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Wexford Capital Sell Shares of Diamondback Energy Inc (FANG) Again

Charles Davidson, and his fund Wexford Capital continue their selling streak regarding Diamondback Energy Inc (NASDAQ:FANG). In a new filing with the SEC, Wexford revealed dropping another 74,200 shares of the company, trimming its holding to some 10.63 million shares.

Overall, in several transactions during the present quarter, Wexford Capital cut its position in the company from almost 11.8 million held at the end of September, as revealed in the latest 13F filing.

Diamondback Energy

Diamondback Energy Inc (NASDAQ:FANG) announced its results for the third quarter where it posted a net income of $14.6 million as compared to $14.5 million in the previous quarter. During the third quarter the company’s capital expenditures was close to $84.9 million of which $78 million was spent on drilling and completion while $3.5 million for leasehold acquisitions, and the remaining amount was spent on infrastructure and facilities. The cash on hand at September 30, 2013 stood at $53 million.

Diamondback Energy Inc (NASDAQ:FANG) has been a darling among the hedge fund community recently, in spite of the five percent sell off that we have seen from Wexford recently. Few of the other hedge fund backers of this stock are Columbus Circle Investors which is managed by Donald Chiboucis. Columbus has pushed up its stake by 60% over the quarter, and, according to its latest 13F, it owns 1.75 million shares, worth $74.5 million. Point State Capital, run by Sean Cullinan, is another prominent hedge fund, which holds 628,700 shares of Diamondback, with a value of $26 million. Millennium Management, led by Israel Englander, owns some 495,200 shares, worth $21.1 million, up by 28% over the quarter.

Wexford Capital has been in the hedge fund business since 1994. It has its operations centered around two broad business units, these being Wexford Spectrum Funds and Wexford Catalyst Funds. The fund boasts close to $3.2 billion of its investment locked into the hedge fund investment vehicle.

Disclosure: None

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