Diamondback Energy Inc (FANG) and United Rentals Inc. (URI) Amongst Navellier’s Top New Stock Picks

Louis Navellier’s Navellier & Associates recently filed its Schedule 13F for the second quarter of 2014. In it, the fund disclosed its long equity positions as of June 30, 2014. It declared more than $2.2 billion in equity holdings, with a focus on technology (25%) and services (20%) stocks. Let’s take a look at its five biggest new stock positions in order to find out if they deserve further research, and consideration as investments.

Navellier’s largest new bet was placed on Diamondback Energy Inc (NASDAQ:FANG), a $4.35 billion market cap independent oil and natural gas company of which the fund now owns 565,282 shares. This stake is worth more than $50 million, accounts for roughly 2.3% of the fund’s total equity portfolio’s value, and makes it one of the top five hedge fund shareholders at Diamondback Energy Inc (NASDAQ:FANG) –amongst those we keep track of.

NAVELLIER & ASSOCIATES

On the opposite, the largest hedge fund shareholder, Charles Davidson’s Wexford Capital recently declared that it had disposed of 1 million shares of the company’s Common Stock. Following the reported transaction, Wexford Capital owns 8.63 million shares of Diamondback Energy Inc (NASDAQ:FANG), worth roughly $760 million at the current stock price.

Insiders have also been selling the stock. Starting in late February, nine insiders unloaded the company’s stock; they sold more than $260 million in stock, or 3.2 million shares. However, I would interpret these moves simply as smart investors seeking to capitalize from a 62% increase in the stock price, year-to-date.

Amkor Technology, Inc. (NASDAQ:AMKR) came in second. This $2.3 billion market cap provider of outsourced semiconductor assembly and test services saw Navellier acquire 4.32 million shares over Q2. The fund now owns more than $48 million in Amkor Technology, Inc. (NASDAQ:AMKR)’s stock, which makes it its largest hedge fund investor.

Other major investors also seem to feel bullish about Amkor Technology, Inc. (NASDAQ:AMKR). Peter Rathjens, Bruce Clarke And John Campbell’s Arrowstreet Capital last declared having more than doubled its exposure to the company, holding 1.82 million shares by the end of Q1. Jim Simons also upped his bet on the tech company by 30% over Q1, and currently owns 1.16 million shares.

Another newcomer at Navellier’s equity portfolio is United Rentals Inc. (NYSE:URI), a $10.5 billion market cap equipment rental company that operates in the U.S., Canada and Mexico. Over the second quarter of 2014, Navellier purchased 457,817 shares of United Rentals Inc. (NYSE:URI), worth almost $48 million. This position accounts for approximately 2% of the fund’s total equity portfolio.

On top of Navellier, like Paul Reeder And Edward Shapiro’s Par Capital Management are also betting on United Rentals Inc. (NYSE:URI). This fund last declared ownership of 934,813 shares of the company, after a slight increase in its position in the stock.

EQT Corporation (NYSE:EQT) is a $15.6 billion market cap oil and gas exploration and production company in which Navellier started a new position, with 399,423 shares, over Q2. However, the fund holds $42 million in EQT Corporation (NYSE:EQT)’s stock, a small bet compared to Jeffrey Tannenbaum’s 3.08 million shares. Fir Tree, Tannenbaum’s fund, last declared having increased its stake by 7%, over Q1; this position accounts for 3.3% of its total equity portfolio.

George Soros also declared an increase in its exposure to EQT Corporation (NYSE:EQT) over the last reported quarter. After adding 3% to his holdings, Soros owns 2.57 million shares of the company.

In addition, the company has witnessed some insider activity since the beginning of the year. Two board directors, Bray A. Cary Jr. and Philip Behrman, increased their stakes in the stock over the past few months. They now hold 9,441 shares and 6,543 shares, respectively, with a combined value of more than $1.64 million.

Finally, we’ve got The Dow Chemical Company (NYSE:DOW), a manufacturer and supplier of –as you might figure- specialty chemical, advanced materials, agrosciences and plastics, with a market cap of $61.6 billion. Navellier declared ownership of 741,701 shares of the company, worth about $38 million, by the end of Q2. This new position accounts for 1.7% of the fund’s equity portfolio.

Several other major hedge funds also seem quite bullish about The Dow Chemical Company (NYSE:DOW). Daniel S. Och’s Oz Management last declared an 851% increase in its stake and now owns about 9.29 million shares. Another fund betting on The Dow Chemical Company (NYSE:DOW) is Rob Citrone’s Discovery Capital Management, which owns about 8 million shares, up 982% over Q1.

 

Disclosure: Javier Hasse holds no position in any stocks or funds mentioned

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!