GLG Partners Reveal New Stake in Emerald Oil Inc (EOX)

GLG Partners, led by Noam Gottesman, has disclosed a new position in Emerald Oil Inc (NYSEMKT:EOX), a filing with the Securities and Exchange Commission showed. The stake contains around 4.29 million common shares and some 710,000 shares that can be issued upon the conversion of $6.23 million principal amount of 2.0% Convertible Senior Notes due 2019. The holding amasses 7.46% of the common stock.

Emerald Oil Inc (NYSEMKT:EOX)

Emerald Oil Inc (NYSEMKT:EOX) is an independent oil and natural gas exploration and production company. Last month Emerald sold $172.5 million of its 2.00 Convertible Senior Notes due 2019. The net proceeds from the offering amounted to $166.8 million, which will be used to repay borrowings under its revolving credit facility.

Last year the company managed to raise its annual production to approximately 616,100 Barrels of Oil Equivalend, which represent an 80% increase on the year. In addition, the company reported a net loss of $0.17 per share, significantly down from $0.75 per share posted for the previous year. The stock of Emerald Oil Inc (NYSEMKT:EOX) declined by 13% since the beginning of the year, and trades at 15 times above its estimated earnings.

Aside from GLG Partners, David Zusman‘s Talara Capital Management has also been bullish on Emerald Oil Inc (NYSEMKT:EOX) and at the end of last year, held 1.42 million shares, edging up the stake by 4% over the quarter. Carl Wiese‘s Grow Partners and Jeffrey Bronchick‘s Cove Street Capital also disclosed holding shares, their stakes amassing 1.32 million and 1.07 million shares respectively.

GLG Partners has also been bullish on Yongye International, Inc (NASDAQ:YONG) during the last quarter, and in February raised the stake to 3.5 million shares, from 142,000 held previously. Moreover, the fund’s largest holding, as at the end of last year, was represented by Facebook Inc (NASDAQ:FB), of which GLG owns 743,800 shares, valued at $40.66 million.

Disclosure: none

Recommended Reading:

Billionaire Noam Gottesman Is Betting on These Stocks

Bart Baum, Ionic Capital Raise Stake in LIN Media LLC (LIN) to 5.1%

MHR Fund Management Discloses Huge Position in Emisphere Technologies, Inc. (EMIS)

 

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

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!