Steven Cohen’s SAC Capital increased its position in Forest Oil Corporation (FST) to 5.46 million shares as of October 11th. In the second quarter, SAC Capital had 3.63 million FST shares in its portfolio, which means it just expanded its position by 50%. In reality, on September 30th, SAC Capital owned more than 5% of the stock. But FST completed its spinoff of Lone Pine Resources Inc. on that day and distributed 0.61 shares of Lone Pine stock for every share of FST. So SAC Capital might make some sales as a reaction, and has 4.8% stake of FST’s total outstanding shares now. Currently FST is trading at $11.21.
According to Insider Monkey’s hedge fund database, seventeen hedge funds had FST in the second quarter. Steven Cohen’s SAC Capital Advisors increased its holding by 142% and became FST’s largest stakeholder at that time. Several famous hedge funds also had positions in FST, including Ken Griffin’s Citadel Investment Group with 891 thousand shares. and Jim Simons’ Renaissance Technologies with 678 thousand shares.
Stamford, Connecticut-based SAC Capital is founded by Steven Cohen in 1992. SAC is a diversified hedge fund that uses both fundamental and quantitative analysis based approaches. Cohen is one of the legendary traders and a billionaire. He is estimated to have an $8 Billion new worth.
Forest Oil Corporation is an independent oil and gas company. It specializes in oil, natural gas, and natural gas liquids in North America. The company had total estimated proved reserves of approximately 2,244 billion cubic feet of oil and natural gas equivalent as of December 31, 2010. The company was founded in 1916 and is headquartered in Denver, Colorado.