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Charles Davidson and Wexford Capital Are Reducing Exposure to Diamondback Energy Inc (FANG)

Charles Davidson, the manager of Wexford Capital, has decreased his fund’s ownership of Diamondback Energy Inc (NASDAQ:FANG) shares. In a recent Form 4 filing with the Securities and Exchange Commission, Wexford Capital has disclosed the sale of 20,000 shares at a price of $52.35 apiece. Following this transaction, Davidson and Wexford Capital currently hold 10,718,202 shares.

Diamondback Energy

During the third quarter of 2013, Wexford Capital had also been trimming their holding of Diamondback Energy Inc (NASDAQ:FANG). According to the fund’s 13F report, 586,467 shares were disposed of, the equivalent of a 5% reduction. Donald Chiboucis, on the other hand, is bullish on this stock. His fund, Columbus Circle Investors, has increased its stake by 60% during Q3 and now holds 1.74 million shares valued at $74.5 million. Another hedge fund manager that likes this stock is Israel Englander. His fund, Millennium Management, has added 24% to their holding during Q3 and has reported in the latest 13F filing the ownership of 495,207 shares worth about $21 million.

An oil and natural gas company, Diamondback Energy Inc (NASDAQ:FANG) has seen its stock surge 160%, so far in 2013, to a current price of $50.64 per share. The company went public in October 2012 at a price of $17.50 per share. Diamondback Energy has a market cap of $2.38 billion and shares change hands at a Price to Earnings (P/E) ratio of 64.91. For the quarter ended September 30, 2013, Diamondback Energy posted revenues of $57.8 million and Earnings Per diluted Share (EPS) of $0.33. Analysts are more optimistic about the company’s prospects for the current quarter. They expect Diamondback Energy to register revenues of $80.6 million and earnings of $0.43 per share.

Disclosure: none

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