Frank Brosens’ Taconic Capital Cuts Stake in WPX Energy Inc (WPX)

Frank Brosensmulti-strategy hedge fund Taconic Capital decreased its position in WPX Energy Inc (NYSE:WPX). Currently, the fund owns 12.00 million shares (5.90%) of the company, down from the earlier position of 13.80 million.

Frank Brosens

Earlier this year, in a statement attached to a filing with the SEC, Taconic Capital Advisors revealed that, following an agreement with WPX Energy, the company’s Board of Directors will expand to 12 members to include a representative from the fund.

An independent natural gas and oil exploration and production company, WPX Energy Inc (NYSE:WPX) engages in the exploitation and development of long-life unconventional properties. In 2013, the company generated $-5.91 per share, which is expected to shrink to $-0.29 per share this year. Bearing a Beta of 1.26, WPX’s stock has been trading at an average of $18.00 per share in the past 12 months and closed $21.30 on May 9, 2013. The means analyst recommendation for the company’s shares is ‘Hold.’

Led by John A. Levin, Levin Capital Strategies is a large shareholder at WPX Energy Inc (NYSE:WPX), holding a position of 5.85 million shares of the company. Other large holders of WPX’s stock include Leon Cooperman‘s Omega Advisors, which owns nearly around 2.23 million shares and David E. Shaw‘s D E Shaw, which owns almost 2.10 million.

Former head of risk arbitrage at Goldman Sachs, Frank Brosens co-manages the $9.00 billion AUM hedge fund Taconic Capital with Kenneth Brody. The fund’s $2.60 billion worth equity portfolio is quite diversified, but mostly exposed to the Consumer Goods and Basic Materials Sectors. Approximately 18.25% of the portfolio’s value is invested in General Motors Company (NYSE:GM), the position amassing more than 11.55 million shares. The fund also owns a considerable position in Time Warner Cable Inc (NYSE:TWC), a US provider of video, high-speed data, and voice services.

Disclosure: none

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