Charles Davidson, Wexford Capital Sell More Shares of Diamondback Energy Inc (FANG)

In a new filing, Charles Davidson‘s Wexford Capital reported further reducing its position in Diamondback Energy Inc (NASDAQ:FANG). Wexford sold another some 334,000 shares of Diamondback, at an average price of $64.96 per unit, which raise the amount of total proceeds to $21.70 million. Following three transactions, Wexford cut its stake to around 9.99 million shares.

Diamondback Energy

Only a couple of days earlier, Mr. Davidson’s disclosed selling another 33,700 shares of Diamondback Energy. The securities have been disposed for a total consideration worth $2.17 million, the price per unit being slightly lower than in the latest deals. In fact, the fund has been consistently reducing its exposure to the company, holding over 16.41 million shares at the end of 2012.

However, even following the sale of shares, Wexford remains a significant shareolder of Diamondback Energy. Aside from Mr. Davidson, several other ‘hedgies’ are also bullish on the stock. Ken Griffin of Citadel Investment Group, holds around 1.1 million shares, boosting the stake considerably during the last quarter of last year. On the other hand, Donald Chiboucis’ Columbus Circle Investors edged down its position by 20% to over 1.39 million shares.

At the end of February, Diamondback Energy conducted a public offering under which it sold almost 3.5 million shares of its common stock, at $62.67 apiece. The net proceeds, worth approximately $208.3 million are planned to be used for financing the acquisitions of additional accreage in the Permian Basin in Texas.

Wexford Capital, in the latest round of 13F filings, disclosed a $1.7 billion equity portfolio, heavily invested in the Basic Materials sector. Rhino Resource Partners, L.P. (NYSE:RNO) is the fund’s second largest holding in terms of value, the position amassing 6.63 million shares, worth $74.47 million. It is followed by American Airlines Group Inc (NASDAQ:AAL), in which Wexford owns 889,100 shares, valued at $22.45 million.

Disclosure: none

Recommended Reading:

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