Penn Virginia Corporation (NYSE:PVA) investors should pay attention to a decrease in activity from the world’s largest hedge funds in recent months.
Just as key, optimistic insider trading activity is a second way to parse down the world of equities. Obviously, there are lots of stimuli for a bullish insider to cut shares of his or her company, but just one, very clear reason why they would behave bullishly. Many academic studies have demonstrated the impressive potential of this method if investors understand where to look (learn more here).
With these “truths” under our belt, let’s take a look at the latest action surrounding Penn Virginia Corporation (NYSE:PVA).
How are hedge funds trading Penn Virginia Corporation (NYSE:PVA)?
In preparation for this quarter, a total of 12 of the hedge funds we track were long in this stock, a change of -14% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were upping their holdings significantly.
According to our comprehensive database, Ken Griffin’s Citadel Investment Group had the biggest position in Penn Virginia Corporation (NYSE:PVA), worth close to $13.7 million, accounting for less than 0.1%% of its total 13F portfolio. Sitting at the No. 2 spot is Cliff Asness of AQR Capital Management, with a $10.8 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other hedge funds that are bullish include Chuck Royce’s Royce & Associates, Robert B. Gillam’s McKinley Capital Management and Israel Englander’s Millennium Management.
Due to the fact that Penn Virginia Corporation (NYSE:PVA) has experienced falling interest from the smart money, we can see that there is a sect of fund managers that decided to sell off their entire stakes heading into Q2. Intriguingly, Thomas E. Claugus’s GMT Capital sold off the biggest investment of the 450+ funds we watch, totaling about $2.6 million in stock., and Mike Vranos of Ellington was right behind this move, as the fund cut about $0.3 million worth. These bearish behaviors are important to note, as total hedge fund interest fell by 2 funds heading into Q2.
Insider trading activity in Penn Virginia Corporation (NYSE:PVA)
Bullish insider trading is best served when the company in focus has experienced transactions within the past six months. Over the latest 180-day time period, Penn Virginia Corporation (NYSE:PVA) has seen 1 unique insiders buying, and zero insider sales (see the details of insider trades here).
With the returns exhibited by the aforementioned studies, everyday investors must always monitor hedge fund and insider trading activity, and Penn Virginia Corporation (NYSE:PVA) shareholders fit into this picture quite nicely.