At Insider Monkey, we follow around 730 of the best-performing investors and even though many of them lost money in the last several months, the history teaches us that over the long-run they still manage to beat the market, which is why it can be profitable for us to imitate their activity. Of course, even the best money managers can sometimes get it wrong, but following some of their picks gives us a better chance to outperform the crowd than picking a random stock and this is where our research comes in.
Civeo Corporation (Canada) (NYSE:CVEO) shareholders have witnessed a decrease in support from the world’s most elite money managers lately. At the end of this article, we will also compare Civeo Corporation (Canada) (NYSE:CVEO) to other stocks, including Stemline Therapeutics Inc (NASDAQ:STML), Amira Nature Foods Ltd (NYSE:ANFI), and Endeavour Silver Corp. (NYSE:EXK) to get a better sense of its popularity.
Follow Civeo Corp (NYSE:CVEO)
Follow Civeo Corp (NYSE:CVEO)
In the financial world there are plenty of signals market participants use to evaluate publicly traded companies. A couple of the most innovative signals are hedge fund and insider trading sentiment. Our experts have shown that, historically, those who follow the best picks of the top fund managers can outperform their index-focused peers by a significant amount (see the details here).
Keeping this in mind, let’s take a glance at the key action encompassing Civeo Corporation (Canada) (NYSE:CVEO).
Hedge fund activity in Civeo Corporation (Canada) (NYSE:CVEO)
At the end of September, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a drop of 29% from the previous quarter. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Renaissance Technologies holds the most valuable position in Civeo Corporation (Canada) (NYSE:CVEO). Renaissance Technologies has a $6.8 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second largest stake is held by Prescott Group Capital Management, led by Phil Frohlich, holding a $6.7 million position; the fund has 1.6% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism encompass Israel Englander’s Millennium Management, Mark T. Gallogly’s Centerbridge Partners, and Bruce J. Richards and Louis Hanover’s Marathon Asset Management.
Since Civeo Corporation (Canada) (NYSE:CVEO) has experienced a falling interest from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of fund managers who were dropping their full holdings in the third quarter. At the top of the heap, Todd J. Kantor’s Encompass Capital Advisors dropped the biggest investment of the 700 funds watched by Insider Monkey, comprising an estimated $4.3 million in stock. Glenn Russell Dubin’s fund, Highbridge Capital Management, also said goodbye to its stock, about $1.7 million worth of shares. These transactions are important to note, as aggregate hedge fund interest dropped by 6 funds in the third quarter.
Let’s check out hedge fund activity in other stocks similar to the Civeo Corporation (Canada) (NYSE:CVEO). We will take a look at Stemline Therapeutics Inc (NASDAQ:STML), Amira Nature Foods Ltd (NYSE:ANFI), Endeavour Silver Corp. (CAN) (NYSE:EXK), and Cytosorbents Corp (NASDAQ:CTSO). All of these stocks’ market caps are closest to Civeo Corporation (Canada) (NYSE:CVEO)’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| STML | 8 | 20373 | -3 |
| ANFI | 4 | 1442 | -3 |
| EXK | 4 | 3643 | -3 |
| CTSO | 4 | 515 | 2 |
As you can see, these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $6 million. That figure was $34 million in Civeo Corporation (Canada) (NYSE:CVEO)’s case. Stemline Therapeutics Inc (NASDAQ:STML) is the most popular stock in this table. On the other hand, Amira Nature Foods Ltd (NYSE:ANFI) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks, Civeo Corporation (Canada) (NYSE:CVEO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
