Judging by the fact that Black Hills Corp (NYSE:BKH) has experienced bearish sentiment from the entirety of the hedge funds we track, logic holds that there is a sect of funds that decided to sell off their positions entirely in the third quarter. Interestingly, Matthew Tewksbury’s Stevens Capital Management got rid of the largest stake of all the hedgies monitored by Insider Monkey, worth about $4.6 million in stock, and Steve Cohen’s Point72 Asset Management was right behind this move, as the fund dumped about $4.3 million worth of shares.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Black Hills Corp (NYSE:BKH) but similarly valued. These stocks are Methanex Corporation (USA) (NASDAQ:MEOH), WGL Holdings Inc (NYSE:WGL), Cimpress NV (NASDAQ:CMPR), and J2 Global Inc (NASDAQ:JCOM). This group of stocks’ market caps are closest to BKH’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| MEOH | 17 | 107936 | 7 |
| WGL | 13 | 81874 | 1 |
| CMPR | 15 | 711157 | -1 |
| JCOM | 23 | 183622 | 3 |
As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $271 million. That figure was $322 million in BKH’s case. J2 Global Inc (NASDAQ:JCOM) is the most popular stock in this table. On the other hand WGL Holdings Inc (NYSE:WGL) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Black Hills Corp (NYSE:BKH) is only as popular as the least popular stock, WGL. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock, and seems to be losing faith in it.
Disclosure: None
