JANA Partners is a value-oriented, event-driven investment firm that was founded by Barry Rosenstein in 2001. In its recent 13F filing with the U.S. Securities and Exchange Commission, the hedge fund reported its equity portfolio, which contains 65 positions, for the second quarter of 2014. The marker value of the fund’s equity portfolio amounts to $16.2 billion, representing a massive increase from $8.5 billion for the first quarter of 2014. Over the quarter, JANA Partners started more than 20 new positions and sold out over 15 stocks. From the fund’s equity portfolio, we have picked top three new positions for the second quarter.
JANA Partners disclosed ownership of 4.54 million shares of Apache Corporation (NYSE:APA), which is engaged in oil and gas exploration and production. The reported market value of the holding is $456.3 million. At the end of June, Apache Corporation (NYSE:APA) announced that it sold non-operated interests in the Lucius and Heidelberg development projects and 11 primary term deepwater exploration blocks to a subsidiary of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and other interest owners for $1.4 billion.
For the second quarter of 2014, Apache Corporation (NYSE:APA) reported earnings of $505 million, or $1.31 per diluted common share, compared to earnings of $1 billion, or $2.54 per diluted common share, for the same period in the prior year. Other hedge funds holding stakes in Apache Corporation (NYSE:APA) include Harris Associates, which is wholly owned by Natixis Global Asset Management and Martin Whitman’s Third Avenue Management. In its latest 13F, Harris Associates revealed owning 6.89 million shares, and Third Avenue disclosed holding 1.35 million shares of the company.
FMC Corp. (NYSE:FMC) is second on the list. JANA Partners holds 4.99 million shares of the company, with a reported value of $355.5 million. FMC Corp. (NYSE:FMC) is a diversified chemical company that serves agricultural, industrial and consumer markets globally. The company has a market cap of $8.8 billion, and its shares traded down by 0.61% to $65.60 on Friday. The company’s second-quarter 2014 net income dropped to $109.1 million, or $0.81 per diluted share, from net income of $118.0 million, or $0.86 per diluted share, in the same quarter of 2013, according to a news release.
Aside from JANA Partners, Iridian Asset Management, led by David Cohen and Harold Levy, and First Eagle Investment Management, run by Jean-Marie Eveillard, disclosed owning 3.16 million shares, and 1.13 million shares of the company, respectively.
In Civeo Corp. (NYSE:CVEO), JANA Partners revealed holding a $306.4 million stake, which contains 12.24 million shares. Civeo Corp. (NYSE:CVEO), which is engaged in providing workforce accommodations, logistics and facility management services to the natural resource industry, reported net income of $13.9 million, or $0.13 per diluted share, for the second quarter of 2014, compared to net income of $33.0 million, or $0.31 per diluted share, for the same period of last year. In June, Civeo Corp. (NYSE:CVEO) announced that it completed its spin-off from Oil States International Inc. (NYSE:OIS).