Steven Cohen is betting on the energy sector and this time his fund, Point72 Asset Management, has added Jones Energy Inc (NYSE:JONE) to its equity portfolio. As a new filing with the Securities and Exchange Commission Point72 disclosed ownership of around 642,200 Class A shares of the company. The stake is passive by nature and amasses 5.1% of the company’s Class A stock.
This is not the first bet that Mr. Cohen has made on an energy company. In September, Point72 raised its stake in C&J Energy Services Inc (NYSE:CJES) to 3.61 million shares from 3.60 million shares. However, a month later the position has been reduced to 2.55 million shares as the stock fell by more than 30%. Overall, in Point72 Asset Management’s equity portfolio, the largest portion (21%) is allocated to the energy sector. The second-largest long position in terms of value is represented by Canadian Natural Resource Ltd (USA) (NYSE:CNQ), of which the fund owns 5.76 million shares, up by 470% on the quarter.
Jones Energy Inc (NYSE:JONE) is a $480 million independent oil and gas company that specializes in the development, production and acquisition of oil and natural gas properties in the US. As it is the case with many oil-related companies, the stock of Jones Energy Inc (NYSE:JONE) has had a good start of the year, gaining around 30% since the beginning of the year until the end of September. However, following a big slump in oil prices, the stock has also been impacted among other oil producers and overall it fell by 30% year-to-date.
Among the funds that we track, the largest shareholder of Jones Energy Inc (NYSE:JONE) aside from Point72, is Ken Griffin’s Citadel Investment Group, which owns 348,400 shares as of the end of September, while other funds disclosed less significant positions in the company.
An interesting point to mention is that while oil price keeps falling on the back of excess supply and reduced demand, investors keep buying shares of oil stocks. Citadel Investment Group has recendly raised its stake in the afore-mentioned company C&J Energy Services Inc (NYSE:CJES) to 2.84 million shares. In another move, Daniel Lewis‘ Orange Capital boosted its exposure to Bellatrix Exploration Ltd (NYSE:BXE) to 25.8 million shares from 23.8 million shares held earlier.
In addition to energy, Mr. Cohen is also bullish on healthacare stocks, and particularly on the biotech industry. Point72 has recently added Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) to its equity portfolio disclosing ownership of 3.50 million shares. Other three stocks that the fund has recently reported bullish moves on are: Applied Genetic Technologies Corp (NASDAQ:AGTC), CymaBay Therapeutics Inc (NASDAQ:CBAY), and Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR).
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