSE:GDDY). This group of stocks’ market values resemble EGN’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 20.5 hedge funds with bullish positions and the average amount invested in these stocks was $260 million. That figure was $339 million in EGN’s case. Bio-Rad Laboratories, Inc. (NYSE:BIO) is the most popular stock in this table. On the other hand MAXIMUS, Inc. (NYSE:MMS) is the least popular one with only 10 bullish hedge fund positions. Energen Corporation (NYSE:EGN) 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 BIO might be a better candidate to consider a long position.