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Why Chesapeake, ITI Inc, Pier 1, BP, and Chevron are in the Spotlight

After two long and painful years, there might be some light at the end of the tunnel for long-term energy investors after OPEC agreed to cut production for the first time since the financial crisis. Although the organization will leave the details of how it will actually be executed until November, the agreement is still a big surprise.

Not surprisingly, several energy stocks are trending today on the back of yesterday’s announcement. In this article, we’ll take a closer look at three of them, Chesapeake Energy Corporation (NYSE:CHK), BP plc (ADR) (NYSE:BP), and Chevron Corporation (NYSE:CVX), as well as two other stocks, Pier 1 Imports Inc (NYSE:PIR), ITI Inc (NASDAQ:ITCI), which are also trending today. We’ll also dig deep into SEC filings to determine how the smart money was positioned in each stock at the end of the second quarter.

Our backtests that covered the period between 1999 and 2012, showed that following the 15 most popular small-caps among hedge funds can help a retail investor beat the market by an average of 95 basis points per month (see the details here).

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Pier 1 Imports Inc (NYSE:PIR) shares are nearly 9% in the green after the company reported its fiscal 2017 second quarter results. For the period, Pier 1 lost $0.05 per share, which was in-line with the average analyst estimate. Revenue for the three months was $405.82 million, down by 6.7% year-over-year, and $1.14 million below the consensus estimate, due to a 4.3% decline in comparable-store sales. As for guidance, Pier 1 anticipates delivering full fiscal year earnings of between $0.24 and $0.32 per share, versus analyst estimates of $0.26. 22 funds that we track were long Pier 1 Imports Inc (NYSE:PIR) at the end of the second quarter, up by nine funds from the end of the first quarter.

Follow Pier 1 Imports (U.s.) Inc. (NYSE:PIR)
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ITI Inc (NASDAQ:ITCI) has cratered by over 67% in extended market trading after the company reported that a Phase 3 clinical trial showed that its lead product candidate, ITI-007, failed to separate itself from/beat a placebo in terms of the change from baseline on the PANSS total score, and thus failing to meeting the study’s primary endpoint. On the other hand, the active control, risperidone, which is an already-approved schizophrenia treatment, did separate from/beat the placebo, as one would expect. ITI CEO Dr. Sharon Mates said the following:

“Based on the strength of the clinical data generated in this program to date, including two positive studies, supportive evidence from Study ‘302 and a consistent, well-tolerated and placebo-like safety profile across all studies, we continue to believe ITI-007 will be an important treatment for patients suffering from schizophrenia. We remain committed to the development of ITI-007 for the treatment of schizophrenia, bipolar depression, agitation associated with dementia, including Alzheimer’s disease and other neuropsychiatric indications.”

25 funds tracked by Insider Monkey owned $273.34 million worth of ITI Inc (NASDAQ:ITCI) shares at the end of the second quarter, which accounted for 16.30% of ITI’s float.

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On the next page, we’ll find out why Chesapeake Energy, BP, and Chevron are trending right now.

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