Lucas Capital Management Loves Energy Stocks and Apple Inc (AAPL)

iPhone-maker, Apple Inc. (NASDAQ:AAPL), was another major stock investment of Russell Lucas, who had 64,746 shares of the company in his portfolio, with a market value of $8.12 million. The investment manager lowered his equity position in eight out of his top ten stock holdings and Apple was no exception, with 449 shares of the company sold by Lucas during the quarter. Despite beating Wall Streets’ earnings and revenue expectations, the shares of Apple Inc. declined in excess of 7% in the after-hours trading on July 21. Apple Inc reported revenues of $49.6 billion with profit of $1.85 per share compared to the prior year figures of $37.4 billion and $1.28 per share, respectively. The primary reason for the decline was the lower-than-estimated iPhone sales’ figures, at 47.5 million units against expectations of 50 million units. The co-founder and research director of Insider Monkey, Dr. Ian Dogan, has maintained a bearish outlook on the iPhone maker for over a year now. According to Mr. Dogan, the dependency of Apple on iPhone sales is likely to affect the company in the longer run. Carl Icahn of Icahn Capital LP is among the largest stockholders of Apple Inc. (NASDAQ:AAPL), with 52.76 million shares valued at $6.56 billion in his portfolio at the end of the first quarter.

Whiting Petroleum Corp (NYSE:WLL) comes in at number four in the list of top equity investments of Lucas Capital Management. The fund reported dropping its stake in the petroleum company by 9% during the second quarter to 191,282 shares valued at $6.43 million. It has been a difficult year for Whiting Petroleum Corp (NYSE:WLL)’s stock, which has dropped by 36.58% year-to-date. The independent petroleum company will announce its second quarter 2015 results on July 29 after the market closes. Wall Street is expecting a drop of 20% in its quarterly revenue, with expected revenue of $668.80 million and a consensus earnings estimate of $0.02. Whiting Petroleum Corp (NYSE:WLL) has attracted investments from major hedge fund managers like John Paulson of Paulson & Co, who had a holding worth $384.66 million in the company at the end of the first quarter.

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