In Devon Energy Corp (NYSE:DVN), Citadel disclosed a $529 million position that contains 8.64 million shares, up by 78% on the quarter. Devon’s stock lost around 12% in the last 52 weeks, performing slightly better than the overall oil & gas exploration and production industry which fell by 15%. Nevertheless, Devon reported a revenue growth to nearly $6.0 billion for the fourth quarter of 2014, from $2.61 billion a year earlier and a net loss of $1.01 per share, versus a profit of $0.51 per share for the fourth quarter of 2013. Analysts expected earnings of $1.05 per share on revenue of $4.11 billion for the fourth quarter. Additionally, Devon Energy Corp (NYSE:DVN) plans to reduce its exploration and production budget in 2015 by 20% on the year, although production is still expected to grow by up to 25%. Despite weak earnings, the majority of the top shareholders of Devon Energy Corp (NYSE:DVN) among the funds that we track raised their stakes in the company during the last three months of 2014. For example, billionaire Israel Englander’s Millennium Management upped its stake by 50% to 3.89 million shares.
The stock of Anadarko Petroleum Corporation (NYSE:APC) had a slightly better performance in the last year, as it lost only 7%. Mr. Griffin increased his stake in the company by 35% during the October-December period to 4.92 million shares, valued at $406.15 million. For the fourth quarter of 2014, Anadarko posted revenues of $3.18 billion, down by 5% on the year and net loss of $0.78 per share, versus a loss of $1.53 per share a year earlier. However, what’s also important is the fact that Anadarko Petroleum Corporation (NYSE:APC) has been divesting its interest in ventures and sold its China subsidiary for $1.08 billion last year. Moreover, the company faces some legal claims, which have already costed the company over $5 billion in January alone. Nevertheless, Anadarko remains to be the most favorite energy stock among billionaire fund managers with 11 billionaires reporting long positions with an aggregate value of $1.63 billion. Aside from Mr. Griffin, Paul Singer of Elliott Management is also bullish on Anadarko Petroleum Corporation (NYSE:APC) as Elliott upped its stake by 24% on the quarter to 4.62 million shares held as of the end of last year.
Finally there is Exxon Mobil Corporation (NYSE:XOM), in which Mr. Griffin raised his stake by 150% on the quarter to 2.82 million shares worth $260.55 million. Exxon is the largest integrated Oil & Gas producer with a market cap of $350 million. The stock recently hit a 52-week low of $84.00 per share and currently trades slightly above this value. Aside from usual factors, the decline of Exxon’s stock is also impacted by analysts, who in their majority either downgraded the stock or lowered their price targets in the last couple of months. Nevertheless, Goldman Sachs have recently reinitated coverage of Exxon Mobil Corporation (NYSE:XOM) and set a ‘Buy’ rating with $97.00 price target, explaining this by expectations of increased profitability of the refining sector and positive free cash flow that the company will be able to generate in the next two years. Investors, on the other hand, don’t seem to share the same views, as the number of funds holding shares of Exxon Mobil Corporation (NYSE:XOM) fell to 62 funds among those that we track at the end of the fourth quarter from 71 investors a quarter earlier. Donald Yacktman’s Yacktman Asset Management is one of the funds that slashed their positions in the company as it reported holding 7.01 million shares, down by 50% on the quarter.
Disclosure: none
