Leon Cooperman‘s Omega Advisors upped its stake in Atlas Resource Partners, L.P. (NYSE:ARP). A recent Form 4 filing shows that the fund now owns 6,92 million shares of the company, after purchasing nearly 100,000 shares at a price of $20.16 apiece. Earlier this year the fund purchased some 60,000 share for a lump sum of $1.25 million.
Based in Pittsburgh, Pennsylvania, Atlas Resource Partners, L.P. (NYSE:ARP) is an independent gas exploration and production company operating in basins across the United States. The company is based onshore, extracting natural gas, which represents 99.00% of its proved reserves, mainly from its Appalachia and Michigan fields. Having around 70.00% proved developed lands, the company is still to put under development a significant portion of the lands it owns. Atlas Resource is also a sponsor of tax-advantaged direct investment natural gas and oil partnerships. In 2013 the company generated net loss of almost $95.00 million, which amounts to $-2.03 per share, compared to the 2012 result of $-1.59. Currently trading at $20.xx per share, Atlas Resource is expected to produce earnings per share of $0.53 this year and $0.57 in 2015. On average, analysts strongly suggest that investors buy the company’s stock.
Lead by Bernard Selz, Selz Capital owns 70,000 shares of Atlas Resource Partners, L.P. (NYSE:ARP, the position worth $1.44 million. Another fund holding the company’s stock is Ken Griffin‘s Citadel Investment Group, which owns some 30,000, with an aggregate value of more than $600,000.
Investments in the Financial and Basic Materials Sectors constitute nearly 60.00% of the $7.00 billion portfolio that Omega Advisors’ Leon Cooperman manages. With a position of 40.56 million shares worth more than $435.00 million, Sprint Corporation (NYSE:S) represents the largest share in the portfolio. Recently, the fund bought a total of 632,000 class A shares of PennyMac Financial Services Inc (NYSE:PFSI) for $15.99 per share.