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)

 

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. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Rito Pls Buff: The 10 Least Played Champions in LoL Season 4

10 Covers of Popular Songs that are Better than the Originals

Must See TV: The 9 Most Anticipated Shows of 2015

The 15 Biggest Box Office Bombs of All Time

10 Things The World Can’t Stand About Americans

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

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!