Ken Griffin’s Citadel Investment Group disclosed today for its 6.5% passive stake in Basic Energy Services Inc. (BAS). According to a regulatory filing, Citadel Investment Group now has 2.75 million shares of BAS in its portfolio, giving a 6.5% passive stake ownership of the company. Citadel had 805 thousand shares of BAS as of the end of September, and passed the 5% threshold on January 25. So it’s possible that Citadel saw BAS’s recent price decline as a buying opportunity and bought the shares at about $17 per share. Currently BAS is hovering at around $17.70.
Donald Chiboucis ‘s Columbus Circle Investors initiated a new position in BAS in the third quarter 2011, with more than 1 million shares in its position. Glenn Russell Dubin’s Highbridge Capital Management boosted its position by 252% and revealed 711 thousand shares of BAS at that time.
Ken Griffin is the founder and CEO of Citadel Investment Group. The firm is based in Chicago, and ranks among the largest and most successful hedge funds in the world. He avoided extensive press coverage in manners similar to other hedge funds for several years. Ken Griffin has a personal net worth of $2.3 billion as of 2011, making him the 512th richest man in the world. Citadel Investment Group had a portfolio value of nearly $43 billion in the second quarter.
Basic Energy Services, Inc. “provides a range of well site services to oil and natural gas drilling and producing companies, including well servicing, fluid services and well site construction services, completion and remedial services and contract drilling. Its operations are managed regionally and are concentrated in United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah and Montana,” according to Google Finance.