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Bellatrix Exploration Ltd. (BXE): Billionaire Howard Marks’ Oaktree Capital Management Takes 8.8% Stake

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In a new 13G filing with the Securities and Exchange Commission, billionaire Howard Marks‘ Oaktree Capital Management reported acquiring 18.75 million shares of Bellatrix Exploration Ltd. (NYSE:BXE), which amass 8.8% of the company’s outstanding stock. The acquisition represents a new addition to Oaktree Capital Management’s portfolio.

Shares of Bellatrix Exploration Ltd. (NYSE:BXE), which is an oil and gas exploration company, have lost 22.07% this year, despite a strong performance from the energy sector. In its financial report for the second quarter of 2016, Bellatrix Exploration reported a net loss per share of CAD0.28 ($0.21) and revenue of CAD48.29 million ($36.68 million), compared to a net loss per shares of CAD0.13 ($0.10) and revenue of CAD88.94 million ($67.56 million) for the same quarter of the previous year. Recently, TD Securities reiterated its ‘Hold’ rating on Bellatrix Exploration’s stock, with a price target of $1.50, while Credit Suisse Group AG reiterated its ‘Neutral’ rating on it and boosted its price target to $1.25 from $1.00.

OAKTREE CAPITAL MANAGEMENT

Of the 749 hedge funds tracked by Insider Monkey which filed 13Fs for the June quarter, seven were long Bellatrix Exploration Ltd. (NYSE:BXE), up by one from the end of the March quarter. Among the bullish investors were Daniel Lewis’ Orange Capital, which owned $6.28 million worth of Bellatrix Exploration’s stock, Youlia Miteva’s Proxima Capital Management, with a position in the company valued at $4.97 million, Jim Simons’ Renaissance Technologies, and Brett Hendrickson’s Nokomis Capital.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Oaktree Value Opportunities Fund 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Value Opportunities Fund GP 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Value Opportunities Fund GP Ltd 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Fund GP I 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Capital I 18,750,000 18,750,000 18,750,000 8.8%
OCM Holdings I 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Holdings 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Capital Management 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Holdings, Inc 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Capital Group 18,750,000 18,750,000 18,750,000 8.8%
Oaktree Capital Group Holdings GP 18,750,000 18,750,000 18,750,000 8.8%

Howard Marks
Howard Marks
Oaktree Capital Management

Page 1 of 23 – SEC Filing


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
BELLATRIX EXPLORATION LTD.
(Name of Issuer)
COMMON SHARES
(Title of Class of Securities)
078314101
(CUSIP Number)
October 4, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed.
 
Rule 13d-1(b)
  ☒
Rule 13d-1(c)
 
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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