Nathaniel August’s Mangrove Partners Finds New Stocks Selling At Bargain Prices

Mangrove’s holding in its new bet in the energy sector, Newfield Exploration Co. (NYSE:NFX), comprised 387,200 shares valued at $13.59 million. The stake constituted 3.28% of the portfolio value. The stock of the $6.03 billion company engaged in the exploration and production of crude oil, natural gas, and natural gas liquids has posted hefty gains of over 36% year-to-date. The hedge fund interest in Newfield Exploration Co. (NYSE:NFX) among those that we track, has increased significantly over the last quarter, as 50 firms had invested a total of $1.47 billion in the company at the end of March compared to 41 funds with $703.21 million at the end of the previous quarter. Ken Griffin‘s renowned managed futures fund, Citadel Investment Group is the largest stockholder of Newfield Exploration Co. (NYSE:NFX) among these, holding about 10.34 million shares valued at $362.93 million.

Mangrove’s third-largest newly-initiated holding, in Echostar Corporation (NASDAQ:SATS), has also lost the favor of investors, as the stock has dipped by 3.5% year-to-date. In contrast the communication equipment industry is up by 1.38% during the same period. The $4.67 billion technology company provides satellite operations, digital set-top boxes, and broadband satellite technologies and services to enterprises and governments. Mangrove acquired some 225,300 shares of Echostar Corporation (NASDAQ:SATS) valued at $11.65 million during the first quarter. The company missed the estimates for both top and bottom lines in its latest quarterly financial results. Among the funds that we track, Jim Simons’ quant fund Renaissance Technologies is the largest stockholder of Echostar Corporation (NASDAQ:SATS), owning about 1.80 million shares valued at $93.15 million.

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